The global E-bike market was valued at USD 14,755.20 million in 2018 and is expected to grow at a CAGR of 6.39%, during the forecast period, 2019

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Jul 03, 2019, 08:30 ET

NEW YORK, July 3, 2019 /PRNewswire/ --

Market Overview

The global E-bike market was valued at USD 14,755.20 million in 2018 and is expected to grow at a CAGR of 6.39%, during the forecast period, 2019-2024.

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Apart from the growing consumer preference toward recreational and adventure activities, the adoption of e-bike applications in the several sectors, like logistics and e-bike rental services, is expected to drive the market studied during the forecast period.- The market has been segmented by propulsion type and application type. In 2018, by propulsion type, pedal-assisted e-bikes dominated the market and accounted for 88.32% of the global market. By application type, city/urban e-bikes dominated the market.- Asia-Pacific is expected to dominate the global market. In Asia-Pacific, China dominated the regional market. The largest consumption of electric bikes is in China that has boosted the sales figure, and thus influencing the growth of the global market for electric bikes. The import and export volumes in China are also large, and China has always been the largest exporter of electric bikes. The Government of India has also encouraged to use electric bikes. By the end of 2035, the government is looking forward to converting fuel vehicles into electric vehicles.- Some of the major players in the market studied are Giant Bicycles, Merida, Trek Bikes, Riese & Muller, and M1 Sporttechnik.

Scope of the Report

E-bike commonly known, as an electric bicycle is a bike, which has an integrated electric motor aligned to the pedals of the bicycle, which supplies the differential force used for forward movement of the bicycle. The electric bikes majorly use Li-ion chargeable battery and they have a range of maximum 99.4 miles (160 km) in one single charge. These bicycles are available with battery type of either 8, 12 or 18-amp hour batteries

The global e-bike market has been segmented by propulsion type, application type, and geography.

Key Market Trends

Pedelec Dominated the Global Market and Expected to Witness Fast Growth Rate

The global pedal assisted or pedelec market is expected to reach USD 18,655.90 million by 2024 and is expected to witness the fastest growth rate.

An e-bike works much like a traditional bicycle, with pedals that the rider has to manually operate to turn the wheels. However, additional power is supplied by a battery-powered motor that mounts on the front or back wheel, depending on the type of bike.

Pedelec, an acronym for a pedal-assisted electric cycle, is an electric motor-supported bicycle. The chargeable battery-supported electric motor is intended to aid in pedaling.

Some of the benefits offered by these bikes are as follows – ease of travelling (especially long distances); best suitable for recreational activities, such as hill climbing; ease of carrying heavy loads; ensures fitness of the consumers (owing to growing health concerns among baby boomers and consumers (especially professionals)); and saves money.

Additionally, the demand for e-bikes is also increasing among the youths, as their lifestyle is gradually shifting toward adventure sports, such as cycling up hills. Moreover, with the shifting battery manufacturing base to emerging market such as China, the battery prices have declined significantly, over the past few years. Thereby, resulting in reduced cost of the e-bikes and pedelecs.

Furthermore, with the consistent technological advancements, the pedelecs manufacturers are focusing on enhancing the overall user interface, by designing and developing pedelecs that can integrate with the rider's smartphones and provide them real-time information of their speed and battery status of the pedelecs.

Europe – Second Fastest Growing Market

The European region accounted for 20.12% of the global market and is expected to witness the fastest growth rate of 6.23%, during the forecast period, after the Asia-Pacific region.

The European region was dominated by Germany, followed by France, and Italy.

In Germany, an e-bike is a preferred mode of mobility, as well as for sports and leisure, also as a clean, quiet, and space-saving alternative for city logistics in the country.

Some of the major factors driving the sales of the e-bike market are the innovative character of the product; fully integrated batteries and drives; appealing designs, as well as the use of high-quality materials.

In 2018, the e-bike sales in Germany captured a 23.5% share in the total bicycle market. Out of the total e-bikes sold in Germany, 99.5% are of 250W/25Km/h models. Remaining 0.5% of the total e-bikes sold are of speed pedelecs; the 45 km/hr models, which must be the type-approved, and for which, the insurance and helmet obligation applies.

Additionally, e-bikes made in Germany continue to see high demand, as the country's bike manufacturers exported nearly 440,000 e-bikes in 2018, which increased by 51%, when compared to 2017 export total.

Apart from Germany, countries like France, Italy, the Netherlands, and Spain also witnessed high demand for e-bikes. Some of the major reasons considered for adopting e-bike are the health benefits, environmental benefits, reduction in expenditure, avoidance of traffic congestion, and rise in demand for e-bikes as sports equipment among youth. In the Netherlands, a quarter of all Europeans were found to be willing to commute to work by e-bikes. However, speed pedelecs witnessed a decline in sales from 4,561 units in 2017 to 2,735 units in 2018, primarily because of the infrastructural issue, as they have to share roadways with cars.

Competitive LandscapeThe global e-bike market is an extremely fragmented market with major players holding just 6.4% of the total market share. Some of the major market players are Giant Bicycles, Merida, Trek Bikes, Riese & Muller, and M1 Sporttechnik.

Giant Bicycles is expected to be the largest player in this market. The company's presence is majorly concentrated in China with Europe and North America being other important markets. The company is diversifying its product portfolio through innovations and new launches and is aiming to continue its spot as the market leader.

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