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The global electric bike market size stood at USD 43.59 billion in 2023. The market value is slated to rise from USD 50.14 billion in 2024 to USD 148.70 billion by 2032 at a CAGR of 14.6% during 2024-2032. Fortune Business Insights™ presents this information in its report, titled “Electric Bike Market Size, Share & Industry Analysis, By Propulsion Type (Pedal Assist and Throttle), By Battery Type (Lead Acid, Lithium-ion, Nickel Metal Hydride, and Others), By Application (City/Urban, Mountain/Trekking, and Cargo/Luggage), By Motor Type (Mid Motor and Hub Motor), By Component (Battery, Electric Motors, Motor Controller, Frame with Forks, and Others (Brake Systems, Wheels & Gears)), By Battery Capacity (Below 250W, 251 W to 450W, 451 W to 650 W, and Above 650W), and Regional Forecast, 2024-2032.”
Electric bikes are used for facilitating cycling for longer distances and in difficult terrains through electric assistance. The integration of advanced technologies in e-bikes is anticipated to boost their adoption over the ensuing years.
The adoption of e-bikes increased at the time of COVID-19 pandemic as they replaced the non-motorized bikes in numerous places. The exponential increase in the demand for the e-bikes positively impacted the revenue for many market players.
Specialized Launched E-Bikes Under Its Globe Haul ST Product Line
In March 2023, Specialized launched its affordable segment of e-bikes under the Globe Haul ST. These bikes have shorter wheelbase and utility e-bikes with additional cargo capacity for hauling extra cargo or passengers. The Globe Haul ST is priced at USS 2,700.
Market Value to Record an Upward Trajectory Driven by Technology-Integrated Products
There has been an increasing incorporation of advanced technologies in e-bikes. Some examples include mobile app integration, GPS tracking, and intelligent connectivity. The integration would enable riders to access navigation tools and monitor their bike’s performance through the use of smartphone apps. These factors are expected to help drive the electric bike market growth.
However, the product adoption could be restricted owing to the expenses involved in purchase.
Leading Companies Focus on Strong Sales Networks to Strengthen Industry Positions
Key electric bike companies are keen to develop robust sales networks to maintain their industry positions. For instance, Accell Group, a leading industry player, is known for the sale of its products to dealers and customers in more than 80 countries. The company has established a strong reputation for its brands in Europe.
Key Players Profiled in the Report
Key Industry Development
To get a detailed report summary and research scope of this market, click here:
https://www.fortunebusinessinsights.com/electric-e-bike-market-102022
Further Report Findings
Table of Segmentation
ATTRIBUTE | DETAILS |
Study Period | 2019-2032 |
Base Year | 2023 |
Estimated Year | 2024 |
Forecast Period | 2024-2032 |
Historical Period | 2019-2022 |
CAGR | CAGR of 14.6% from 2024 to 2032 |
Unit | Value (USD Billion), Volume (Units) |
Segmentation | By Propulsion Type
|
By Battery Type
| |
By Application
| |
By Motor Type
| |
By Component
| |
By Battery Capacity
| |
By Geography
|