Projected global e-bike market volume 2015-2029

The global e-bike market is projected to grow in the coming years, with sales projected to reach over 49 million units worldwide by 2029. This marks a substantial increase from the approximately 42 million units sold in 2023, reflecting the growing popularity of electric bicycles, with this growth coming at the cost of regular bike sales, which are expected to drop.

European market trends

Europe is experiencing a surge in e-bike adoption, with sales increasing steadily in recent years. The COVID-19 pandemic fueled a 27 percent year-on-year growth in 2020, and the market has continued to expand. By the end of 2023, nearly 5.2 million e-bikes were sold across Europe. 

Regional variations and market dynamics

While the global e-bike market is growing, there are regional differences. Norway, Sweden, and Belgium are expected to see particularly strong growth in their e-bike markets, with Norway projected to achieve an annual growth rate of nearly 15 percent between 2024 and 2025. In contrast, Japan's e-bike market experienced a slight decline in 2023, with sales dropping by about 53,000 units compared to the previous year. Despite this dip, e-bikes remain popular and the sales value has continued to climb even in the face of reduced unit sales.