Electric Bikes Market Report 2024 (Global Edition)

Global Electric Bikes Market Report 2024 Market Size Split by Class (Class-l, Class-II, Class-IIl), by Speed (Up to 25 Km/h, 25-45 Km/h), by Motor Type (Mid, Hub), by Mode (Pedal Assist, Throttle), by...

Electric Bikes Market Report Description

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Competitive Landscape of the Electric Bikes Market

The competitive landscape of the electric bikes market is characterized by a broad range of players competing to gain market share through product innovation, strategic partnerships, and aggressive marketing efforts. Major players in the market account for a considerable share of the market and are concentrating on expanding their customer base across the world

Top Companies Market Share in Electric Bikes Industry: (In no particular order of Rank)

• Giant Bicycle
• Inc (Taiwan)
• Hero Cycles Ltd (India)
• Accell Group (Netherlands)
• Robert Bosch GmbH (Germany)
• Kalkhoff Werke GmbH (Germany)
• Pedego Electric Bikes (US)
• Panasonic Corporation (Japan)
• Mobility Holdings Ltd (Tern) (Taiwan)
• Trek Bicycle Corporation (US.)
• Shimano Inc (Japan)
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*List of Second Tier Companies, List of Third Tier/ Start-up Companies (Inquire with sales executive) Request Any Company Profile for Preview Purpose OR Data Validation!

If any Company(ies) of your interest has/have not been disclosed in the above list then please let us know the same so that we will check the data availability in our database and provide you the confirmation or include it in the final deliverables.

Regional Analysis of Electric Bikes Market

Which Region Dominates the Electric Bikes Market in 2024?

According to Cognitive Market Research, North America dominated the market in 2024 and accounted for around 40% of the global revenue. North America emerges as the dominant region in the electric bikes market due to a surge in the number of manufacturing units and IT firms, coupled with the surging tech-savvy and urban population in the region, which is projected to drive the regional market's expansion. Moreover, the low expenses of raw materials and the availability of inexpensive labor in the region likely deliver lucrative opportunities for the regional market.

Which Region is Expanding at the Fastest CAGR?

Asia Pacific stands out as the fastest-growing region in the electric bikes market due to the region's increasing consumption expenditure in economic countries. The region is undergoing various technological advancements along with ever-developing charging infrastructure. The rising need for eco-friendly transportation and increasing government initiatives are anticipated to drive market growth further

The current report Scope analyzes Electric Bikes Market on 5 major region Split (In case you wish to acquire a specific region edition (more granular data) or any country Edition data then please write us on info@cognitivemarketresearch.com

• North America (United States, Canada, Mexico)
• Europe (United Kingdom, France, Germany, Italy, Russia, Spain, Sweden, Denmark, Netherlands, Switzerland, Belgium)
• Asia-Pacific (China, Japan, Korea, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest of APAC)
• South America (Brazil, Argentina, Colombia, Peru, Chile, Rest of South America)
• Middle East and Africa (Saudi Arabia, Turkey, Nigeria, UAE, Egypt, South Africa, GCC Countries, Rest of MEA)

The above graph is for illustrative purposes only.

North America Electric Bikes

According to Cognitive Market Research, the global electric bikes market size was estimated at USD 49581.2 Million, out of which North America held the major market of more than 40% of the global revenue with a market size of USD 19832.48 million in 2024 and will grow at a compound annual growth rate (CAGR) of 3.4% from 2024 to 2031. In North America, the electric bike market exhibits due to increased environmental awareness, urbanization, and government incentives promoting sustainable transportation. Rising concerns about congestion and pollution, coupled with advancements in battery technology, are driving the adoption of electric bikes across the region. Moreover, the market is driven by high charge viscosity, high performance, low weight, and increased charging-discharging efficiency, which is anticipated to favor the adoption of these batteries, thereby supporting lithium-ion battery growth. In conclusion, North America presents a lucrative market opportunity for electric bikes due to technological advancements.

• According to Cognitive Market Research, the US had a major share in the electric bikes market, with a market size of USD 15647.83 million in 2024. The market is projected to grow at a CAGR of 3.2% during the forecast period. The demand is amplified by the nation's increasing understanding of the destructive effects of vehicles that run on fossil fuels.
• The Canadian electric bikes market had a market share of USD 2379.90 million in 2024 and is projected to grow at a CAGR of 4.2% during the forecast period. Introduction of innovative technology applications by Canadian companies.
• The Mexico electric bikes market is projected to witness growth at a CAGR of 3.9% during the forecast period, with a market size of USD 1804.76 million in 2024

Europe Electric Bikes

According to Cognitive Market Research,  the global electric bikes market size was estimated at USD 49581.2 Million, out of which Europe held the market of more than 30% of the global revenue with a market size of USD 14874.36 million in 2024 and will grow at a compound annual growth rate (CAGR) of 3.7% from 2024 to 2031. In Europe, there is an increasing trend in the adoption of e-bikes among customers. Furthermore, the growing use of high-quality elements and innovative technology, connected with attractive discounts and deliveries, are additional factors anticipated to propel the demand for regional electric bikes in the market. Segmentation analysis further highlights the growing need for sports and adventurous activities tending worldwide mountain/off-road bike adoption. The help of e-bikes in recreational and trekking activities is growing rapidly. In conclusion, Europe represents a lucrative market for electric bike manufacturers, driven by the growing attention to performance-based adventure sports.

• The United Kingdom's electric bikes market had a market share of USD 2498.89 million in 2024 and is projected to grow at a CAGR of 4.5% during the forecast period. Electric bike sales in the UK are witnessing an upswing due to the nation's technological innovation and increasing consumer demand.
• The France electric bikes market is projected to witness growth at a CAGR of 2.9% during the forecast period with a market size of USD 1368.44 million in 2024.
• According to Cognitive Market Research, the German electric bikes market size was valued at USD 2945.12 million in 2024 and is projected to grow at a CAGR of 3.9% during the forecast period. In Germany, electric bikes surged due to the presence of major market players.
• The Italian electric bikes market is projected to witness growth at a CAGR of 3.1% during the forecast period, with a market size of USD 1279.19 million in 2024.
• The Russian electric bikes market is projected to witness growth at a CAGR of 2.7% during the forecast period, with a market size of USD 2305.53 million in 2024.
• The Spanish electric bikes market is projected to witness growth at a CAGR of 2.8% during the forecast period, with a market size of USD 1219.70 million in 2024.
• The Luxembourg electric bikes market is projected to witness growth at a CAGR of 3.8% during the forecast period, with a market size of USD 461.11 million in 2024.
• The Portugal electric bikes market is projected to witness growth at a CAGR of 3.5% during the forecast period, with a market size of USD 312.36 million in 2024.
• The Greece electric bikes market is projected to witness growth at a CAGR of 4.0% during the forecast period, with a market size of USD 178.49 million in 2024.
• Rest of Europe's electric bikes market is projected to witness growth at a CAGR of 2.4% during the forecast period, with a market size of USD 2305.53 million in 2024

Asia Pacific Electric Bikes

According to Cognitive Market Research, the global electric bikes market size was estimated at USD 49581.2 Million, out of which Asia Pacific held the market of around 23% of the global revenue with a market size of USD 11403.68 million in 2024 and will grow at a compound annual growth rate (CAGR) of 7.2% from 2024 to 2031. In the Asia Pacific region, the electric bike market exhibits robust development prospects, as it is operated by high automobile and public transportation congestion levels. Furthermore, the presence of important players such as Yadea Group Holdings Ltd., AIMA Technology Group Co., Ltd., and others is expected to contribute to the regional growth. Segmentation analysis reveals that decreased pedaling action in scenarios such as revving up a hill or cruising will drive the development of this segment. The advancement in the usage of mountain off-road bikes will proportionally guide the growth of throttle propulsion systems. In conclusion, the Asia Pacific region presents immense expansion possibilities due to the growing demand for e-bikes.

• According to Cognitive Market Research, the China electric bikes market size was valued at USD 5131.65 million in 2024 and is projected to grow at a CAGR of 6.7% during the forecast period. Electric bike sales surged in China due to the nation's technological advancements.
• The Japan electric bikes market is projected to witness growth at a CAGR of 5.7% during the forecast period, with a market size of USD 1573.71 million in 2024.
• The India electric bikes market had a market share of USD 1368.44 million in 2024 and is projected to grow at a CAGR of 9.0% during the forecast period. India has a presence of emerging and leading firms.
• The South Korean electric bikes market is projected to grow at a CAGR of 6.3% during the forecast period, reaching a market size of USD 1140.37 million in 2024.
• The Australian electric bikes market is projected to witness growth at a CAGR of 6.9% during the forecast period, with a market size of USD 592.99 million in 2024.
• The South East Asia electric bikes market is projected to witness growth at a CAGR of 8.2% during the forecast period, with a market size of USD 786.85 million in 2024.
• The Rest of Asia Pacific electric bikes market is projected to witness growth at a CAGR of 7.0% during the forecast period, with a market size of USD 809.66 million in 2024.

South America Electric Bikes

According to Cognitive Market Research, the global electric bikes market size was estimated at USD 49581.2 Million, out of which Latin America market of more than 5% of the global revenue with a market size of USD 2479.06 million in 2024 and will grow at a compound annual growth rate (CAGR) of 4.6% from 2024 to 2031. In Latin America, the electric bike market showcases promising growth prospects driven by the region's increasing trends and the adoption of e-bikes among customers. Furthermore, increasing utilization of high-quality components and innovative technology and attractive discounts that are offered are additional factors expected to propel the regional market demand. Segmentation analysis reveals a growing need for sports and adventurous activities favoring worldwide mountain bike adoption. The utilization of e-bikes in recreational and trekking activities is increasing rapidly. In conclusion, Latin America presents significant growth opportunities driven by technological advancements and rising awareness about performance-based adventure sports.

• According to Cognitive Market Research, the Brazil electric bikes market size was valued at USD 1061.04 million in 2024 and is projected to grow at a CAGR of 5.2% during the forecast period. Electric bike sales flourish in Brazil due to the nation's ongoing research and development.
• The Argentina electric bikes market had a market share of USD 416.48 million in 2024 and is projected to grow at a CAGR of 5.5% during the forecast period. Argentina's rise in technological advancement by manufacturers in product development with advanced integrated features.
• The Colombia electric bikes market is projected to witness growth at a CAGR of 4.4% during the forecast period, with a market size of USD 220.64 million in 2024.
• The Peru electric bikes market is projected to witness growth at a CAGR of 4.8% during the forecast period, with a market size of USD 203.28 million in 2024.
• The Chile electric bikes market is projected to witness growth at a CAGR of 4.9% during the forecast period, with a market size of USD 178.49 million in 2024.
• The Rest of Latin America electric bikes market is projected to witness growth at a CAGR of 3.7% during the forecast period, with a market size of USD 399.13 million in 2024

Middle East and Africa Electric Bikes

According to Cognitive Market Research, the global electric bikes market size was estimated at USD 49581.2 Million, out of which the Middle East and Africa held the major market of around 2% of the global revenue with a market size of USD 991.62 million in 2024 and will grow at a compound annual growth rate (CAGR) of 4.9% from 2024 to 2031. MEA electric bikes market showcases promising growth prospects driven by the region's rapid urbanization and increasing environmental concerns driving demand. Government initiatives promoting sustainable transportation solutions further propel market growth, while technological advancements enhance performance and accessibility, fostering widespread adoption across the region. Segmentation analysis reveals a rising demand for pedestrians because of their fitness offering along with power service within the range of 25 kph, which does not have any restriction on driving, which is likely to propel the growth for Class 1 e-bikes. In conclusion, MEA presents significant growth opportunities for the electric bike market due to the surge in the popularity of mountain biking.

• The GCC Countries' electric bikes market is projected to witness growth at a CAGR of 5.7% during the forecast period, with a market size of USD 424.42 million in 2024. Electric Bikes sales flourish due to the region's increasing adoption of innovative and advancing technologies.
• The Egypt electric bikes market is projected to witness growth at a CAGR of 5.2% during the forecast period, with a market size of USD 104.12 million in 2024.
• The South African electric bike market is projected to grow at a CAGR of 5.9% during the forecast period, reaching a market size of USD 156.68 million in 2024. Motorbike manufacturers are entering the electronic bike business in the region, and advanced and connected e-bikes are being introduced.
• The Turkey electric bikes market is projected to witness growth at a CAGR of 4.4% during the forecast period, with a market size of USD 85.28 million in 2024.
• The Nigeria electric bikes market is projected to witness growth at a CAGR of 4.0% during the forecast period, with a market size of USD 104.12 million in 2024.
• The Rest of MEA electric bikes market is projected to witness growth at a CAGR of 3.9% during the forecast period, with a market size of USD 117.01 million in 2024

Electric Bikes Market Analysis

Electric Bikes Market Class Segment Analysis

According to Cognitive Market Research, class I stands out as the dominating category. Technological advancements, rising urbanization, increasing health and wellness concerns, government incentives, and increasing need for city e-bikes for short-distance commutes are some factors projected to expand the demand for class-l e-bikes during the forecast period.

Class II emerged as the fastest-growing category in the electric bike market. These bikes are gaining traction in the market due to their eco-friendly nature and convenience. With growing urbanization and environmental concerns, the Class II electric bikes market is witnessing a significant surge in demand.

• Class-l 
• Class-II 
• Class-IIl

The above Chart is for representative purposes and does not depict actual sale statistics. Access/Request the quantitative data to understand the trends and dominating segment of Electric Bikes Industry. Request a Free Sample PDF!

Electric Bikes Market Speed Segment Analysis

According to Cognitive Market Research, the up to 25 Km/h category held the major market share as eco-conscious consumers seeking efficient urban transportation. These bikes offer a blend of convenience, sustainability, and affordability, catering to commuters and leisure riders alike, revolutionizing urban mobility.

The fastest-growing category in the electric bikes market is 25-45 Km/h. These bikes blend pedal power with electric assistance, promoting sustainable transportation and easing commutes. Their versatility appeals to commuters seeking efficient, cost-effective, and environmentally conscious travel solutions.

• Up to 25 Km/h 
• 25-45 Km/h

The above Graph is for representation purposes only. This chart does not depict actual Market share.

Electric Bikes Motor Type Segment Analysis

According to Cognitive Market Research, the dominating category is mid due to rising environmental consciousness, urban congestion, and advancements in battery technology. As commuters seek eco-friendly, efficient alternatives, mid-electric bikes offer a compelling solution, driving their increasing popularity and market growth.

The fastest-growing category in the electric bikes market is hub. With eco-conscious consumers seeking efficient, sustainable alternatives, this market surges ahead, driven by technological advancements, environmental awareness, and a shift towards healthier, more convenient transportation solutions.

• Mid
• Hub

Electric Bikes Mode Segment Analysis

According to Cognitive Market Research, the dominating category is pedal. Pedal-assisted e-bikes generate more significant power from the motor, allowing riders to move quickly and pedal easily. Furthermore, these bikes are widely adopted for benefit on hills and steep routes. The expansion in the need for pedal-assisted e-bikes among the youth is expected to contribute to market growth.

The fastest-growing category in the electric bikes market is throttle due to the rising adoption of throttle-assisted e-bikes due to the functionality of the throttle delivering power directly to the engine, thus mitigating the need to pedal manually.

• Pedal Assist
• Throttle

Electric Bikes Component Segment Analysis

According to Cognitive Market Research, the dominating category is batteries due to advancements in battery technology. Lithium-ion batteries deliver higher energy density, longer lifespan, and lighter weight, enhancing the performance and appeal of electric bikes. This driver propels the market towards sustainable transportation solutions.

The fastest-growing category in the electric bike market is wheels. Environmental consciousness, urban congestion, and technological advancements in battery efficiency propel demand. With wheels turning towards sustainable mobility, electric bikes offer a clean, convenient solution for modern commuters.

• Batteries
• Electric Motors
• Frames with Forks
• Crank Gears
• Wheels
• Motor Controllers
• Brake Systems

Electric Bikes Usage Segment Analysis

According to Cognitive Market Research, the dominating category is mountain/trekking. The use of e-bikes is rapidly rising for recreational and trekking activities. Moreover, the rising awareness of performance-based adventure and the increasing need for leisure activities are expected to contribute to market growth.

The fastest-growing category in the electric bike market is cargo due to the rising need for e-bikes to carry luggage from one place to another, which is expected to assist the segment's expansion over the forecast period. An expansion in logistics and freight activities in countries is also projected to drive the need for electric bikes.

• Mountain/Trekking
• City/Urban
• Cargo
• Others

Author's Detail

Sneha Mali

Research Analyst at Cognitive Market Research

LinkedIn

Profile

I am a research analyst working in various domains including the Consumer Goods domain, and my primary responsibility is to conduct thorough research on various subjects and provide valuable insights to support client requirements. I have knowledge of research methodologies, and data mining which enables me to analyze large data sets, draw meaningful conclusions, and communicate them effectively. I stay up-to-date with the latest research trends, methodologies, and technologies to ensure that my research is accurate, relevant, and impactful.

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