Electric Bike Market size is valued at USD 26.44 billion in 2021 and is expected to reach a value of USD 59.26 billion by 2028, growing at a CAGR of 12.2% during the forecast period 2022 to 2028. The global market provides a detailed overview of the electric bike market and that can be segmented by propulsion type, application, battery type, and power. By propulsion type, the electric bikes market has been segmented into pedal-assisted and throttle-assisted (power-on-demand). The pedal-assisted segment is likely to be the largest and fastest-growing segment in terms of propulsion type. Based on application, the electric bikes market is segmented into city/urban, trekking (e-mountain bikes/e-mtb), and cargo. Among these, the city/urban segment is expected to have the fastest-growing market during the forecast period 2022-2028. Based on battery type, the electric bikes market is segmented into the lithium-ion battery and lead-acid battery. The lithium-ion battery segment accounts for the largest share in 2021. The lead-acid battery segment has the second-largest share during the forecast period 2021-2028. Based on power market is segregated into less than and equal to 250W and above 250W. Less than and equal to 250W accounted largest market share during the estimated period. Furthermore, governments prioritize the construction of bicycle-friendly roadways, encouraging people to use bicycles as a primary means of transportation. Several countries are paying close attention to electric motorbikes, scooters, and bicycles as efficient and dependable Light Motor Vehicles (LMVs) that minimize carbon emissions.
In Oct 2020, The Trance X Advanced Pro 29, a full-composite trail bike with improved Maestro rear suspension and a novel flip-chip function that allows users to modify frame geometry, was released by Giant Manufacturing.