Recent projections, from Fortune Business Insight, show that the global electric bike market size is to grow from what was USD 35.69 billion in 2021, to USD 92.19 billion in 2029, at a CAGR (compound annual growth rate) of 12.6%.
The global market is set to gain momentum by reaching USD 92.19 billion in 2029. According to expert analysts, the global electric bike market is to see such growth due to the demand for industry related technology such as quick charging batteries and cheaper transport alternatives. Health and eco-conscious customers are seen as a driving force, helping spread the positively reinforced narrative of the benefits in an ever-changing culture.
Companies such as Giant Bicycles, Access Group, Robert Bosch GmbH, Shimano Inc., and VanMoof were just some of the major players who were profiled in a recent report.
The Asia Pacific region is expected to become dominant in the forecast period due to the rapid increase of its bicycle infrastructure, whilst holding the largest e-bike market share. China and Japan have both seen a drastic rise in traffic congestion, and the Asia region has been tackling rising emissions on top of that, any fresh development to eradicate problems is welcomed.
In Europe, the market is also expected to grow significantly. Electric moped and parts producers are in operation in 23 of the EU’s member nations - around 900 small and medium companies employ around 120,00 people; more than one billion Euros have been invested into the research development.
North America is also shown to be developing at encouragingly fast rates. NABSA (The North American Bikeshare Association) states the number of bike share systems using electric bikes grew from 28% in 2019 to 44% in 2020.
Major cities such as Washington, D.C., New York, and San Francisco, have been building infrastructure such as dedicated bike lanes - blocking regular car lanes, and have introduced speed restrictions. The increased number of electric bike sales can be seen as the basis for this.
Rising support for e-bikes in the form of certain incentives, paired with rising development of cycling infrastructure in emerging economies, the growing number of e-bike sharing systems, awareness of health benefits, logistical usages, and micro-mobility activities are among some factors that are to boost the e-bike market during the 2022-2029 period.
Further research shows that in North America the number of e-bike journeys grew from 7 million to 10 million as a result of the Covid-19 pandemic, resulting in the propulsion of the electric bike market over the coming years.
The market growth is reflected in Taiwan, where a strong supply chain in the global bicycle industry is in place - with its production and R&D of high-end bicycles being a key contribution to the global industry. In 2021, the exports of Taiwan’s bicycle industry exceeded 5 billion USD, which was a record high and further highlights how the industry has been flourishing.