Ebike market set to surge past $62 billion by 2028

  • Global ebike market set to grow significantly per “E-Bike Market” report, targeting USD 62.3 billion by 2028.
  • Despite challenges, factors like environmental awareness and tech advancements to drive industry forward.
  • Key trends: Lithium-ion as top battery choice, urban ebikes leading growth, and Class-I ebikes dominant in East Asia.

The “E-Bike Market” report forecasts significant growth in the ebike market

According to a research report “E-Bike Market”, the global ebike market is on a growth trajectory, aiming to reach an impressive USD 62.3 billion by 2028 from USD 49.1 billion in 2023.

Despite facing challenges like economic uncertainties and disruptions in the supply chain in 2023, the future looks bright for ebikes. Factors such as environmental awareness, government support, technological advancements, and changing consumer preferences are expected to help drive this market forward.

These are the key trends that are expected to shape the landscape of the ebike industry:

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Lithium-ion is anticipated to be the preferred battery choice

Ebikes with lithium-ion batteries are estimated to account for the largest share of ebikes due to the various benefits offered by these batteries. They are revered for their endurance, high energy capacity, and decreasing costs. To stay competitive, manufacturers are pushing for cost efficiency, propelling the rise of lightweight ebikes powered by lithium-ion batteries.

Urban ebikes are expected to be the fastest growing type of bike

Thriving in the hustle of urban commutes, city ebikes offer a blend of convenience and affordability. Addressing traffic snarls in cities, the surge in mountain/trekking and cargo ebikes signifies a burgeoning market shift. Top contenders like Pedego (City commuter) and Rad Power Bikes (Rad City 5 plus) are paving the way in city ebike sales.

Class-I ebikes are expected to be the dominant choice in East Asia

Anticipated to take the lead, Class-I ebikes are set to dominate markets in regions like China, Japan, South Korea, and Taiwan. A fusion of innovation and government support propels the demand for Class-I ebikes, with North America witnessing a notable upsurge.

The ebike market’s predicted growth reflects a shift towards sustainable transportation solutions, urban mobility needs, and technological innovations. With a focus on eco-friendly commuting options, the future of ebikes looks promising.

We will be covering this topic and more at this year’s EBIKE SUMMIT. Join the positive conversation supporting ebike growth in the UK by attending. Discover more about the event here.

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