The ebike market is surging, projected to grow to $62.3 billion by 2028

  • Ebike market grows to USD 62.3 billion by 2028, CAGR 4.9%.
  • Key players drive innovation; connected ebikes emerge with advanced features.
  • Lithium-ion dominates, Class-I ebikes lead, driven by tech and incentives.

The ebike market is on the rise, with robust growth rates and rapid industry innovation

The global ebike market is experiencing a notable surge. Projections indicate substantial growth from USD 49.1 billion in 2023 to USD 62.3 billion by 2028. This reflects a robust Compound Annual Growth Rate (CAGR) of 4.9%. 

This surge is being propelled by a combination of factors. These include increasing environmental awareness among consumers and the escalating cost of fuel. These factors steer individuals towards more sustainable commuting options. Governments worldwide are also contributing to this momentum. They are rolling out initiatives aimed at bolstering ebike infrastructure, such as the development of dedicated bicycle highway lanes.

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One of the most intriguing developments within the ebike industry is the emergence of connected ebikes. These intelligent bicycles are equipped with features that enable them to communicate essential data regarding their condition and usage. Companies like Specialised Bicycle Components Inc. and Shimano Inc. are leading this charge. They integrate technologies such as mission control and e-tube ride to enhance the user experience.

The choice of battery chemistry powering these ebikes is also a significant focus area. Lithium-ion batteries are emerging as the preferred option. Their superior characteristics include extended lifecycle, high energy density, and declining prices. These factors have positioned them as the preferred choice for manufacturers. Notably, in China alone, lithium-ion batteries accounted for approximately 14% of total ebike output in 2019, underscoring their significance in the market.

Green.TV’s Director of Ebikes and Micromobility, Joey Grigg, commented:

“This is another positive sign for the sector. Those who have personally experienced the benefits of ebikes will be glad to see these numbers and the growth of an increasingly green, cycle-friendly, global culture. 

And let’s be clear that this is a sector which already passes the sniff test for growth – From the well founded environmental benefits, reduced urban congestion, increased accessibility to the cycling experience, and – let’s be frank – the fun when you feel the ebike cruise away. 

However, the next test is how we get there, particularly in the UK, where there are some clear headwinds to face down between now and 2028.

With the Ebike Summit 2024 in September, we’ll be looking not only to consumer sentiment and awareness, but to policymakers and urban planners, to work with the industry and support the very clear value and potential that this research identifies.”

Class-I ebikes dominate the market segmentation, and they should maintain their lead. Factors contributing to their popularity include advancements in technology, urbanisation trends, and government incentives. North America, in particular, is witnessing a surge in demand. It is driven by robust government rebate programs aimed at making electric bikes more accessible.

The ebike industry is experiencing a period of rapid growth and evolution. This is driven by shifting consumer preferences, technological advancements, and supportive government policies. As societies increasingly prioritise sustainability, the ebike market is poised to play a pivotal role in shaping the future of urban mobility.

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