April 18, 2024
Europe E-bike Market

Europe E-bike Market is Estimated to Witness High Growth Owing to Increasing Adoption of E-bikes for Last-mile Connectivity

The Europe e-bike market is estimated to be valued at US$ 7740.27 Mn in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

E-bikes or electric bicycles are conventional bicycles integrated with an electric motor, battery and other components such as cadence or torque sensor. The motor assists the rider’s pedaling and provides additional power for hill climbing or when cycling at a constant speed. Advancements in battery and motor technologies have increased the riding range of e-bikes. E-bikes provide fitness, environmental and economic benefits over automobiles for short-distance commuting and last-mile connectivity.

Market key trends:

The Europe e-bike market is witnessing high growth owing to increasing adoption of e-bikes for last-mile connectivity. The growing need to reduce traffic congestion and pollution levels in urban centers is encouraging the use of e-bikes. Government incentives and subsidies for purchasing e-bikes in countries such as Germany, Netherlands and Denmark are further boosting the market growth. Evolving lithium-ion battery technologies are enabling the development of high-performance e-bikes with extended driving range of over 60-100 km on a single charge. Manufacturers are focusing on product innovation and development of stylish designs to appeal to a wider consumer base beyond early adopters. The integration of advanced features such as GPS, lighting and electric cargo bikes is also gaining traction in the market.

Porter’s Analysis

Threat of new entrants: The E-bike market in Europe requires high initial capital investment for manufacturing plants and distribution network building which makes it difficult for new companies to enter the market.

Bargaining power of buyers: The presence of many established e-bike manufacturers gives buyers options to choose from different brands and models. This increases their bargaining power.

Bargaining power of suppliers: The key components used in electric bikes such as lithium-ion batteries, electric motors, and electronic components have few global manufacturers which enjoy bargaining power over e-bike manufacturers.

Threat of new substitutes: New environment friendly modes of transport such as electric scooters pose competition to E-bikes in Europe.

Competitive rivalry: The market is highly competitive with major brands continuously investing in R&D to develop advanced features and compete on pricing.

SWOT Analysis

Strength: E-bikes provide eco-friendly travel solution, help reduce traffic congestion, and improve fitness. The growing health awareness is increasing their popularity.

Weakness: High initial costs of e-bikes compared to conventional bicycles and lack of standard charging infrastructure in some regions are key challenges.

Opportunity: Favourable government policies promoting non-motorized electric vehicles and increasing focus on sustainability present opportunities for market growth.

Threats: Trade conflicts and economic uncertainties makes the supply of key batteries and parts vulnerable. Increasing traffic and safety regulations pose compliance challenges.

Key Takeaways

The Global Europe E-Bike Market Size is expected to witness high growth, exhibiting CAGR of 10.% over the forecast period, due to increasing concerns about traffic congestion and environmental pollution. The market size for Europe E-bike in 2023 is US$ 7740.27 Mn.

Regional analysis: Germany dominates the Europe E-bike market owing to strong government support and high cycling culture. Netherlands holds the second largest share with widespread usage of e-bikes for commute.

Key players operating in the Europe E-bike market are Accell Group, BionX, Robert Bosch GmbH, Derby Cycle AG, Easy Motion, Electric Bike Technologies LLC, Giant Bicycles, GRACE, Jiangsu Xinri E-Vehicle Co. Ltd., Panasonic, Pedego, Stromer, Superpedestrian, Trek, and Yadea Technology Group Co. Ltd.

 

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it