Global E-bike Market 2020-2024: Market Analysis, Drivers, Restraints, Opportunities, and Threats
The global bicycle market size was valued at USD 54.44 billion in 2020. It is expected to expand at a compound annual growth rate (CAGR) of 7.0% from 2021 to 2028. The increase in the number of people opting for bicycling as a form of leisure is anticipated to propel the growth. Preference for bicycles as a convenient form of exercise to ensure a healthy life, free from obesity and other disorders, is expected to further drive the market expansion. The popularity of dockless bicycle-sharing systems has been rising lately. This system allows users to locate a bicycle nearby and unlock it electronically. Incepted originally in Europe, dockless bicycle-sharing systems are gaining popularity, particularly in Asian nations such as India and China.
The e-bike market revenue stood at $14.4 billion in 2019, and the market is predicted to progress at a CAGR of 10.3% from 2020 to 2025, to generate $25.9 billion revenue by 2025. This is mainly attributed to the government subsidies and financial incentives for clean automobiles, strong environment protection and health concerns, and increasing problem of urban road congestion.
In volume terms, the fastest rise in the sales of e-bikes will be seen in North America till 2025, on account of the rising preference for these two-wheelers for short-distance traveling and off-road activities, such as mountain biking. Additionally, the procurement of e-bikes by the shared mobility companies in the continent is set to increase at a 27.2% value CAGR between 2020 and 2025.