The global e-bike market size is expected to be worth over $120 billion by 2030, according to a new report by Vision Research Reports.
The market was valued at around $41 billion in 2020 and is anticipated to grow at a CAGR of 11.5% during the forecast period from 2021 to 2030.
According to the report, e-MTBs are expected to account for a significant share of the e-bike market during the forecast period due to their robustness and high-performance design. Class I e-bikes are expected to be the largest market during the forecast period.
Factors such as the implementation of Government regulations to encourage the use of e-bikes, consumer inclination, the increase in fuel costs, and the rising interest in cycling as a fitness and recreational activity are expected to drive the market growth.
However, the high cost of e-bikes and the ban on the use of e-bikes in major cities in China will hinder the market growth, said the report. Furthermore, the improvement in cycling infrastructure and battery technology is expected to offer lucrative opportunities for growth.
The high cost of e-bikes is a major factor that restrains the growth of the e-bike market, the report continued, but the rapid urbanisation and lower preference of consumers to use cars due to increased traffic congestion are anticipated to offer lucrative opportunities for market expansion.
In addition, Governments of various countries focus on the development of infrastructure for e-bikes, including bicycle tracks and public charging stations.
Asia Pacific is anticipated to lead the e-bike market during the forecast period due to the high sales of e-bikes in the region. According to MarketsandMarkets analysis, Asia Pacific contributed about 88% to the global electric bike market in 2020 by volume.
The European region accounted for approximately 39% of the e-bike market. The European region was dominated by Germany, followed by France and Italy.