Electric Bicycles Producers and Electric Bicycles Market Trend
Electric bicycles market is set to grow at a rapid pace in the coming years, driven by increasing demand for eco-friendly and cost-effective transportation options. According to Hdin research, the global market size for electric bicycles was valued at $69.5 billion in 2018, and it is expected to grow at a CAGR of 30.3% from 2018 to 2023, reaching a market size of $260.6 billion by 2023.
The global electric bicycle market is expected to continue its growth trajectory in the coming years, reaching a market size of $463.2 billion by 2028, with a CAGR of 12.2% from 2023 to 2028. As the demand for eco-friendly and cost-effective transportation options continues to rise, the electric bicycle market is expected to witness significant growth in the years to come.
Leading electric bicycle manufacturers such as Accell Group, Pon, Yamaha, Giant, Riese & Müller, Panasonic, Gazelle, Trek, Merida, Rad Power Bikes, Specialized, Mustache, Cycleurope, Stromer, VanMoof, Yadea, and TAILG are dominating the market with a market share of over 55%. The market penetration for electric bicycles is high in countries like Japan, the Netherlands, Belgium, and Austria.
Electric bicycles have several applications and are used for various purposes such as commuting, delivery services, and leisure activities. They are increasingly being used by commuters for short-distance travel, as they are more convenient and cost-effective than conventional vehicles. Additionally, electric bicycles have become popular in the food and package delivery industry, as they offer a faster and more efficient mode of transportation.
In terms of geographical regions, Asia Pacific dominates the electric bicycle market, owing to the high demand for eco-friendly transportation options and increasing urbanization. North America and Europe are also witnessing significant growth in the market, driven by rising environmental awareness and the increasing popularity of e-bikes for leisure activities.