Electric Bike Kits Market Size & Forecast
The Electric Bike Kits Market is expected to reach $4.2 billion by 2031, at a CAGR of 12.1% from 2024 to 2031. The growth of the Electric Bike Kits market is driven by increasing adoption of e-bikes, supportive government policies and regulations for electrification, and growing environmental concerns. Furthermore, the rising health awareness among millennials and increasing adoption of e-bikes in emerging countries are expected to generate growth opportunities for the stakeholders in this market.
Electric Bike Kits Market Growth Drivers
Growing Environmental Concerns is Driving the Demand for Electric Bike Kits Market
The increasing global population, urbanization, and the rise of e-commerce are driving demand for sustainable transportation solutions. However, the transportation industry is also a significant contributor to carbon emissions, posing a major challenge amidst concerns about climate change. According to the International Energy Agency, global CO2 emissions from the transport sector in 2022 increased by over 250 Mt CO2, reaching nearly 8 Gt CO2, which is 3% higher than the emissions in 2021.
Shifting passengers to lower-emission transportation modes is a huge step toward achieving drawdown. The electric bike solution plays a crucial role in this shift towards sustainable transportation. However, not everyone is prepared to invest in a new e-bike due to cost constraints. This is where e-bike conversion kits come into play, offering a convenient & affordable option to transform existing bicycles into electric ones. Hence, growing environmental concerns are expected to support the adoption of Electric Bike Kits market.
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Increasing Adoption of E-bikes is Driving the Demand for Electric Bike Kits Market
Electric bikes, or e-bikes, have emerged as a revolutionary solution, blending the convenience of a traditional bicycle with the innovation of electric technology. One of the most attractive features of electric bikes is their cost-effectiveness. With the continuous rise in fuel prices, the ownership and maintenance costs associated with internal combustion engine (ICE) vehicles are becoming increasingly burdensome for individuals. In contrast, electric bikes are highly economical, requiring minimal maintenance and costing only a fraction to operate, which is driving their adoption. Many cities are integrating electric bikes into their transportation systems. For example, in July 2024, Transport for London (TfL) in the UK expanded its flagship e-bike hire scheme by adding an additional 900 bikes. The new additions are available to hire at docking stations across the capital. In addition, electric bike conversion kits serve as all-in-one packages designed to electrify conventional bicycles, providing an alternative to purchasing a new electric bike. These kits typically include essential components such as a motor, battery, controller, and sensors, empowering riders to retrofit their bikes with electric propulsion systems. Hence, increasing adoption of electric bikes is expected to support growth of Electric Bike Kits market for converting their conventional bike into electric bike.
Electric Bike Kits Market Trends
Increasing Use of Micro Mobility Services in Smart Cities
Micro mobility includes bicycles, e-kick scooters, e-bikes, e-mopeds and others. Micro mobility and multi-modal connectivity, like shared e-mobility, go together with urban growth and smart cities, as they solve most of the daily commute needs of individuals and mitigate the stress on urban resources. Micro mobility plays a crucial role in reducing urban pollution and serves as a vital link between metros and public transportation systems. This connectivity is essential for many urban residents who rely on efficient transportation options for their daily commutes. As most smart cities prioritize fast & comfortable mass public transit systems, like metros, AC buses & electric buses; technology-driven shared micro mobility options can make them ideal but also more practical alternatives.
Micro mobility solutions for smart cities represent a shift toward low-carbon and sustainable modes of transportation. They are a positive force in disrupting private vehicle use, particularly for short-distance travel, which is driving demands for micro mobility in smart cities. Hence, increasing use of micro mobility services in smart cities is expected to create demand for electric bike market as well Electric Bike Kits market.
Electric Bike Kits Market Analysis: Key Findings
By Drive Type: In 2024, the Hub Drive Segment to Dominate the Electric Bike Kits Market
Based on drive type, the global Electric Bike Kits market is segmented into hub-drive and mid-drive. In 2024, the hub-drive segment is expected to account for the larger share of over 61.0% of the global Electric Bike Kits market. The segment's large market share is primarily attributed to factors such as minimal requirements to modify the basic design of the bike, the ability to retrofit almost any traditional bicycle using hub motors, and affordability.
However, the mid-drive segment is expected to record the highest CAGR during the forecast period. The growth of this segment is primarily driven by the demand for a superior riding experience, increasing retrofitting of traditional bikes with mid-drive motors, and the preference of experienced bicyclists for mid-drive motors, especially those seeking e-mountain bikes or performance commuters.
By Component: In 2024, the Motor Segment to Dominate the Electric Bike Kits Market
Based on component, the global Electric Bike Kits market is segmented into motor, battery, control, chargers, display, throttles, and other components. In 2024, the motor segment is expected to account for the largest share of over 58.0% of the global Electric Bike Kits market. The segment’s large share is mainly attributed to factors such as growing focus on sustainable transportation; with more people turning to retrofitting Electric Bike Kits to achieve enhanced performance, and longer riding ranges without fatigue. Advances in motors are making them smaller, lighter, quieter, and easier to seamlessly integrate into bike frames.
However, the battery segment is expected to record the highest CAGR during the forecast period. The growth of this segment is mainly driven by its crucial application in electric bikes to power the motor, increasing need for higher-capacity batteries, and growing advancement in battery technology.
By Sale Channel: In 2024, the Aftermarket Segment to Dominate the Electric Bike Kits Market
Based on Sale Channel, the global Electric Bike Kits market is segmented into OEMs and aftermarket. In 2024, the standard size segment is expected to account for the larger share of over 63.0% of the global Electric Bike Kits market. The segment's large share is primarily attributed to its cost-effective alternative to purchasing a new electric bicycle, as well as the availability of Electric Bike Kits providers offering various sizes and power options.
Moreover, the aftermarket segment is expected to record the highest CAGR during the forecast period.
By Bike Type: In 2024, the City Bikes Segment to Dominate the Electric Bike Kits Market
Based on bike type, the global Electric Bike Kits market is segmented into city bikes, adventure bikes, and cargo bikes. In 2024, the city bikes segment is expected to account for the largest share of over 67.0% of the global Electric Bike Kits market. The segment’s large share is mainly attributed to factors such as focus of cities on reducing urban congestion, increasing urbanization & environmental concerns, and growing demands of micro mobility services. In addition, development of infrastructures such as cycle paths and signage across the urban cities is also contributing to large market share of the city bikes segment.
However, the adventure bikes segment is expected to record the highest CAGR during the forecast period. The growth of this segment is primarily driven by the increasing interest of the younger generation in adventurous sports, coupled with advancements in high-power motors and high-density electric batteries that deliver enhanced performance and extended travel ranges.
By End User: In 2024, the Individuals Segment to Dominate the Electric Bike Kits Market
Based on end user, the global Electric Bike Kits market is segmented into individuals and fleet operators. In 2024, the individuals segment is expected to account for the larger share of over 79.0% of the global Electric Bike Kits market. The segment’s large share is mainly attributed to factors such as increasing disposable income, growing preference for eco-friendly solutions, and rising popularity of electric bicycles.
However, the fleet operators segment is expected to record the highest CAGR during the forecast period. The growth of this segment is mainly driven by increase adoption of logistics & delivery operators and rise in adoption of micro mobility services across urban areas.
Geographical Analysis
In 2024, Asia-Pacific Region to Dominate the Electric Bike Kits Market
In 2024, Asia-Pacific is expected to account for the largest share of over 45.0% of the global Electric Bike Kits market. The large market share of this segment is attributed to factor such as increasing concerns about environmental sustainability, presence of congested & populated cities in the region and increasing focus of countries on sustainable transportation.
Moreover, the Asia-Pacific region is projected to register the highest CAGR of 13.5% during the forecast period. The growth of this region is mainly driven by advancements in technology, leading to improved battery life, range & power, greater affordability for consumers, and growing urban population.
Electric Bike Kits Market: Key Companies
The report offers a competitive analysis based on an extensive assessment of the leading players’ product portfolios, geographic presence, and key growth strategies adopted in the last 3–4 years. Some of the key players operating in the Electric Bike Kits market are Bafang Electric (Suzhou) Co., Ltd. (China), Dillenger (Australia), Leeds Bikes (U.S.), Swytch Technology Ltd (England), Hilltopper Electric Bike Company (U.S.), Electric Bike Technologies Inc. (U.S.), Grin Technologies Ltd. (Canada), Robert Bosch GmbH (Germany), Shimano, Inc. (Japan), Suzhou Tongsheng Electric Appliances Co., Ltd. (China), Rubbee (Lithuania), eBikeling (U.S.), Pendix GmbH (Germany), Falco eMotors Inc. (U.S.), and GreedPedel (China).
Electric Bike Kits Industry Overview: Latest Developments from Key Industry Players
- In May 2024, Swytch Technology Ltd (England) launched new electric bike conversion kit, Swytch GO kit. This Electric Bike Kits is launched with extremely competitive pre-order price tag.
- In June 2022, Bafang Electric (Suzhou) Co., Ltd. (China) launched its new 3-speed automatic gear hub. The new 3-speed automatic hub has precise shift points depending on wheel speed.
Electric Bike Kits Market Research Summary
Particulars
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Details
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Number of Pages
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250
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Format
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PDF
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Forecast Period
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2024–2031
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Base Year
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2023
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CAGR (Value)
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12.1%
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Market Size (Value)
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USD 4.2 Billion by 2031
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Segments Covered
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By Drive Type
By Component
- Motor
- Battery
- Control
- Chargers
- Display
- Throttles
- Other Components
By Sales Channel
By Bike Type
- City Bikes
- Adventure Bikes
- Cargo Bikes
By End-user
- Individuals
- Fleet Operators
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Countries Covered
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Europe (U.K., Germany, France, Italy, Spain, Sweden, Switzerland, Netherlands, Norway, Austria, Denmark, Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Singapore, Australia, Malaysia, Rest of Asia-Pacific), North America (U.S., Canada), Latin America (Brazil, Mexico, Rest of Latin America), and Middle East & Africa (Israel, UAE, Rest of Middle East & Africa)
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Key Companies
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Bafang Electric (Suzhou) Co., Ltd. (China), Dillenger (Australia), Leeds Bikes (U.S.), Swytch Technology Ltd (England), Hilltopper Electric Bike Company (U.S.), Electric Bike Technologies Inc. (U.S.), Grin Technologies Ltd. (Canada), Robert Bosch GmbH (Germany), Shimano, Inc. (Japan), Suzhou Tongsheng Electric Appliances Co., Ltd. (China), Rubbee (Lithuania), eBikeling (U.S.), Pendix GmbH (Germany), Falco eMotors Inc. (U.S.), and GreedPedel (China)
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Key questions answered in the electric bike kits market report: