BIKE/BOARD

Global E-Bike Market Projected To Be $153.87 Billion by 2032

July 1, 2023

Market research company Brainy Insights projects that the global e-bike market will reach $153.87 billion by 2032 – a much larger projection than other, previous studies have estimated.
Asia Pacific is expected to have the largest market growth, thanks to pushes for electrified progress in China and India.
Throttle-based e-bikes also seem to be at the top.

The global e-bike market is continuing to expand at an astounding rate. The market was already estimated to be worth $65 billion in 2022, but the 10-year projection for 2032 sets it at an incredible $153.87 billion, according to market research company Brainy Insights. We can thank a confluence of factors, like rising fuel prices, the search for alternative energy sources, and a collective effort to reduce harmful emissions for the sake of our planet.

DYU D3F 14 Inch Electric Mini Bike Folding Ebike

Where Will We See the Largest Market Growth?

It’s no surprise to learn that the Asia Pacific region is expected to see the fastest growth in the e-bike market. Countries like China and India – which do contribute significantly to global temperatures – are taking their own steps to reduce carbon emissions. By offering subsidies and incentives, they’re encouraging the use of electric bikes and motos over conventional, internal-combustion cars.

What is astounding, though, is that the e-bike market is expanding so much that Brainy Insights’ projections are so high. Even just last year, Global Markets Insights Inc. figured that the global electric two-wheelers market would reach $100 billion by 2030. An extra $53-ish billion on top of that by 2032 is just bonkers.

Velowave Rover Step-Thru Electric Bike

The market is segmented based on various factors. Throttle-assisted e-bikes held the largest market share in 2022, accounting for 44% and generating revenue of $28.6 billion. Additionally, lithium-ion batteries dominated the market, representing 65% of the market share and generating revenue of $42.25 billion.

Another notable segment is e-bikes with motors exceeding 250 W, which captured 59% of the market share and generated revenue of $38.35 billion in 2022. These powerful e-bikes cater to longer commutes and challenging terrains.

Urban areas led the market, accounting for 52% of the market share and generating revenue of $33.8 billion, indicating that cities are the primary market for e-bikes.

Fiido D11 E-bike

Obstacles to Still Overcome

Although the market is going absolutely bananas right now, there are still challenges to face. First, there’s the high cost of raw materials required for e-bike batteries, which can pose a restraint on market growth. There’s also inadequate infrastructure for e-bikes, including a lack of electric charging stations or dedicated bike lanes that can handle e-bike speeds. This can all hinder widespread adoption.

And yet, the e-bike market still has significant opportunities. Government initiatives aimed at reducing carbon emissions and prioritizing alternative fuels, as well as frustration with car commuting, all continue to drive the demand for electric bikes. We’ll just have to see how these projections play out over the next decade.