A report from Vision Research Reports
found that the e-bike market is projected to be worth more than $120 billion USD by 2030, BikeBiz reported
The market, which was worth about $41 billion in 2020, is expected to expand nearly threefold over a decade, with a compound annual growth rate of 11.6%. The eMTB category is expected to be the fastest-growing segment during the forecast period, the report states. Similarly, when divided by class, class I e-bikes - pedal, not throttle powered - are expected to be the largest segment, in part because of legal restrictions of class II and III e-bikes on roads and trails.
Still, e-bike market growth is limited by consumer and manufacturer costs, as well as technological challenges in battery design. The report states that since e-bikes must travel long distances, it's difficult to design a battery with enough storage capacity without adding prohibitive weight. (As with other areas of cycling, power-to-weight ratio turns out to be important.)
By volume, the Asia Pacific region made up roughly 88% of the market in 2020 and is expected to continue to lead sales. By value, Europe holds 39% of the market share, led by Germany, France, and Italy. Europe's large share despite the high volume sold in Asia likely points not only to the growing popularity of e-bike commuting but to the massive increase of eMTBs in European countries.
The market's growth will depend on city infrastructure for commuter e-bikes, improved battery technology, and the increased prevalence of eMTBs on the trails.