GLOBAL E-BIKE MARKET PROJECTED TO REACH $18.65 BILLION BY 2024

A new study released by Mordor Intelligence Consultancy on global e-bike market has valued the segment at 14.75 billion in 2018. Based on a study of global data trends, the market is projected to grow at CAGR of 6.39% during the forecast period 2019-2024. Asia-Pacific region is estimated to lead the global market sales with China dominating the region. The largest consumption of electric bicycles is in China and the country is also the largest exporter to the global market. India will see a surge in use of electric bicycles at the back of favourable policies that encourage use of electric vehicles. The Government of India is aiming to achieve a major shift from fuel based transportation to electric mobility. India has announced a series of strong measures like incentives for buying electric vehicles, reducing carbon emissions and integrating cycle tracks in planned smart cities by 2030. The ambitious ‘Cycle Valley’ project – a state of the art cycle manufacturing hub at Ludhiana is expected to boost the country’s output. Hero Cycles, the world’s largest bicycle manufacturer by volume, has secured 100 acre land to develop the high tech manufacturing facility. Hero will set-up an anchor unit for manufacturing of bicycles and e-bikes on 50% of the allotted space. The company will develop industrial parks and the remaining area will be open for national and international players for ancillary units.

The report projects Europe to be the second fastest region which is expected to grow at a pace of 6.23% during the forecast period. In Europe, market for electric bike is dominated by Germany followed by France and Italy. The report highlights Germany’s performance stating “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 are type-approved, and for which, the insurance and helmet obligation applies.”

Further, German made e-bikes witness high demand with exports touching 440,000 units in 2018 – a growth of 51% over previous year. Germany, France, Italy, Netherlands and Spain are recording faster adoption which makes them top 5 e-bike markets of Europe. And with high quality cycling infrastructure in Netherlands, a research revealed that a quarter of all Europeans were found to be willing to commute by e-bikes. Cities like Amsterdam and Utretch, where cycling is already established as a primary mode for commuting, e-bikes have received a positive response particularly in older age groups.

On technology front, pedal assisted bikes are gaining momentum as manufacturers are offering designs fully integrated with smartphones and statistical information. The report highlights the fact that pedal assisted bikes accounted for 88.32% of the total sales in 2018.

Overall, the demand for e-bikes is picking up amongst the youth with lifestyle, environmental and economic benefits like: ease of travel, bicycle logistics, recreational activities and good health.
The complete report can be purchased here – E-BIKE MARKET – GROWTH, TRENDS, AND FORECAST (2019 – 2024)

 

Source: Mordor Intelligence

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