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E-bike Market Drivers, Opportunities, Challenges and Key Market Players Forecast by 2027

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E-bike Market Drivers, Opportunities, Challenges and Key Market Players Forecast by 2027

January 17
15:16 2023
E-bike Market Drivers, Opportunities, Challenges and Key Market Players Forecast by 2027
Attractive Opportunities in E-bike Market
E-Bike Market by Class (Class-I, Class-II, Class-III), Speed (Up to 25km/h, 25-45 km/h), Battery Type (Lithium-ion, Lithium-ion Polymer, Lead Acid), Motor Type, Mode (Pedal Assist, Throttle), Component, Usage, Ownership and Region – Forecast to 2027

The e-Bike market size is projected to reach USD 80.6 billion by 2027 from an estimated USD 49.7 billion in 2022, at a CAGR of 10.2% from 2022 to 2027. The market is expected to witness growth due to increase in demand for sustainable mobility solutions, rising traffic congestions, increasing fuel prices and growing interest in cycling as a fitness and recreational activity.

Market Dynamics

DRIVER: Government support & initiatives to increase E-bike sales

E-bikes are a faster and safe means of transport, especially for daily commute. Governments of different countries are supporting the usage of e-bikes. To promote e-bikes, many governments arrange awareness campaigns in collaboration with private and non-profit organizations. The final goal for such activities is to reduce the rate of carbon dioxide emission. The governments of different countries are offering subsidies to boost the sale of e-bikes. For instance, new tax incentives in San Diego, including the e-bike Act, would provide a tax credit of up to USD 1,500 on purchasing an e-bike. Thus, such supporting activities and initiatives from the government would drive the sale of e-bike.

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OPPORTUNITY: Trend toward connected E-bikes

The e-bike market is witnessing a lot of technological advancements for more optimized and reliable products. The connected e-bike is one such advancement, wherein the SIM module enables the e-bike to send and receive data to and from the cloud without a connected smartphone. The connected e-bike provide advanced features like emergency calls, integrated navigation, social media connection, an anti-theft system, and remote diagnostics, attracting more customer base. Therefore, the trend for connected e-bike would create an opportunity for the e-bike market to develop and grow during the forecasted period.

CHALLENGE: High cost of E-bikes

One of the significant buying criteria of an e-bike is the price. Traditional bicycles cost nearly one-fourth of the e-bike. Europe and North America are more technologically advanced and tech-oriented, resulting in the high cost of e-bike. The e-bike is price sensitive in the Asia Oceania region, which is a potential buyer challenge. Batteries and Motor contribute majorly to the cost of e-bike. With the use of advanced lithium-ion batteries, the cost of e-bike has increased by nearly USD 700-800. Therefore, manufacturers face a challenge in reducing the costs of e-bike without hampering their build quality.

Lithium-ion polymer battery type segment is expected to be the highest growing segment during the forecast period.

The Lithium-ion polymer batteries are the future of the battery technology. Lithium-ion polymer batteries offer a better range and lesser weight than lithium-ion batteries. Another benefit is these batteries do not have free liquid, so the lithium-ion polymer batteries do not require to be protected by a heavy case which adds directly to the weight of the e-Bike. These batteries can be molded in different shape and size, thus, there is a strong market growth potential for lithium-ion polymer batteries exists during the forecast period

City/Urban e-Bike segment is expected to be the largest segment from 2022 to 2027.

The city/urban e-Bikes are designed for frequent, short, moderate pace rides through relatively flat urban areas. The city/urban e-Bike segment is estimated to have the market share of ~60% in 2022 and is predicted to grow with by 2027. Rapid urbanization and traffic congestions are among the key factors contributing to the growth of the city/urban e-Bike market. Most countries are also focusing on boosting the usage of city/urban e-Bikes through subsidies and regulations to reduce the stress on public transportation systems. China, Japan, India, and South Korea in Asia Oceania face traffic congestion due to high population and vehicle density. Thus, the city/urban e-Bike segment is estimated to have largest market share in Asia Oceania by 2027.

Key Market Players:

The e-Bike market is dominated by major players such as Accell Group N.V (Netherlands), Pon.Bike (US), Merida Industry Co., Ltd (China), Giant Manufacturing Co., Ltd (Taiwan), Yamaha Motor Company (Japan), Yadea Group Holdings Ltd (China), Pedego Electric Bikes (US), AIMA Technology Group Co., Ltd (China), Trek Bicycle Corporation (US) and Specilaized Bicycle Components, Inc (US).

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