Global Electric Bike Market By Drive Mechanism (Hub Motor, Mid-drive and Others), By Battery Type (Lithium ion (Li-ion), Lead Acid and Others), By Product (Scooter/Motorcycle, Pedelecs, Throttle on Demand and Speed Pedelecs), By Region, Industry Analysis and Forecast, 2020 - 2026
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The Global Electric Bike Market size is expected to reach $73.2 billion by 2026, rising at a market growth of 11.2% CAGR during the forecast period. The electric bike contains different components such as pedals, an in-built electric motor, & rechargeable batteries in order to increase propulsion. Unlike traditional bicycles, e-bikes facilitate commuters to travel longer distances with relatively high speed. They are comparatively low-priced than electric scooters, motorcycles, & mopeds, and there is no need for insurance or a license for these bikes. The E-bike is an emerging technology that has achieved high popularity across several countries including Netherland, China, India, and Japan. Though, the e-bike industry is still at the initial stage with a lot of space for expansion.
The electric market would be redefined by a blend of several macro-economic & micro-economic aspects. The manufacturing & design of comfortable, eco-friendly electric bikes have been facilitated by constant technological developments. Consumers are getting more aware of the urgent need to decrease their carbon footprint & this aspect will impact the demand for electric bikes positively.
The sales of electric bikes are supported by favorable governmental policies & stringent rules in different countries. In metro cities particularly in European and North American countries, innovative concepts such as rental service & public charging frameworks are in high demand. The adoption of electric bikes would be augmented by the rising funding on the R&D activities by various market players, to create new high-efficiency batteries and develop superior performance vehicles. In addition, manufacturers are adopting different marketing tactics such as displaying their electric bike product as an eco-friendly option, which is capable of lowering down air pollution as well as substantially decrease the greenhouse effect as they display low tailpipe emissions.
Drive Mechanism Outlook
Based on Drive Mechanism, the market is segmented into Hub Motor, Mid-drive and Others. The hub motor segment dominated the e-bike market and would maintain a similar trend over the forecast years. The low costs of these motors are credited to the consistent utilization of a similar design in some instances for many years. However, the hub motors are relatively heavier than the mid-drives, which could hinder the efficiency of an electric bike suspension. The vehicle uses both rear & front hub motors according to their application; this would fuel the revenue streams of the hub motor segment in the e-bike market.
Based on Battery Type, the market is segmented into Lithium ion (Li-ion), Lead Acid and Others. The lithium-ion (Li-ion) segment acquired the highest revenue in 2019. This growth is due to their properties such as light-weight, huge capacity, & also displays an abrupt reduction in the price in the last few years. Various governments imposed strict regulations regarding the utilization of lead-acid batteries as their chemicals release harmful gases which result in severe environmental issues. Human health could be negatively impacted due to the release of lead in groundwater.
Based on Product, the market is segmented into Scooter/Motorcycle, Pedelecs, Throttle on Demand and Speed Pedelecs. The scooter & motorcycle segment procured the maximum revenue share in 2019. This is owing to the fact that scooters & motorcycles are highly beneficial in decreasing carbon dioxide (CO2) emission & noise pollution. Though, the throttle on-demand segment would exhibit a promising growth rate during the forecast period. It is due to the high prominence of throttle-operated electric bicycles among commuters.
|Market size value in 2019||USD 40.8 Billion|
|Market size forecast in 2026||USD 73.2 Billion|
|Historical Period||2016 to 2018|
|Forecast Period||2020 to 2026|
|Revenue Growth Rate||CAGR of 11.2% from 2020 to 2026|
|Number of Pages||190|
|Number of Tables||360|
|Report coverage||Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Companies Strategic Developments, Company Profiling|
|Segments covered||Drive Mechanism, Battery Type, Product, Region|
|Country scope||US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Taiwan, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria|
Free Valuable Insights: Global Electric Bike Market to reach a market size of $73.2 billion by 2026
Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. In 2019, Asia-Pacific emerged as a leading region with respect to the revenue share, followed by Europe, North America, and LAMEA. China garnered the maximum revenue share of the global electric bike market in 2019. Though, Mexico would showcase a prominent growth rate during the forecast period, due to various supportive measures taken by a private organization, local governments, & federal officials to encourage the adoption of the electric vehicle.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Accell Group, Mahindra & Mahindra Limited (Mahindra Group), Yamaha Motor Co., Ltd., Giant Manufacturing Co. Ltd., Jiangsu Xinri E-Vehicle Co., Ltd., Derby Cycle AG (Pon Holdings B.V.), Fuji-ta Bicycle Co., Ltd., Trek Bicycle Corporation, Tianjin Golden Wheel Group Co., Ltd., and Wuxi Truckrun Motor Co., Ltd.
Recent Strategies Deployed in Electric Bike Market
- Feb-2021: Peugeot Motorcycles, a subsidiary of Mahindra introduced two new vehicles. These vehicles are Peugeot e-Ludix, an electric version of the classic Peugeot Ludix, and Peugeot Metropolis 400cc, a powerful three-wheeler entirely produced at its Mandeure factory in the Doubs.
- Feb-2021: Mahindra Electric came into partnership with Amazon India. Under this partnership, Mahindra Electric strengthened its commitment to electric mobility in the country by adding 10,000 electric vehicles to its local delivery fleet by 2025.
- Jan-2021: Trek took over a dozen of Mike Olson's bike shops. These shops are located in the San Diego area and Albuquerque, New Mexico, one Nytro Multisport store in Encinitas, California, and the six-store Bike Gallery chain in the Portland area. This helped Olson to be Trek's largest retailer and the largest bike retailer in the country.
- Sep-2019: Yamaha Motor Company partnered with Hero Cycles, an Indian company that manufactures bicycles and bicycle-related products. Together, the companies launched the Lectro EHX20 e-bike. It is a premium electric bike for leisure and off-road use.
- Aug-2020: Trek Bicycle signed a partnership agreement with Bike Exchange, an online marketplace. This partnership focused on enabling North American Trek dealers to showcase and sell certain Trek products online via the BikeExchange.com platform.
- Jun-2020: Accell launched Carqon, an electric cargo bike. With this launch, the company expanded its presence in the market. Carqon has a luxury design with the capability to compete with brands like Riese & Muller, Urban Arrow, and Ca Go.
- Oct-2019: Mahindra acquired Peugeot Motorcycles, the French two-wheeler maker. In this acquisition, Mahindra utilized the Peugeot brand to expand their support in designing and technological innovations.
- May-2019: Benelux, a subsidiary of Giant Manufacturing came together with ConnectBike, the new B2B platform. Together, the companies developed a service concept and sharing platform. They also aimed to launch more than 300,000 B2B e-bikes in the Netherlands and Belgium by 2022.
- Aug-2018: Accell acquired Velosophy B.V., a Dutch company for the e-cargo company. Following the acquisition, Accell Group boosted its innovation strategy focused on the development of urban mobility solutions.
- Mar-2018: Accell announced the acquisition of Beeline Bikes, the mobile service business. The acquisition complemented Accell Group’s strategy to provide mobile bike services as part of its consumer-centric omnichannel model. Under this acquisition, Accell Group held a minority stake in the business.
Scope of the Study
Market Segments Covered in the Report:
By Drive Mechanism
- Hub Motor
By Battery Type
- Lithium ion (Li-ion)
- Lead Acid
- Throttle on Demand
- Speed Pedelecs
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Saudi Arabia
- South Africa
- Rest of LAMEA
Key Market Players
List of Companies Profiled in the Report:
- Accell Group
- Mahindra & Mahindra Limited (Mahindra Group)
- Yamaha Motor Co., Ltd.
- Giant Manufacturing Co. Ltd.
- Jiangsu Xinri E-Vehicle Co., Ltd.
- Derby Cycle AG (Pon Holdings B.V.)
- Fuji-ta Bicycle Co., Ltd.
- Trek Bicycle Corporation
- Tianjin Golden Wheel Group Co., Ltd.
- Wuxi Truckrun Motor Co., Ltd.
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Electric Bike Market Related Reports:
What would be the value of global electric bike market by 2026?
The global electric bike market size is expected to reach $73.2 billion by 2026.
What are the factors that anticipated to drive electric bike market trends?
There are several reason that cause high demand of this market one of them is enforcement of government norms to support the usage of electric bikes.
Who are the top market players in the electric bike industry?
Accell Group, Mahindra & Mahindra Limited (Mahindra Group), Yamaha Motor Co., Ltd., Giant Manufacturing Co. Ltd., Jiangsu Xinri E-Vehicle Co., Ltd., Derby Cycle AG (Pon Holdings B.V.), Fuji-ta Bicycle Co., Ltd., Trek Bicycle Corporation, Tianjin Golden Wheel Group Co., Ltd., and Wuxi Truckrun Motor Co., Ltd.
Which segment dominated the electric bike market in 2019?
The Hub Motor market dominated the Global Electric Bike Market by Drive Mechanism in 2019.
Which region dominated the electric bike market in 2019?
The Asia Pacific market dominated the Global Electric Bike Market by Region in 2019.
At what CAGR is the electric bike market estimate to grow in the forecast period?
The expected CAGR of electric bike market is 11.2% from 2020 to 2026.