Electric Bicycles - Asia | Statista Market Forecast

In 2024, revenue in the Electric Bicycles market in Asia is forecasted to reach US$13.86bn.
The revenue is anticipated to exhibit an annual growth rate (CAGR 2024-2029) of 3.16%, leading to a projected market volume of US$16.19bn by 2029.
The unit sales in the Electric Bicycles market are expected to hit 36.75m bicycles by 2029.
The volume weighted average price of Electric Bicycles market in the market in 2024 is projected to be US$407.50.
Looking at the international scenario, it is evident that the highest revenue will be generated China, amounting to US$12bn in 2024.
In Asia, the Electric Bicycles market is surging, driven by increasing environmental awareness and government incentives for eco-friendly transportation options.

Definition:

Electric bicycles are means of transport designed to transport people and goods for professional and private purposes. They are used for leisure activities such as travelling or for physical exercise. Depending on the specific purpose and rider, bicycles come in different shapes and features.

They are powered by combination of human strength and by electrically powered motors.

In recent years, different renting models have been established such as bike-sharing, in which bicycles can be rented for a defined period in exchange for a fee. These rented bikes are not included in this market outlook. Only bikes that were purchased for ownership are covered.

Structure:

The electric bicycles market covers all types of bicycles with electrical assistance, including road and racing bicycles, off-road bicycles, and special purpose bicycles. However, motorcycles, scooters, mopeds, secondhand bicycles, as well as bikes purchased by bike-sharing services are not included.

Additional information:

The market comprises the number of bicycles sold, the average price paid per bicycle, revenue, and revenue growth as the key performance indicators. Revenue is derived as the product of the average price per bicycle times the number of bicycles purchased. Therefore, revenue excludes any profits from bike-sharing fees. Revenues are including VAT. The market only displays B2C revenues, hence B2B and B2G revenues are not included.

Electric Road and racing bicycles such as cruiser, e-standard, e-gravel road-,e-touring-, and e-fixed gear bikes

Motorcycles, scooters, mopeds, regular bicycles
Secondhand bicycles
Bike-sharing bicycles
Rented bicycles

In the Bicycles Market in Asia, the Electric Bicycles segment has seen minimal growth due to factors such as limited infrastructure, high cost of electric bicycles, and lack of government support. Despite this, the market is expected to witness steady growth in the coming years as more consumers look for eco-friendly and cost-effective transportation options.

Customer preferences: With the rise of environmental consciousness and the need for sustainable transportation options, consumers in Asia are increasingly turning to electric bicycles. This trend is also fueled by the growing popularity of e-commerce and food delivery services, which require efficient and eco-friendly modes of transportation. Additionally, the rise of urbanization and traffic congestion in major cities has led to a demand for compact and agile electric bicycles as a convenient means of transportation.

Trends in the market: In Asia, the Electric Bicycles Market within the Bicycles Market is experiencing a surge in demand due to the increasing popularity of eco-friendly transportation options. This trend is expected to continue as governments in countries like China and India promote the use of electric vehicles to reduce air pollution. Additionally, there is a growing trend of using smart technology in electric bicycles, such as GPS tracking and smartphone integration, which provides convenience and enhances the overall riding experience. This trend is significant as it not only caters to the growing demand for sustainable transportation but also taps into the tech-savvy consumer base in the region. Industry stakeholders can capitalize on this trend by investing in innovative and technologically advanced electric bicycles to stay competitive in the market.

Local special circumstances: In China, the Electric Bicycles Market within the Bicycles Market is thriving due to the country's dense urban population and heavy traffic congestion. The government's efforts to promote sustainable transportation and reduce air pollution have also played a significant role in the market's growth. In Japan, the market is driven by the cultural preference for eco-friendly modes of transportation and the country's aging population, leading to a demand for electric bicycles with assisted pedaling.

Underlying macroeconomic factors: The growth of the Electric Bicycles Market within the Bicycles Market is also influenced by macroeconomic factors such as technological advancements, government support, and investment in sustainable transportation infrastructure. Countries with favorable regulatory environments and strong investment in green transportation technologies are experiencing faster market growth compared to regions with regulatory challenges and limited funding for sustainable transportation. Additionally, the increasing emphasis on reducing carbon emissions and promoting healthier lifestyles is driving the demand for electric bicycles as a sustainable and convenient mode of transportation.

Data coverage:

The data encompasses B2C enterprises. Figures are based on the sales of electric bicycles and the respective average prices for bicycles.

Modeling approach:

Market sizes are determined through a Bottom-Up approach, building on specific predefined factors for each market. As a basis for evaluating markets, we use publications of industry associations, expert blogs, and data provided by governments and scientific institutions. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, population, and consumer spending per capita (based on current prices). This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the ARIMA time series forecast and forecasts based on previous growth rates are well suited for forecasting the future demand for bicycles due to the brick and mortar nature of this market. The main drivers are GDP, consumer spending per capita, and population.

Additional notes:

The data is modeled using current exchange rates. The market is updated once a year. In some cases, the data is updated on an ad hoc basis (e.g., when new, relevant data has been released or significant changes within the market have an impact on the projected development).

This report presents a comprehensive analysis and additional information on the Mobility market, in a PDF format.

The bicycle market in Germany has been enjoying dynamic development for a very long time. Bicycles are a popular way to get around in both urban and rural areas, with young children learning to ride firmly entrenched in the national culture. Germany has a variety of scenic bike routes, but looking out for bike lanes in a city is a daily part of life both for cyclists and pedestrians. Many cyclists value the multiple advantages cycling brings – physical activity, saving money by foregoing commuting with public transport or driving, and the eco-friendly aspect. A German city, Munster, even made it on the list of the eight most bike-friendly cities in the world in 2022.