E-bikes: market size worldwide forecast 2024 and 2027
The e-bike market is tipped to generate around 51.78 billion U.S. dollars in revenue by 2029, with a compound annual growth rate of around eight percent between 2024 and 2029.
Shaking off the bad rep
Electric bicycles continue to enjoy a surge in popularity; what was once seen as very unfashionable and niche is now becoming mainstream in some bicycle markets, from rural areas to cities. The power-assisted form of the common bicycle has supposedly been able to attract users who previously would not have wished to cycle, i.e. those who may have struggled with hills without the extra power or commuters who preferred an easy drive to work. Once hesitant users go for a ride, their perception of cycling tends to turn positive, and yet, the sudden acceptance of electric bicycles has also been attributed to the fact that professional athletes are heaping praise on electric bikes. Considering that e-bikes sell for multiple times the price of traditional bicycles, e-bikes remain a substantial investment for consumers.
Large markets across the globe
The Asia-Pacific region is the largest e-bike market, but the European market has picked up steam. In some countries within Europe, e-bikes now make up more than half of all bicycles sold. The leader here is the Netherlands, which reached this tipping point in 2020. Germany is another important market for e-bikes, with 2.2 million units sold in 2022.