With a compound annual growth rate of 4.9 per cent the $16.34 billion global electric bike market will be worth $23.83 billion by 2025. That's according to a new report published by Allied Market Research of the US. Snappily titled Electric Bikes Market by Product Type, Drive Mechanism, and Battery Type: Global Opportunity Analysis and Industry Forecast, 2017-2025, the report says the steady growth of the e-bike market is "attributed to ... growing consumer inclination towards the use of e-bikes as an eco-friendly and efficient solution for commutes, and escalating fuel costs."
Furthermore, "improving bicycling infrastructure and battery technology is expected to offer opportunities for growth of the electric bike market during the forecast period." Brakes on market growth include the high cost of e-bikes and e-bike bans in major cities in China, warns the report.
Pedal-assist e-bikes comprise more than two-thirds of the global electric bike market in terms of value estimates the report although sales for throttle-on-demand electric bikes is anticipated to grow at a higher annual rate through to 2025 because of consumer demand for easier-to-use, more powerful bicycles.
The report states that the Far East will continue to be the mainstay of e-bike sales, projected to comprise more than two-thirds of the global electric bike market in terms of value and, compared to Europe and the US, is anticipated to "witness a significant growth rate during the forecast period."
Allied Market Research is based in Portland, Oregon.