E-bike Market Statistics
E-bike Statistics: The Key Stats Driving the Growth of the E-Bike Market
E-bikes are rapidly emerging as the future of urban transportation, outpacing traditional bicycles with their efficiency and convenience. What was once a niche market for eco-conscious commuters has now become a multi-billion-dollar industry, with everyone from city dwellers to adventure seekers hopping on board. A UK-based bike insurance company, commissioned a report that offers a detailed look at the key numbers fueling the e-bike revolution. The report gathers market insights, trends, and forecasts, providing a comprehensive snapshot of where this industry is headed.
A Quick Spin Through the e-Bike Market
Before we pedal through granular data, let’s take a look at the key statistics and an overview of the e-bike industry. This section provides a bird’s-eye view of the global market and its growth.
Fast Facts
- Global e-Bike Market Size: US$ 34.98B (2024) 1
- Projected e-Bike Market Size by 2029: US$ 51.78B (2029) 1
- Age group most likely to use an e-bike: 25–34-year-olds 2
- Number of e-bike units worldwide: > 36.5 million 3
- Projected number of e-bike units by 2030: ~77.3 million 3
- Largest e-bike market share holder: China 1
- Average e-bike price in Europe: €2,350 euros 4
Global Overview
From 2020 to 2021, e-bike sales in North America and Europe skyrocketed, largely propelled by social distancing protocols. To avoid crowded public transit, many people opted to use single-person modes of transportation. 5
Total e-bike sales almost tripled.
Total e-bike sales almost tripled
Annual sales (million units) in North America and Europe.
| Year | Sales (Million Units) |
|---|---|
| 2020 | 2.5 |
| 2021 | 3.3 |
| 2022 | 3.9 |
| 2023 | 5.3 |
| 2024 | 6.4 |
Estimated revenue from e-bike markets
Estimated revenue from e-bike markets, by regions, in 2024:
- US$ 19.32 billion (Europe) 6
- US$ 2.23 billion (North America) 7
- US$ 13.86 billion (Asia) 8
Regional Rundown: The e-Bike Market Race Across the Globe
Europe
- In 2023, seven of the main EU markets for e-bikes saw a decline in sales volumes, with Italy and Switzerland suffering the highest losses, approximately a 19% drop in unit sales. However, interest in e-bikes seems to have picked up in the second quarter of 2024. 9
E-bike market volume sales drop in 2023
Year-on-year percentage difference from 2022 market.
| Country | Percentage Drop |
|---|---|
| Austria | -5 |
| Germany | -5 |
| Netherlands | -7 |
| France | -9 |
| Belgium | -11 |
| Italy | -19 |
| Switzerland | -19 |
- During Q2 of 2024, EU e-bike import volume doubled, totaling 223,000 e-bike units imported into the region. 10
- In 2023, approximately 2.1 million bikes were sold in Germany, bringing its total e-bike count to 11 million. 11
North America
- From 2018 to 2022, e-bike sales in the United States increased over three-fold, reaching 1.1 million units sold at the end of 2022. 14
E-bike sales in USA
| Year | Sales (Units) |
|---|---|
| 2018 | 325K |
| 2019 | 287K |
| 2020 | 437.8K |
| 2021 | 880K |
| 2022 | 1.1M |
Asia-Pacific
- In 2023, China had the largest value share of the global e-bike market at 31.89%. This is likely due to green policies implemented by their government. 1
- The e-bike market in the Asia-Pacific region is forecasted to grow by 4.15% (CAGR) from US$ 11.97 billion in 2024 to US$ 14.67 billion in 2029. 15
Who’s Riding e-Bikes?
E-bikes are attracting diverse users, from rural adventurers to city commuters. Let’s explore the demographics behind the rising popularity of these whizzers.
Demographics of e-Bike Users
- In Europe, 25 - to 34-year-olds are more likely to buy or use an e-bike. 2
- 31% of electric bike (e-bike) owners are innovators or early adopters of new products. 18
Reasons for Using e-Bikes
Share of bikes by trips by purpose
- In 2022, 52% of the 2.2 billion bike trips taken in the United States were for social and recreational purposes.
| Purpose | Share (%) |
|---|---|
| Social/Recreational | 52 |
| Home to work | 13 |
| School/Church | 20 |
| Shopping | 6 |
| Medical/Dental | 3 |
| Other Family/Personal | 4 |
| Work-Related Business | 1 |
| Other | 1 |
Most Preferred e-Bike Features
- Globally, an average of 79.35% of e-bikes used are pedal-assisted types.
- Almost all e-bike users (98.49%) prefer using lithium-ion batteries for their lightweight sizes and quick charging capabilities.
City Living: e-Bikes in Urban Mobility
E-bikes provide a greener, more efficient alternative to traditional transport, particularly in cities.
Urban commuting
- 76.86% of the total market value for e-bikes comes from the City/Urban segment.
Shared micro-mobility
- Throughout 2023, shared micro-mobility ridership in the US and Canada increased significantly, with dock-less e-bike use in Canada tripling from 80,000 in 2022 to 300,000 in 2023.
E-bike incentives
- States like Colorado have implemented e-bike rebates and tax credits for users, helping improve accessibility to e-bikes.
Green Wheels: The Environmental Impact of e-Bikes
- Manufacturing an e-bike leaves a carbon footprint significantly less than that of a car. One e-bike is estimated to create 134kg to 165kg of carbon dioxide emissions.
Demand Shifts: Economic Impact of e-bikes
- The bicycle and e-bike industry created an estimated 170,000 jobs in direct and indirect manufacturing in 2023.
The Next Lap: What’s in Store for the Future of e-bike Commuting
The global e-bike market is projected to grow from USD 34.98 billion in 2024 to USD 51.78 billion by 2029. As ongoing advancements and government support continue, e-bikes are shaping a greener, more connected world.