Almost $15 Billion In Ebikes Sold In 2018, Report Says

Global market poised for strong growth through 2024, researchers forecast.

Bosch-eBike Cargo Line Speed Lifestyle shot
The global pedal-assist ebike market is expected to hit more than $18.65 billion by 2024.Bosch eBike Systems

The global ebike market was valued at more than $14.75 billion in 2018 and is expected to grow at a compound annual growth rate of 6.39 percent from 2019 to 2024, according to a new study.

“Apart from the growing consumer preference toward recreational and adventure activities, the adoption of ebike applications in several sectors, like logistics and ebike rental services, is expected to drive the market studied during the forecast period,” Mordor Intelligence stated in a report summary.

The summary also highlighted the following global market trends:

  • The global pedal-assist ebike market is expected to reach more than $18.65 billion by 2024, and is expected to see the fastest growth rate among types of electric bikes.
  • The demand for ebikes is increasing among youth as their interests turn to adventure sports including cycling.
  • The migration of battery manufacturing to emerging markets like China has brought battery costs down significantly over the past few years. This has trickled down to lower ebike prices at the retail level.
  • Manufacturers of pedal-assist ebikes are focusing on enhancing the overall user interface by developing pedal-assist ebikes that can integrate with the rider's smartphone and provide them real-time information on their speed and battery status.

Looking at regional sales, the researchers expect the Asia-Pacific region to continue dominating the global ebike market.

“The largest consumption of electric bikes is in China [and] that has boosted the sales figure, and thus influencing the growth of the global market for electric bikes… The government of India has also encouraged the use of electric bikes. By the end of 2035, the government is looking forward to converting fuel vehicles into electric vehicles,” the report summary states.

Europe is the second-fastest growing market for ebikes, accounting for more than 20 percent of the global market in 2018, according to the report summary. Within Europe, Germany led the way in ebike sales last year, followed by France and Italy. Further, ebikes accounted for 23.5 percent of total bike sales in Germany last year.

“In Germany, an ebike is a preferred mode of mobility, as well as for sports and leisure, also as a clean, quiet, and space-saving alternative for city logistics in the country,” the researchers stated.

Sales figures for the North American market were not included in the report summary.

Revolt E Profile
The report says Giant will continue to be the largest ebike player in the coming years.Giant Bicycles

Among manufacturers of ebikes, Giant Bicycles is expected to be the largest player during the study’s forecast period. “The company’s presence is majorly concentrated in China, with Europe and North America being other important markets. The company is diversifying its product portfolio through innovations and new launches and is aiming to continue its spot as the market leader,” the report summary states.

The researchers also referenced Trek Bikes, Riese & Müller, Merida, and M1-Sporttechnik as current major players in the global ebike market.

The complete study can be purchased on the Mordor Intelligence website.