At 20.1% CAGR, the North America E-Bike Market is Projected to be Worth US$ 7,050.29 Million by 2030, Says Business Market Insights
According to Business Market Insights research, the North America e-bike market was valued at US$ 1,632.29 million in 2022 and is expected to reach US$ 7,050.29 million by 2030, registering a CAGR of 20.1% from 2022 to 2030. Development of e-bikes using lightweight material and growth of outdoor sports and adventurous activities are among the critical factors attributed to the North America e-bike market expansion.
Key players of e-bikes operating across the world are focused on developing lightweight vehicles for short-distance traveling in urban areas. The rising development of e-bikes with advanced motor systems and in-built smart app facilities will drive the e-bikes market growth in the coming years.
In June 2023, Robert Bosch GmbH, electric bikes motor and drive systems manufacturer, launched advanced e-bike system and e-bikes. The first product launched by the company include e-bike motor, named Performance Line SX designed for manufacturing of the lightweight e-MTB, and e-gravel bikes. Also, the company further launched a e-bike Smart System Software Application for its e-bikes. This system is coupled with the drive units on e-city and e-trekking bikes. The riders benefit from all the Smart with compatible e-shift automatic transmission. Other innovations for E-bike, e-MTB, e-Gravel, and e-Urban include Compact Tube 400 battery and Power 250 range extender, Sprint riding mode (SPRNT), and Mini Remote Drop bar variant for e-Gravel.
In March 2023, Acer P.C. developed and launched an electric bike, Ebii. Acer Ebii is a lightweight e-bike designed for urban areas, and it comes with an artificial intelligence-featured application. The bike weighs only 35 pounds and has a maximum assist speed of around 32 km/h (20mph). The bike was fully charged within only 2.5 hours.
In May 2023, Heybike, a US-based e-bike manufacturer, launched a lightweight e-bike series to cater to the demand of environment-friendly commuters. It uses corrosion-proof aluminum and rust-resistant alloys.
In September 2021, Hero Cycles, an e-cycle manufacturer, expanded its lightweight e-cycle range. This new e-bike is built based on a lightweight aluminum alloy frame and a 5.8 Ah Li-ion battery with a range of up to 30 km. Also, in November 2022, Hero Cycles launched the H3 and H5 range of e-cycles. The e-cycles are built with advanced GEMTECM technology.
Thus, rising advancements and upsurging developments with in-built software applications-based lightweight e-bike is expected to boost the e-bike market during the forecast period.
On the contrary, high cost of e-bikes and requirement of huge capital investments in their manufacturing hampers the growth North America e-bike market.
Based on battery type, the North America e-bike market is segmented into lithium-ion, lithium-ion polymer, lead acid, and nickel metal hydride. The lithium-ion segment held 65.2% share of the North America e-bike market in 2022, amassing US$ 1,063.92 million. It is projected to garner US$ 4,787.15 million by 2030 to expand at 20.7% CAGR during 2022-2030.
In terms of motor type, the North America e-bike market is bifurcated into mid motor and hub motor. The mid motor segment held 74.7% share of the North America e-bike market in 2022, amassing US$ 1,219.97 million. It is projected to garner US$ 5,393.47 million by 2030 to expand at 20.4% CAGR during 2022-2030.
Based on class, the North America e-bike market is segmented into class-I, class-II, and class-III. The class-I segment held 44.6% share of the North America e-bike market in 2022, amassing US$ 728.00 million. It is projected to garner US$ 3,257.23 million by 2030 to expand at 20.6% CAGR during 2022-2030.
By mode, the North America e-bike market is bifurcated into pedal assist mode and throttle mode. The pedal assist mode segment held 69.2% share of North America e-bike market in 2022, amassing US$ 1,129.54 million. It is projected to garner US$ 5,076.21 million by 2030 to expand at 20.7% CAGR during 2022-2030.
Based on country, the North America e-bike market is categorized into the US, Canada, and Mexico. The US held 37.9% share of North America e-bike market in 2022, amassing US$ 1,448.15 million. It is projected to garner US$ 6,339.64 million by 2030 to expand at 20.3% CAGR during 2022-2030.
Key players operating in the North America e-bike market are Haibike, Aventon Bikes, Giant Manufacturing Co Ltd, Merida Industry Co Ltd, Pedego Electric Bikes, Robert Bosch GmbH, Specialized Bicycle Components Inc, Shimano Inc, Trek Bicycle Corp, and Yamaha Motor Co Ltd, among others.
In 2023, Yamaha Bicycles launched a new e-commerce platform for selling its e-bikes online in partnership with its area network of dealers. E-bike models can be purchased online from their nearest Yamaha Bicycle dealers.
In 2023, Bosch eBike Systems launched Performance Line SX lightweight drive unit for the e-bikes to expand the smart system portfolio.
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