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E-bikes - market size worldwide 2019 & 2023

The e-bike market is expected to generate around 20 billion U.S. dollars in revenue by 2023. The industry is expected to sell around 130 million electric bicycles between 2020 and 2023.

Shaking off the bad rep

Electric bicycles continue to enjoy a surge in popularity; what was once seen as very unfashionable is now becoming a common sight, from rural areas to modern cities. The power-assisted form of the common bicycle has supposedly been able to attract users who previously would not have wished to cycle, i.e. those who may have struggled with hills without the extra power or commuters who preferred an easy drive to work. Once hesitant users go for a ride, their perception of cycling tends to turn positive, and yet, the sudden acceptance of electric bicycles has also been attributed to the fact that professional athletes are heaping praise on electric bike. Considering that e-bikes sell for more than four times the price of traditional bicycles, it is an investment that should be made use of.

Large markets across the globe

The Asia Pacific is the largest e-bike market, but the European market has picked up steam. Some countries within Europe hit the craze earlier than others, such as the Netherlands with 423,000 electric bike sales in 2019 and Germany saw a surge in e-bike sales in 2019.

Size of the global market for electric bicycles in 2019 and 2023

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Sources

Release date

December 2019

Region

Worldwide

Survey time period

2019

Supplementary notes

The values have been rounded.

The 2025 figure is a projection that was taken from Mordor Intelligence's Global e-bike market - growth, trends and forecast (2019-2024) report, accessed by Deloitte on September 30 2019.

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Statistics on "Bicycle industry in the United States"

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