Delray Beach, FL, Oct. 13, 2024 (GLOBE NEWSWIRE) — The global EBike market is forecast to grow from USD 48.7 billion in 2024 to USD 71.5 billion by 2030 at a CAGR of 6.6%., as per the recent study by MarketsandMarkets™. Major drivers driving the e-bike market are government subsidies and incentives, growing micro-mobility services, technological advancements in e-bikes, and infrastructure development dedicated to e-bikes. The e-bike market has been declining in the last few years due to supply chain disruptions, economic tensions between countries, decreased consumer spending due to the rising cost of living, and the overstocked inventory of ebikes with manufacturers and suppliers. Additionally, frequent disruptions in electricity and gas supplies to factories have forced assemblers to delay the delivery of existing orders, contributing to a decline in e-bike sales in the export market. However, the market is expected to show steady growth in the coming years, even though it saw a decrease in 2023.
Browse in-depth TOC on “EBike Market”
462 – Tables
117 – Figures
497 – Pages
Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=110827400
List of Key Players in Rolling Stock Market:
- Giant Manufacturing Co. Ltd (Taiwan)
- Hero Lectro (India)
- TAV Systems (Australia)
- Yamaha Motor Company (Japan)
- Merida Industry Co. (Taiwan)
- Emotorad (India)
Drivers, Opportunities and Challenges in Rolling Stock Market:
- Driver: Rising demand for micro-mobility services due to increasing concerns for first- & last-mile mobility
- Restraint: Regularity uncertainty and lack of dedicated infrastructure in emerging economies
- Opportunity: The trend toward connected e-bikes
- Challenge: High price of Electric Bikes (Ebikes)
Key Findings of the Study:
- Growing demand for electric mountain bikes (e-MTB).
- The Class-III segment is projected to grow at the highest rate in the ebike market.
- The hub motor segment is projected to be the largest ebike market.
- North American ebike market is projected to grow at fastest rate during the forecast year 2024-2030
Get Sample Pages: https://www.marketsandmarkets.com/requestsampleNew.asp?id=110827400
Class I e-bikes are expected to account for the largest segment during the forecast period.
Many countries have regulations around e-bike motor power and speed. Class I e-bikes, typically with a motor assist up to 250 watts and a speed limit of 20-25 mph (32-40 km/h), often comply best with these restrictions. This makes them universally usable and avoids needing special licenses. Class I e-bikes provide a gentle power output that can make cycling convenient, especially for commuting or riding in hilly areas. They still need pedaling, so they retain the health benefits and exercise aspect of traditional cycling. Class I ebikes are less expensive than Class II or Class III ebikes. The market for Class I ebikes is expected to experience steady growth in the coming years. Some popular Class I ebikes include Trek Verve+2, Rad PowerBikes RadCity 5 Plus, and Specialized Como SL 4.0. Several factors contribute to increased demand for Class I e-bikes, particularly for short-distance urban travel. These include urbanization, health and wellness trends, and government incentives. Class, I e-bikes are anticipated to dominate the market in Asia-Oceania, especially in countries like China, Japan, South Korea, and Taiwan, where regulations specifically allow these e-bikes.
In North America, the market for Class I e-bikes is expanding rapidly. The US has introduced various incentives, including a proposed 30% tax credit for new electric bicycle purchases, passed by the House of Representatives in February 2022. The North American Electric Bike Association noted a 40% increase in e-bike sales in 2022, primarily fueled by Class I models. These initiatives aim to make electric bikes more affordable and accessible, boosting their popularity worldwide.
>650W battery capacity is forecast projected to be the fastest-growing segment during the forecast period.
Ebikes with larger battery outputs are ideal for riders who require more power and range. E-MTBs and E-Cargo bikes are mostly equipped with batteries with a capacity of more than 650W. The larger batteries help tackle challenging terrain and provide the power to climb hills and navigate rough roads. Additionally, E-Cargo bikes are designed to carry heavy loads; larger battery packs benefit them by giving extended range. As online shopping grows, the need for efficient and sustainable last-mile delivery solutions has become paramount. Businesses recognize the benefits of eBikes and eCargo bikes for their cost-effectiveness, environmental friendliness, and convenience in navigating congested urban areas for timely deliveries. Recent developments in lithium-ion battery technology allow manufacturers to create high-voltage batteries with a better energy-to-weight ratio, resulting in large batteries without adding excessive weight to the bike. Hence, >650W battery capacity is expected to be the fastest-growing battery capacity segment during the forecast period. Some bikes with >650W battery capacity are Canyon (Germany) Strive: ON CFR Underdog is equipped with Bosch Performance Line CX, which has a 750Wh capacity, Canyon (Germany) Grand Canyon: ON 8 is equipped with Bosch Performance Line CX, which has a 750Wh capacity.
Asia-Oceania is forecast projected to be the largest ebike market.
Asia-Oceania is the largest e-bike market in terms of production and sales, with China being the largest contributor to the Asian and global markets. The City/Urban segment is expected to dominate the e-bike market in this region, while Cargo e-bikes are projected to be the fastest-growing segment. In 2023, the ebike market saw a decline in sales, but still, China remained the largest market for e-bikes and experienced steady growth during this period.
There is a rise in demand for E-Cargo bikes due to their practicality and efficiency in urban environments. Cargo e-bikes offer a sustainable and cost-effective solution for transporting goods in congested urban areas, where traditional vehicles face challenges like traffic congestion and emissions. Cargo e-bikes can navigate crowded city streets more efficiently, leading to faster delivery times and potentially lower delivery fees for consumers. Additionally, advancements in battery technology have improved the range and charging times of e-bikes, including cargo e-bikes, making them more reliable and convenient for commercial and personal use. In China, the E-Cargo bike market is projected to grow the fastest during the forecast period. Popular E-Cargo bikes include Specialized Globe Haul LT, Urban Arrow Family Electric Cargo Bike, Lectric XPedition, and Rad Power Bikes RadWagon 5. The preference for e-bikes has increased in Asia Oceania compared to conventional modes of transport due to their lightweight, eco-friendly, and cost-effective nature. Cargo ebikes serve as a low-cost mode of carrying goods in densely populated cities. In the year 2023, Kawasaki (Japan), recently entered the cargo e-bike market with the release of the Kawasaki Noslisu Electric Cargo Bike in Japan. Kawasak Noslisu Electric Cargo Bike has three versions. First, the Kawasaki Noslisu which is a three-wheeled pedal-assist bicycle that does not require a rider license. It features a 180W rear hub motor, a front cargo basket, and offers up to 30 miles of range on a single charge, providing an affordable and practical cargo-carrying solution. Second is the Kawasaki Noslisu E which offers more power and requires a license to operate. It is equipped with a 500W rear hub motor with enhanced pedal assistance, maintaining a 30-mile range on a single charge which is priced at USD 3078 (YEN 431,100). and lastly Kawasaki Noslisu Cargo which is specifically tailored as a utility e-bike featuring a 180W rear hub motor and does not require a license for operation. It includes a spacious cargo bay between the front axle and handlebars, ideal for professionals needing a larger cargo-carrying capacity. It is priced at USD 2961 (YEN 414,700).
The e-bike industry in Taiwan has witnessed significant growth, particularly in 2022, according to the Taiwan Bicycle Association’s statement in March 2022. Taiwan has emerged as a key player in the manufacturing and global export of e-bikes. This prominence has been amplified by Europe’s anti-dumping policies and the trade tensions between the US and China. In 2022, Taiwan solidified its position as a significant exporter of e-bikes and related components, with the Netherlands, the US, Germany, the UK, Spain, Italy, Denmark, Switzerland, Belgium, and France ranking among the top 10 export destinations.
However, in 2022, there was a noticeable decline in the export of Taiwan-made e-bikes to the US and UK. The Taiwan Bicycle Association (TBA) reported a decrease in e-bike sales of 34% in volume and 22% in value from 2022 to 2023. The smaller drop in value is attributed to a higher average price per unit. This trend became apparent as early as August 2022 when the initial double-digit export growth between January and slowed to a mere 1.17%. By the end of the year, the overall export volume to the US and UK had further diminished, with Europe emerging as the primary destination for Taiwan’s e-bike exports.
Inquiry Before Buying: https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=110827400
Recent Developments:
- In July 2024, Alstom SA (France) launched new Innovia APM 300R trains, which entered into service at the Denver International Airport. The new trains will carry travelers between the Terminal and Concourses A, B, and C.
- In June 2024, Vale (Brazil) and Wabtec Corporation (US) announced a master service agreement (MSA) to increase the efficiency and operations of the Evolution Series (EVO) locomotive fleet on the Estrada de Ferro Carajás (EFC).
- In June 2024, CRRC Sifang Co., Ltd., a subsidiary of CRRC Corporation Limited (China), developed a new urban smart fast rail train for the International Metro Transit Exhibition & Forum, Beijing-Nanjing (MetroTrans) in Nanjing. The 30-meter-long train consists of three structurally independent modules and features a maximum capacity of 280 passengers, a maximum running speed of 70 km/h, and an energy consumption of 3–4 kWh/km.
Related Reports:
