E-bike Market worth $80.6 billion by 2027– Exclusive Report by MarketsandMarkets™
MarketsandMarkets Research Pvt. Ltd.
5 min read
MarketsandMarkets Research Pvt. Ltd.
Chicago, Dec. 11, 2022 (GLOBE NEWSWIRE) -- 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, according to a new report by MarketsandMarkets™.
Browse and in-depth TOC on "E-bike Market" 415 – Tables 65 – Figures 371 – Pages
Class, Speed, Battery Type, Motor Type, Usage, Mode, Component, Ownership and Region
Companies Covered:
Accell Group NV (Netherlands), Pon.Bike (US), Merida Industry Co. Ltd. (China), Giant Manufacturing Co., Ltd. (Taiwan), and Yamaha Motor Company (Japan).
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.
Mountain E-bike segment to register highest year-on-year growth from 2022 to 2027
Due to the rugged design structure, mountain e-bikes have become popular among customers over the past few years. The demand for mountain e-bikes is snowballing as consumers seek more recreational activity options. There is a growing interest in performance-based adventurous sports, and mountain e-bikes are proving as a solution for this requirement of consumers. In many countries, mountain e-bikes are used for mountain trekking and daily commuting to work and shopping. Owning mountain e-bikes is a status symbol, too, as they are more expensive and stylish. These factors are expected to increase the consumer preference for mountain e-bikes.
The Class-I segment of e-Bikes is boosting the E-bike Market
The government regulations for speed limit in different countries, especially in Europe and Asia Oceania, which are the major markets for e-Bikes, are major factors contributing to the demand for Class-I e-Bike segment. Some of the examples of Class-I e-Bikes include the Verve+ Series by Trek Bicycle Corporation (Wisconsin, US), S-Works Turbo Kenevo SL by Specialized Bicycle Components Co Ltd (Morgan Hill, US), and Townie Path Go Series by Electra (US), and others. According to MarketsamdMarkets statistics, nearly 90-95% of the E-bike Market is estimated to be dominated by the Class-I e-Bike segment in 2022.
North America is estimated to be the fastest growing market for e-Bikes
North America is estimated to be the fastest growing market for e-Bikes from 2022 to 2027 due to the increase in adoption of e-Bikes for daily commute usage by consumers. US and Canada are the majorly contributing to the sale of e-Bikes in North America. North America has witnessed a boost in e-Bike sales in 2020-2021 after the situations started to regularize due to increased vaccination rate post Covid-19. With the increased attraction for recreational activities, the mountain e-bikes segment is estimated to grow the fastest in North America by 2027. The quest to maintain the ecosystem and reduce the release of toxic elements into the atmosphere and carbon footprint is significant for the rapid response to North American e-Bike adoption. In an effort to reduce emissions, governments in North America are offering incentives to purchase cargo e-Bikes. These factors would increase the demand for e-Bikes in North America by 2027.
Key Market Players
The E-bike Market is dominated by players such as Accell Group NV (Netherlands), Pon.Bike (US), Merida Industry Co. Ltd. (China), Giant Manufacturing Co., Ltd. (Taiwan), and Yamaha Motor Company (Japan). These companies have strong distribution networks at the global level. These companies have adopted comprehensive expansion strategies; and undertaken collaborations, partnerships, and mergers & acquisitions to gain traction in the growing market.
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