EUROPE E-BIKE MARKET ANALYSIS

Europe E-bike Market Size and Trends

Europe E-bike market is estimated to be valued at US$ 17.30 Bn in 2024 and is expected to reach US$ 39.55 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 12.5% from 2024 to 2031. The widespread adoption of e-bikes for both commercial and recreational purposes is expected to drive the market growth.

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The market is witnessing positive trends as consumers are increasingly preferring e-bikes over conventional bicycles, owing to benefits such as less effort requirement, easy riding experience especially for longer distances and rides, and fitness benefits alike. Various government initiatives and investments to promote sustainable urban mobility are  boosting the uptake of e-bikes in European countries.

Rising Costs of Transportation

The cost of owning and maintaining traditional gasoline-powered vehicles in Europe has been steadily increasing over the past decade. Fuel prices have risen substantially, making it more expensive for consumers to power their E-bikes. Vehicle registration and road taxes implemented by many European governments have also increased the ownership costs of personal vehicles. Additionally, traffic congestion has become more severe in major European cities, leading to lost time and productivity due to delays. E-bikes provide a cost-effective transportation alternative for many short-distance commutes and trips around cities that otherwise would have been made by car or public transit. With no fuel costs or registration fees required, the total lifetime ownership expenses of an e-bike is significantly lower than a traditional vehicle. 

Market Concentration and Competitive Landscape

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There is a growing societal emphasis on environmental sustainability across Europe. Citizens are increasingly concerned about issues like air pollution, climate change impacts, and reliance on non-renewable energy sources. Many European governments have implemented policies and regulations aiming to reduce carbon emissions from the transportation sector. In cities particularly, initiatives encourage or require reductions in private vehicle use to improve air quality. E-bikes provide a mode of transportation that has a much smaller environmental footprint than motor vehicles. With no tailpipe emissions produced during use, e-bikes can help consumers participate in 'green' mobility while still meeting their transportation needs. Various European countries now offer purchase incentives for e-bikes, recognizing their role in advancing sustainability goals. As people look for eco-friendly transportation options, e-bikes could become more popular among those considering the environment. If government support and incentives continue, growing sustainability concerns may drive further growth in the e-bike market across the region.

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High upfront costs of e-bikes can hamper the Europe e-bike market growth. As e-bikes come with expensive lithium-ion batteries and advanced electric motor, the average price of an e-bike in Europe is around US$ 2127.86 which is relatively high as compared to conventional bicycles. This high initial investment cost deters many potential customers and restricts mass adoption of these vehicles.

Market Opportunities: Eco-Friendly Trends, Rising Fuel Costs, and Government Support

Growing consumer preference for eco-friendly mobility solutions and rise in petrol prices has made e-bikes an attractive alternative. Moreover, support from European governments, like subsidies and initiatives promoting eco-friendly transportation, is encouraging more people to choose e-bikes.

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In terms of bike type, road bike segment is estimated to contribute the highest share of the market owing to 58.4% in 2024 increased adoption among young urban population for commute purposes. Road bikes are perfect for daily commutes on paved roads as these are lightweight, fast, and easy to manoeuver in traffic. Many cities in Europe have also invested heavily in cycling infrastructure like separate bike lanes, thus, encouraging more people to opt for e-bikes for their daily trips to office or college. E-road bikes address concerns around physical exertion or long distances by offering electric assistant up to 25kph without any pedaling. This has made cycling a far more viable option than driving, especially with rising fuel costs and parking issues in major cities. Further, health & fitness trends have also shone spotlight on alternatives to static workouts, making e-bikes a popular way to include physical activity in urban commute. 

Insights, By Battery Type- Lithium-ion powers the future of e-mobility

In terms of battery type, lithium-ion segment is estimated to contribute the highest share of the market owing to 38.4% in 2024 its superior benefits over other chemistries. Lithium-ion batteries hold around 3-4 times more charge per unit weight compared to other technologies. This allows e-bike manufacturers to offer long range of up to 150km on single charge without adding much weight. Lithium-ion batteries are also preferred for their faster charging capabilities. Most lithium-ion e-bike batteries can be recharged fully in less than 6 hours, making overnight charging convenient. Most importantly, lithium-ion batteries exhibit minimal range reduction even after hundreds of charge-discharge cycles over years of usage. This lower maintenance requirement and high cycle life boosts lithium-ion’s popularity among consumers. 

Insights, By Motor Type- Mid drive motors empower a new category of performance e-bikes

In terms of motor type, mid motor segment is estimated to contribute the highest share of the market owing to 67.9% in 2024 better riding experience it provides. Mid drive electric motors are directly mounted in the center of the bike frame and engage with the chainring and rear cog-set to power the rear wheel. This centralized powertrain placement allows natural feeling pedal-assisted propulsion without any lag typically experienced with hub motors. The mid-drive design also enhances power delivery and control over different terrains compared to rear hub counterparts. Consequently, mid-drive motors are quickly becoming popular for mountain, trekking, and performance e-bikes that need efficient power on slopes or rough terrain. The realistic cycling experience has made mid drives the preferred choice not only for utility purposes but also among recreational riders and weekend adventurers.

Market Report Scope

Europe E-bike Industry News

• In December 2022, Volt Bikes is a British-based company specializing in electric bicycles (e-bikes) and related accessories. and City AM is a British newspaper based in London have partnered to introduce a new ESG-focused initiative- Impact AM, a fresh branch of City AM, concentrates on environmental, social, and governance matters.
• In November 2022, Giant introduced the Stormguard E+, a full-suspension e-bike, was set to hit European markets in 2023. The pricing for the E+1 is 7,999 Euros, and for the E+2, it's 6,499 Euros.
• In August 2022, launched VanMoof's S3 Aluminum, a sleek and premium e-bike featuring raw welding and a brushed metal frame
• In January 2022, TVS Motor Company announced its acquisition of a 75% stake in Swiss E-Mobility Group (SEMG), a leading e-mobility solutions provider in the DACH region. SEMG owns M-way, Switzerland's biggest e-bike retail chain. This move is expected to enhance TVS's presence in Europe, alongside its recent acquisitions of Norton Motorcycles and EGO Movement.
• In February 2021, Mastretta launched three new three-wheeled leaning electric bikes manufactured in Mexico: MX3 CARGO, MX3 CARGO 40, and MX3 CARGO 60. All models are powered by 36V systems, with the MX3 CARGO 40 using a hub motor and the others utilizing Bafang mid-drive units. The MX3 CARGO 40 and 60 trailer models come with 360 Wh or 720 Wh batteries, while the larger MX3 CARGO 200 trailer models offer 720 Wh or 1,440 Wh batteries.

*Definition: Europe E-bike Market consists of manufacturers, distributors, and retailers focused on electric bicycles (e-bikes) across European countries. E-bikes are pedal assisted bicycles that have an integrated electric motor to help riders with pedaling. These have become increasingly popular as alternatives to cars for short commutes and recreational riding. This market has seen strong growth in recent years due to rising environmental concerns, expanding bike infrastructure, and the added convenience of electric assist for hills or luggage.

Market Segmentation

• Bike Type Insights (Revenue, US$ BN, 2019 - 2031)
• • Mountain Bike
  • Road Bike
  • City Bike
  • Cargo Bike
  • Others
•  Battery Type Insights (Revenue, US$ BN, 2019 - 2031)
• • Lead Acid
  • Nickel-cadmium
  • Nickel-metal Hydride
  • Lithium-ion
•  Motor Insights (Revenue, US$ BN, 2019 - 2031)
• • Hub Motor
  • Mid Motor
• Mode Insights (Revenue, US$ BN, 2019 - 2031)
• • Pedal Assist
  • Throttle
• Key Players Insights
  • Accell Group
  • Derby Cycle
  • JIANGSU XINRI E-VEHICLE CO.,LTD.
  • Karbon Kinetics Ltd
  • ITALJET SPA
  • Riese & Müller GmbH
  • M1-Sporttechnik
  • F.I.V. E. Bianchi S.p.A.
  • Kawasaki Motors Corp., U.S.A.
  • WUXI YADEA EXPORT-IMPORT CO.,LTD.
  • Giant Bicycles
  • Trek Bicycle Corporation
  • myStromer AG
  • Specialized Bicycle Components, Inc.