Electric Bike Sales: Annual Global Demand And Growth

Electric bikes (e-bikes) are an increasingly popular mode of transport, with sales projected to reach over 49 million units worldwide by 2029. In 2023, nearly 5.2 million e-bikes were sold across Europe, and the US market was valued at USD 1.98 billion in 2022. E-bikes are appealing to a broad demographic, with riders ranging from youth to those aged 40 to 70 years old. The COVID-19 pandemic fuelled a 27% year-on-year growth in 2020, and the market has continued to expand, with a projected compound annual growth rate (CAGR) of 15.6% from 2023 to 2030. This growth is driven by factors such as the rising demand for recreational and daily commute options, environmental concerns, and supportive schemes by governments.

In 2023, electric bicycles made up 5% of the US bicycle market

Electric bicycles are becoming increasingly popular in the US and worldwide. In 2022, there were 1.1 million e-bikes sold in the US, almost four times as many as in 2019. This surge in sales can be attributed to the COVID-19 pandemic, which saw a decline in public transport use and an increase in demand for electric mobility options. This "bike boom" during the pandemic years boosted annual electric bicycle sales by 240% between 2019 and 2021, outpacing the sales growth of traditional bicycles.

Despite the high purchase costs of e-bikes, they are gaining traction among consumers due to their eco-friendly and cost-effective nature. The average cost of an e-bike in the US is around $2,600, significantly higher than the average cost of a conventional bicycle. However, the growing trend towards sustainability and wellness, coupled with advancements in technology, is driving the market growth of electric bicycles.

While the US market for electric bicycles is expanding, other countries are leading the way. In Germany, for example, there are already more than 11 million electric bikes on the roads, and sales of electric bikes outnumbered those of traditional bicycles in 2023. The UK market has seen a dip in volume, with 146,000 units sold in 2024, but the overall picture is positive, with electric bike sales up 121% compared to 2019.

The US e-bike market is expected to grow by 15.6% from 2023 to 2030

Electric bikes are becoming an increasingly popular mode of transport, with their sales outnumbering those of electric vehicles in 2020 by a ratio of around 2:1. In the US, the e-bike market size was valued at USD 1.98 billion in 2022, with 1.1 million e-bikes sold that year. This was almost four times the number of e-bikes sold in 2019, indicating a significant surge in demand.

Additionally, the US government's supportive schemes and initiatives to encourage e-bike adoption play a crucial role in market growth. These schemes often include incentives, subsidies, and the development of charging infrastructure. The increasing number of imported e-bikes and local manufacturers have also contributed to the growth, as they enable key players to reduce market prices, making e-bikes more affordable for consumers.

The commercial segment is expected to witness the highest growth within the US e-bike market. This can be attributed to the increasing adoption of e-bikes in the logistics industry and the initiatives undertaken by market players to provide e-bikes to gig delivery workers. For example, Grubhub Inc., a US-based food delivery platform, partnered with Joco in 2023 to provide free access to e-bikes for 500 gig delivery workers in New York.

Moreover, advancements in battery technology, such as the discovery of lithium reserves, are expected to boost the demand for e-bikes. Lithium-ion batteries have a longer lifespan and can endure a greater number of charge cycles without significant degradation, improving the overall ownership experience.

Overall, the US e-bike market is poised for significant expansion, with rising demand, supportive government initiatives, technological advancements, and environmental concerns all contributing to its projected growth of 15.6% from 2023 to 2030.

E-bike sales increased by 13% in 2024 compared to 2023

Electric bikes (e-bikes) have seen a surge in popularity in recent years, with sales projected to reach over 49 million units worldwide by 2029. This trend is reflected in the recent sales data, with e-bike sales increasing by 13% in the first four months of 2024 compared to the same period in 2023. This growth is driven by several factors, including the increasing demand for environmentally friendly transportation options, the convenience and ease of use of e-bikes, and the support of governments and advocacy groups.

In 2023, electric bicycles accounted for nearly 5% of the total United States' bicycle market, a significant increase from 2015 when the market share stood at 0.06%. The COVID-19 pandemic also played a role in boosting e-bike sales, with people opting for personal e-bikes over public transportation to maintain social distancing and limit the spread of the virus. During the pandemic, e-bike sales in the US even surpassed the sale of electric cars.

The growing demand for e-bikes is not limited to the United States. In Europe, e-bike sales have been steadily increasing, with Norway, Sweden, and Belgium expected to see particularly strong growth in their e-bike markets. By the end of 2023, nearly 5.2 million e-bikes were sold across Europe. The global e-bike market is projected to continue growing, with sales expected to outpace those of regular bikes.

The increase in e-bike sales can also be attributed to the growing number of imported e-bikes and local manufacturers, which has resulted in a more affordable price range for consumers. Additionally, the development of new technologies, such as throttle-assisted e-bikes, has contributed to the appeal of e-bikes for various age groups and riding conditions. The convenience and environmental benefits of e-bikes suggest that they are likely to become an even more common presence in urban environments in the coming years.

E-bikes are popular for commuting and recreational activities

Electric bikes, or e-bikes, are experiencing a surge in popularity for commuting and recreational activities. In the US, the e-bike market size was valued at USD 1.98 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 15.6% from 2023 to 2030. This growth is driven by several factors, including the increasing demand for e-bikes as a daily commute option and for recreational activities, as well as growing environmental concerns and supportive schemes by the US government.

E-bikes offer an efficient, clean, and eco-friendly transportation method, especially in urban environments. They have a lower carbon footprint than any other motorized transport solution, emitting only 4.9g of CO2 per person-mile, compared to 140g for public transport and 274g for cars. This makes them an attractive option for those concerned about reducing their carbon emissions. Additionally, e-bikes provide improved maneuverability and versatility compared to traditional bicycles, thanks to features like pedal assistance and chain drives, which allow riders to navigate through any terrain with ease and adapt their riding style as needed.

The COVID-19 pandemic also played a significant role in boosting e-bike sales. During the initial lockdowns in Europe, a surge in demand led to bicycle shortages as people opted for personal e-bikes over public transportation to maintain social distancing and limit the spread of the virus. This trend continued in the US, where e-bike sales surpassed those of electric cars in 2022. The pandemic's impact on the e-bike market was so significant that it was dubbed the "bike boom," with annual electric bicycle sales increasing by 240% between 2019 and 2021.

The convenience and affordability of e-bikes further contribute to their popularity. The growth in e-commerce sales and the "click and collect" model offer consumers a convenient way to purchase e-bikes online while still having access to local dealer support. Additionally, the increasing number of imported e-bikes and local manufacturers has led to a reduction in market prices, making e-bikes more affordable for consumers.

Overall, the popularity of e-bikes for commuting and recreational activities is expected to continue to grow in the coming years. With their environmental benefits, ease of use, and increasing accessibility, e-bikes are likely to become an even more common presence on our roads and in our towns and cities.

E-bike sales in Europe are projected to reach 49 million by 2029

Electric bicycles (e-bikes) are the primary growth driver for the bicycle industry. The global e-bike market is projected to grow in the coming years, with sales projected to reach over 49 million units worldwide by 2029. This is a significant increase from the approximately 42 million units sold in 2023, reflecting the growing popularity of electric bicycles. This growth is expected to come at the cost of regular bike sales, which are forecast to drop.

Europe is experiencing a surge in e-bike adoption, with sales increasing steadily in recent years. The COVID-19 pandemic fuelled a 27% year-on-year growth in 2020, and the market has continued to expand. By the end of 2023, nearly 5.2 million e-bikes were sold across Europe. Norway, Sweden, and Belgium are expected to witness substantial growth in their e-bike markets, with Norway projected to achieve an annual growth rate of almost 15% between 2024 and 2025.

The market for electric bicycles in Europe is projected to grow between 2023 and 2029. The market segment for speed pedelecs is expected to experience the highest growth rate of 5.05%. Meanwhile, e-bikes with pedal or throttle assist are anticipated to have a slightly lower compound annual growth rate of just under 5%.

E-commerce sales of e-bikes are outpacing overall IBD channel sales. While only about 2% of e-bikes sold by bike shops in Q1 2024 were online, the annual growth rate of 45% indicates a potential channel preference shift for consumers. The growth in used e-bike sales is also outpacing that of traditional bikes, and demand for low-price-point used bikes is strong.

E-bike sales in Europe are expected to increase by 10 million per year by 2030, a 47% increase over 2019 numbers. This growth will result in bike sales surpassing the number of passenger cars registered annually in the EU.

Frequently asked questions