Electric Bicycles - Worldwide | Statista Market Forecast

Revenue in the Electric Bicycles market worldwide is forecasted to reach US$35.96bn by 2024.
The revenue is anticipated to demonstrate an annual growth rate (CAGR 2024-2029) of 4.17%, leading to a projected market volume of US$44.10bn by 2029.
Unit sales in the Electric Bicycles market are expected to hit 49.42m bicycles by 2029.
The volume-weighted average price of Electric Bicycles market in the market in 2024 is expected to be US$826.00.
Looking at the international perspective, it is evident that the highest revenue will be generated China ( US$12bn in 2024).
In the Worldwide Electric Bicycles market, China remains a dominant force, driving innovation and setting trends for the industry.

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

The Electric Bicycles Market within the Bicycles Market Worldwide has seen minimal growth, influenced by factors like limited infrastructure and high cost. However, with rising environmental concerns and the trend towards greener transportation, the market is expected to experience a surge in demand in the coming years.

Customer preferences: As the demand for sustainable transportation options continues to rise, electric bicycles are gaining popularity among consumers. This trend is particularly prominent in urban areas, where individuals seek to reduce their carbon footprint and avoid traffic congestion. Additionally, the growing interest in health and fitness has also contributed to the increase in electric bicycle sales, as they offer a convenient and eco-friendly means of transportation while promoting physical activity. This shift towards greener and healthier modes of transportation is indicative of a larger cultural shift towards sustainability and wellness.

Trends in the market: In the global Electric Bicycles Market within the Bicycles Market, there is a noticeable trend towards integrating advanced technologies, such as smart sensors and electric motors, into traditional bicycles. This is driven by the increasing demand for eco-friendly and cost-effective transportation options. Additionally, the rise of e-commerce platforms has made it easier for consumers to purchase electric bicycles online. These trends are significant for industry stakeholders as they highlight the potential for continued growth and innovation in the electric bicycles market. Furthermore, they also indicate the need for manufacturers and retailers to adapt their business strategies to cater to the changing consumer preferences and buying behavior.

Local special circumstances: In China, the Electric Bicycles market has experienced significant growth due to the country's high population density and traffic congestion in urban areas. The government has also implemented policies to promote the use of electric vehicles, including bicycles, as a solution to air pollution. Additionally, cultural norms of using bicycles for daily transportation have contributed to the market's success. In Europe, the market is driven by the growing awareness of environmental sustainability and the availability of government subsidies for purchasing electric bicycles. These factors have led to a higher adoption rate of electric bicycles in European countries compared to other regions.

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 regulations, and investment in sustainable transportation infrastructure. Countries with supportive regulatory frameworks and significant investments in green transportation are experiencing higher market growth compared to regions with regulatory barriers and limited funding. Additionally, the increasing focus on reducing carbon emissions and promoting eco-friendly modes of transport is driving the demand for electric bicycles globally.

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.