PUBLISHER: The Business Research Company | PRODUCT CODE: 1435368
PUBLISHER: The Business Research Company | PRODUCT CODE: 1435368
Electric bicycles, commonly known as e-bikes or eBikes, are bicycles fitted with electric motors aiding propulsion. Electric scooters, resembling motorcycles, are plug-in electric vehicles featuring two or three wheels and an electric motor.
The primary categories include electric bikes and electric scooters within the electric bike and scooter market. Electric bikes are bicycles incorporating an electric motor to assist or replace pedaling efforts. Battery types utilized encompass lead-acid, lithium-ion (li-ion), nickel-metal hydride (NiMH), and others. Voltage capacities range from 48-59 V, 60-72 V, 73-96 V, to above 96V. Drive mechanisms include hub motors, mid-drives, and various other mechanisms.
The electric bikes and scooters market research report is one of a series of new reports from The Business Research Company that provides electric bike and scooter market statistics, including global market size, regional shares, competitors with an electric bike and scooter market share, detailed electric bike and scooter market segments, market trends and opportunities, and any further data you may need to thrive in the electric bike and scooter industry. This electric bikes and scooters market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The electric bikes and scooters market size has grown strongly in recent years. It will grow from $28.08 billion in 2023 to $30.27 billion in 2024 at a compound annual growth rate (CAGR) of 7.8%. The growth observed in the historic period can be attributed to several factors, including the escalation of fuel costs, government initiatives promoting electric transportation, early entry of companies into the market, urbanization leading to congestion issues, and shifts in consumer behaviors favoring electric mobility solutions.
The electric bikes and scooters market size is expected to see strong growth in the next few years. It will grow to $39.1 billion in 2028 at a compound annual growth rate (CAGR) of 6.6%. Forecasted growth is driven by environmental concerns, economic shifts, global market expansion, competition, infrastructure development, and increasing consumer adoption rates. Major trends include urban mobility solutions, regulatory support, environmental awareness, last-mile connectivity, and customizable consumer preferences.
The electric bikes and scooters market is experiencing growth driven by increasing awareness about pollution. A key factor propelling this trend is the heightened understanding among people about the significance of pollution reduction. This awareness has led to a growing preference for environmentally friendly modes of transportation that help minimize and control pollution. Notably, in the Netherlands, the sales of electric bikes (e-bikes) have surpassed those of non-electric bikes, a shift attributed to the rising awareness of pollution, as highlighted in a survey published by Forbes. The upward trajectory in the adoption of electric bikes and scooters is expected to persist, given the ongoing environmental concerns associated with carbon dioxide emissions from fossil fuels, contributing to global warming and climate change.
The electric bike and scooter market are set to benefit from the surge in fuel prices, driving increased consumer interest in these alternatives. Rising fuel prices, encompassing the costs of gasoline and diesel primarily, have prompted consumers to seek more cost-effective modes of transportation. Electric bikes and scooters offer an economical solution compared to traditional gasoline-powered vehicles, resulting in reduced transportation expenses. Illustratively, fuel prices witnessed a significant 19.4% increase from December 2021 to December 2022, according to the Bureau of Labor Statistics. In the UK, automotive fuel prices soared by 48% from 2021 to 2022, as reported by the Office for National Statistics in September 2022. This surge in fuel prices serves as a catalyst for the continued growth of the electric bike and scooter market.
Insufficient infrastructure for battery charging emerges as a significant constraint in the electric bikes and scooters market. The limited availability of charging stations for bikes or scooters hampers the adoption of electric vehicles, dissuading potential buyers. This challenge is evident in regions such as India, where electric two-wheelers are popular, yet their sales lag behind conventional petrol-powered counterparts due to the inadequate EV infrastructure. In response to this issue, initiatives are being taken to encourage electric vehicle adoption and develop the EV ecosystem. For example, eBikeGo has announced plans to install one lakh smart IoT-enabled charging stations in seven Indian cities, aiming to address the scarcity of charging infrastructure.
An emerging trend in the electric bikes and scooters market is the continuous improvement of battery technology, notably the integration of graphene batteries. This technological advancement involves the utilization of graphene-based electrolytes, enabling faster charging, higher capacity, and reduced vehicle weight. Earthday, a startup based in Barcelona, Spain, exemplifies this trend by actively working on enhancing the efficiency of graphene batteries. The goal is to achieve approximately five minutes of charging time for electric bikes and scooters, showcasing the industry's commitment to advancing battery technology and overcoming charging-related challenges.
Leading companies in the electric bike and scooter market are dedicated to product innovation, exemplified by offerings such as Astroinno, to meet customer demands for reliable services. Astroinno batteries, utilized in electric bikes and scooters, are a type of lithium-manganese-iron-phosphate (LMFP) battery known for high energy density and an extended cycle life. A noteworthy example is Gotion High Tech Co., Ltd., a China-based battery manufacturer, launching the Astroinno battery in May 2023. This electric vehicle battery boasts an impressive range of up to 1000 km on a single charge, marking a milestone in developing nickel-cobalt-manganese (NCM)-free batteries. Featuring internal insulation materials capable of withstanding temperatures up to 1200&deC and facilitating 1500 fast charging cycles in 18 minutes, the Astroinno battery sets a high standard in the industry.
In July 2022, the Rohatyn Group, a US-based asset management firm, acquired KJK Capital for an undisclosed amount. This acquisition positions Rohatyn Group to expand its presence in the e-bike market, leveraging the capabilities of KJK Capital, a Europe-based manufacturer of electric bikes. The acquisition aligns with the growing market trends and showcases the commitment of industry players to stay at the forefront of electric mobility.
Major companies operating in the electric bikes and scooters market report are Bayerische Motoren Werke AG, Honda Motor Co. Ltd., Suzuki Motor Corporation, Mahindra & Mahindra Limited, Polaris Industries Inc., Govecs AG, Yadea Group Holdings Ltd., Giant Manufacturing Co. Ltd., AIMA Technology Co. Ltd., Alta Motors, Trek Bicycle Corporation, Dongguan Tailing Electric Vehicle Co. Ltd., Jiangsu Xinri E-Vehicle Co. Ltd., Energica Motor Company S.p.A., Gogoro Inc., KTM AG, Yamaha Motor Co. Ltd., Vmoto Limited, Zero Motorcycles Inc., Tianjin Golden Wheel Group Co. Ltd., Hero Electric Vehicles Pvt. Ltd., Terra Motors Corporation, Aventon Bikes, Z Electric Vehicle Corporation, Fuji-Ta Bicycle Co. Ltd., Prodeco Technologies LLC, Bionx International Corporation, Zhejiang Luyuan Electric Vehicle Co. Ltd., Amego Electric Vehicles Inc., Shandong Incalcu Electric Vehicle Co. Ltd., Cowboy Electric Bikes, Lyft Inc., Keego Mobility Co. Ltd., Rad Power Bikes, Volt Motorcycles Ltd., Karbon Kinetics Limited, Raleigh Bicycle Company, Piaggio & C. SpA, Ather Energy Private Limited, Brammo Inc., Evoke Electric Motorcycles Ltd., Lightning Motorcycle Corp., Derby Cycle Holding GmbH, Riese & Muller GmbH, Stromer Electric Bikes
Asia-Pacific was the largest region in the electric bikes and scooters market in 2023. This region is expected to remain the largest during the next five years. The regions covered in the electric bikes and scooters market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the electric bikes and scooters market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain
The electric bikes and scooters market consist of sales of e-moped and e-cycles. Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Electric Bikes and Scooters Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on electric bikes and scooters market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for electric bikes and scooters ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The electric bikes and scooters market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of covid 19 on supply chains and consumption patterns.