The growth of the e-bike market is likely to continue at rapid pace over the coming decade, according to new market research.
A new report by Vision Research Reports says that the global electric bike market is expected to grow at 11.5% compound annual growth rate (CAGR), taking the total value to $120 billion (£90 billion) by 2030.
The current value of the market sat at $41.3 billion in 2020, as experts see the rise of e-bikes continuing in the coming years.
Analysis from the report, says: “Factors such as implementation of government regulations to encourage the use of electric bikes, consumer inclination toward use of e-bikes as an eco-friendly and efficient solution for commute, increase in fuel costs, and rise in interest in cycling as a fitness and recreational activity are expected to drive the market growth.
“However, high cost of e-bikes and ban on use of e-bikes in major cities of China hinder the market growth. Furthermore, improvement in bicycling infrastructure and battery technology is expected to offer lucrative opportunities for the electric bike market growth.”
The full report from Vision Research reports, which is available to buy online, covers the definition, classification, development trends and an industry overview of the e-bike market, and also highlights opportunities in the market.
Based on in-depth interviews with key market participants, the study also dives into primary and secondary data sources to estimate the market growth for e-bikes.
MicromobilityBiz recently explored the continuing rise of e-bikes, as a new Shimano report of over 2,100 people in the UK revealed that 11% are more likely to use or buy an e-bike now than they were before the pandemic.
Read more: Sustainable e-scooter rental company Hopp secures $2.8 million funding
The age group most likely to consider buying or using an e-bikes are those 25-35 years old, with 17% considering the option compared to 12% of 35-44 year olds.