The e-bike market was valued at USD 27. 22 billion in 2021, and it is expected to reach USD 54. 48 billion by 2027, registering a CAGR of 12. 26% during the forecast period (2022-2027). Due to the COVID-19 outbreak and the subsequent lockdowns (with all the restrictions followed), the production of e-bikes witnessed a decline.
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However, as life is slowly returning to normalcy, the market is picking up pace. Due to the pandemic and the risk of contamination through public transport, people are showing an increased interest in buying their means of commute.
Apart from increasing consumer preference toward recreational and adventure activities, the adoption of e-bike applications in several sectors, like logistics and e-bike rental services, is expected to drive the market during the forecast period. As cities worldwide emerge from lockdowns, the demand for e-bikes is picking up pace due to their convenience and cost of operations.
With growing concerns about vehicle emission and traffic congestion, across the world, few automakers, like General Motors, Audi, and BMW, have been planning to enter the growing e-bike market, in order to diversify their portfolios.
The demand for crank/mid-drive motors is expected to continue to rise, during the forecast period, as few e-bike motor manufacturers have started primarily focusing on developing and improving their mid-drive motor products. For instance:
In 2020, Shimano revealed its new EP8 e-bike motor, The new Shimano EP8 mid-drive motor unit packs even more torque than Shimano’s previous drive units, up to 85 Nm.
As cities around the world emerge from lockdowns, the demand for e-bikes is picking up the pace of their convenience and cost of operations. Regions such as Europe are witnessing a shift in consumer motive for buying an e-bike from leisure to daily use.
Across developed regions like North America and Europe where bicycles have dedicated lanes in cities and suburbs several drug stores and other emergency-related services are employing e-bikes on these lanes to deliver essential services and items over short distances. In this way, they are able to avoid traffic situations in some densely populated areas and are able to attend to the needy in a quicker manner.
Key Market Trends
Increasing Demand for Eco-friendly Transportation to Propel Market Growth
While electric bikes and scooters though said to be more expensive to purchase as compared to regular two-wheelers, the amount of money saved with respect to rising fuel costs is encouraging several players across logistics, food, delivery, tourism, etc. sector. Accordingly, the companies are investing in procuring these electric two wheelers and are entering strategic agreements with these vehicle manufacturing companies to gain a notable edge over other competitors in the market. For instance,
Some tourism companies are exclusively offering packages termed as ‘Cycling Holidays’. As Europe is home to numerous travel destinations, every year, millions of visitor’s flock to the country during holiday seasons. Even tourists are wooed by this new and different experience and are opting for e-bikes to tour prominent sites as well as the country-side in some cases.
Also, across developing regions like North America and Europe where bicycles have dedicated lanes in cities and suburbs several drug stores and other emergency related services are employing e-bikes on these lanes to deliver essential services and items over short distances. In this way, they are able to avoid traffic situations in some densely populated areas and are able to attend the needy in a quicker manner. Additionally, several logistics and delivery companies are deploying e-bikes as a part of their delivery vehicles. For instance,
In July 2021, Hero Lectro, the EV arm of the Hero Motors Company (HMC), announced new partnerships with logistics service providers Fast Despatch Logistics and Turtle Mobility as part of a new ecosystem to enable greater use of e-mobility in last mile delivery. Under the partnership, Hero Lectro’s E Cargo bikes will be rolled out into the last mile delivery space by Fast Despatch Logistics. While Fast Despatch Logistics (FDL) is a global last mile delivery logistics company which has recently marked its entry in India, Turtle Mobility is a startup that offers solutions for last mile delivery logistics needs including vehicles on lease.
Europe is Expected to Play a Prominent Role in the Market During the Forecast Period
The European e-bike market is dominated by Germany, France, and Italy. Some of the major factors driving the sales of e-bikes are the innovative nature of the product, fully-integrated batteries and drives, appealing designs, and the use of high-quality materials.
Germany led the European market, accounting for approximately 40% of the market in 2021. It was followed by the Netherlands and France, each of which captured more than 11% of the overall market share. The European Commission’s anti-dumping and anti-subsidy sanctions against Chinese e-bikes have contributed significantly to the market’s growth since 2018.
Germany’s e-bike and bicycle industries have already experienced rapid development in recent years, while in 2020 recorded the highest volume expansion and revenue growth. According to the German industry group Zweirad-Industrie-Verband (ZIV2020 )’s market data, e-bike sales in 2020 increased by 43% to 2 million units. However, the market declined slightly in 2021, owing to many factors. The backdrop to this is COVID-19, with numerous factories shutting and output delays continuing from 2020. The industry recorded sales of around 2 million e-bikes in total in 2021. This would imply a drop of roughly 2.6%.
France has also been facing unprecedented growth in demand for e-bikes, and both manufacturers and retailers have been struggling to keep up with the rapidly depleting inventory. Paris added 50 kilometers of bicycle lanes to cater to the increasing cycle traffic, and e-mobility startups, such as Bolt, have been further propelling the market’s growth. The e-bike sales outnumbered the regular bicycle sales as more people moved from leisure buying to long-distance everyday use of e-bikes.
The e-bike market is highly fragmented, with major players, including Giant Bicycles, Merida, Trek Bikes, Riese & Muller, and Yamaha a low share of the total market. Giant Bicycles is the largest player in the market.
The presence of these companies is majorly concentrated in China, with Europe and North America being the other important markets. The companies are diversifying their product portfolios through innovations and new launches to continue being the market leaders. For instance,
Momentum, Giant Group’s “lifestyle-inspired” cycling brand has launched two new electric bicycles the Voya E+1 and Voya E+3. The Voya E+1 takes the form of a drop bar urban bike with an 11-speed Shimano GRX derailleur, while the Voya E+3 has typical flat bars and a 9-speed microSHIFT ADVENT derailleur. The 250 Wh battery claims to provide a range of between 40-72 km (25-45 miles) on a single charge. A provided 4A fast charger can give the battery an 80% charge in less than two hours.
Yamaha announced introducing of two all-new, class 3, power assist bicycles: the Wabash RT and the CrossCore RC, e-Bikes with the all-new Yamaha PWSeries ST drive unit, frame and internally integrated batteries.
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