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E-Bike Market worth $77.2 billion by 2028 - Exclusive Report by MarketsandMarkets™
The E-Bikes with lithium-ion batteries are estimated to account for the largest share of E-Bike due to the various benefits offered by these batteries, such as being eco-friendly, having a better lifecycle, and generating more power-to-weight ratio than other battery types. These batteries have also shown a sharp decline in price in recent years. Overall, lithium-ion battery prices have declined by almost 90% approx. Economies of scale have a significant role in reducing battery prices. Due to the growing demand for batteries, manufacturers can invest more in production facilities, resulting in a low cost per unit. Increased competition in the market has put pressure on manufacturers to reduce prices to remain competitive. With the growth of the E-Bike industry, the lithium-ion battery market is expected to grow and explore this new technology. In 2019, the output of high-end products such as lithium-ion battery E-Bikes stood at nearly 5 million units, accounting for ~14% of total E-Bike output in China . The efforts of manufacturers to produce lightweight E-Bikes have also resulted in the higher adoption of lithium-ion batteries.
The city/urban e-bikes are mostly used for daily commutes in metro areas; these are low-step frame bicycles designed for gentle terrain and trips around cities and urban areas. The price range of city/urban e-bikes ranges between USD 1,500-USD 5,000, depending on their features. China , Japan , India , and South Korea in Asia Oceania face traffic congestion due to high population and vehicle density. Government policies and rebates are driving the market of city/urban E-Bikes. Additionally, Asia Oceania is considered the major exporter of E-Bikes across the globe. Hence Asian region holds the largest market for City E-Bikes due to the increased use of e-bikes for daily commuting, recreation, and fitness activities. Pedego (City commuter), Rad Power Bikes (Rad city 5 plus), Vanmoof S3 are some top-selling city E-Bikes.
Asia Oceania is the largest e-Bike market in terms of production and sale. In Asia Oceania, China was the largest market for e-Bikes in 2022, followed by Japan and India . China's e-bike market is projected to grow at a CAGR of 45%, contributing to global e-bike sales. City/Urban segment is expected to lead the e-bike market in this region. China witnessed a growth in E-Bike sales in 2022. E-Bikes are slowly being adopted in China , where the Chinese government introduced regulations in some cities, increasing e-bikes sales by 2%. Despite declining sales during the forecast period, China is still predicted to lead the e-Bike market in Asia Oceania.
The demand for mountain and trekking bikes is increasing due to their robustness and better performance. Japan was the second-largest market for e-Bikes in terms of volume in 2022 in the Asia-Oceania region. Japan caters only to Class-I e-Bikes, which can be ridden on streets, bike lanes, multi-use bike paths, and roads. In India , E-Bike caters to Class-I and Class-II e-Bikes with a speed of 25 km/h-45km/h and 250 watts motor. The e-Bike market in India is at a nascent stage. The e-Bike market in South Korea is growing due to increased consumer health consciousness, high traffic congestion, and government initiatives to promote cycling to reduce carbon emissions. In Australia , Mountain/trekking has the highest market share in terms of volume and value during the forecasted period for the e-bikes market. Yamaha Motor Corporation, Panasonic Corporation, Shimano, Yoku, Phylion, Yadea are some battery suppliers from Asia contributing to the Asian e-bike market. Considering all this, Asia Oceania is the largest market for city/urban e-bikes.
Major players operating e-bike market are Accell Group NV ( Netherlands ), Pon Bike ( Netherlands ), Giant Manufacturing Co. Ltd ( Taiwan ), Yamaha Motor Company ( Japan ), Merida Industry Co. ( Taiwan ), and Specialized Bicycle Components Inc. (US).
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