Summary of our market study

Since 2020, the global e-bike market has been experiencing a growth, driven by the increasing demand for sustainable transportation options. In 2022, the market generated a significant revenue of $49.7 billion and is anticipated to surge to $80.6 billion by 2027, expanding at a CAGR of 10.2%. This growth has been bolstered by government initiatives encouraging the adoption of bicycles, particularly in Europe, where the sale of e-bikes has been rising. The UK's e-bike market, valued at USD 0.24 billion in 2021, is also expected to grow to USD 0.44 billion by 2027, with a CAGR of 10.56%.

The pandemic contributed to an increase in demand for e-bikes, causing shortages and price hikes, while also impacting the e-bike supply chain, which is heavily reliant on components sourced from Asia, predominantly China. In terms of distribution channels, physical stores still hold the largest share, although online sales are becoming increasingly significant. National cycling strategies in Europe, aiming to coordinate cycling policies and goals, have also begun to shape the market, recognizing the importance of cycling in sustainable transport ecosystems.

Emerging Trends in the UK E-Bike Market

In the UK, the e-bike market stands as an evolving segment of the transportation and leisure industry. This growth trajectory is bolstered significantly by two distinct groups: newcomers to cycling and existing cyclists switching to electric models. The latte's impact is particularly pronounced. Research indicates that approximately 14% of current cyclists and 5% of all adults in the UK are considering an e-bike purchase within a year, which translates into roughly 2.78 million potential buyers. Despite such prospective interest, the share of e-bikes production remained modest at about 9% of the total bicycle manufacturing output, lagging behind some European counterparts where the proportion hovers around 23%. Comparative analysis with countries like Germany exhibits stark contrasts. In the UK, annual e-bike sales barely reach 165,000 units, a number dwarfed by Germany’s towering 2 million. Notwithstanding, the UK government aspires for a paradigm shift, setting ambitious targets for half of all short commutes to be undertaken via cycling or walking by the end of this decade.

However, this initiative is somewhat undermined by the limited infrastructure support for electric bicycles—evidently in the glaring discrepancy between e-car charging points, numbering over 30,000, and e-bike charging points, which are just a mere 16. The e-bike demand is notably influenced by the demographics and behaviors of UK residents. Only 2% of all trips were made by bicycles, and the predominant usage was among the younger population, with a slight resurgence observed in the 40 to 60 age group—a critical target for the e-bike industry due to their preference for less physically demanding transportation options. In terms of sales, the numbers are on a downturn. A focal point for e-bikes, sales of bicycles priced over 500 pounds have witnessed a decline. Factors impacting the market composition involve geographical variabilities, where England emerges as the sole territory with a substantial level of bicycle usage for transportation. In contrast, other regions maintain a strong preference for cars, and hence, the demand for e-bikes could mirror that of standard bicycles. Concurrent trends shaping the market landscape include the growing quest for exercise alternatives and heightened awareness of mental health benefits offered by cycling.

Key Players Shaping the UK E-Bike Market Landscape

The UK electric bike market, while still burgeoning compared to other European nations, is peppered with a diverse range of players, from small homegrown companies to international powerhouses. Here we explore the pivotal entities that are forging the path and influencing the dynamics of the UK e-bike industry.

UK's Homegrown E-Bike Innovators: Volt Bikes and Emu Electric Bikes :

  • Starting on the domestic front, Volt Bikes Ltd stands out as one of the notable homegrown manufacturers. Though modest in revenue, this company has been making waves in the local market with its specialized designs and customer-focused offerings. Their range of e-bikes is tailored for the UK's unique road conditions and commuter preferences, emphasizing reliability and ease of use.
  • Similarly, Emu Electric Bikes Ltd, another UK-based company, brings to the market a suite of electric bikes that cater to the country's evolving mobility needs. Despite being a smaller operation, Emu has carved out a niche for itself with its distinctive electric bikes that couple aesthetic appeal with functionality.

The Global Titans: BMW, Mahindra & Mahindra, and Yamaha :

  • On the global stage, BMW is a name synonymous with performance and luxury. Known extensively for their feats in automobile engineering, BMW's venture into electric bikes presents an aura of sophistication and cutting-edge technology. Their entry into the e-bike sector infuses it with a pedigree of automotive excellence, offering consumers performance-oriented electric bikes with a stamp of German engineering.
  • Mahindra & Mahindra Limited, with its roots in India, is another multinational behemoth extending its reach into electric mobility. Its strides in the e-bike domain reflect the company's deep-seated commitment to sustainability and innovative transportation solutions. With a broad portfolio that seeks to meet varying consumer needs, Mahindra & Mahindra is a strong contender on the international front. Japanese powerhouse Yamaha brings a storied history in motorbike manufacturing to the e-bike table.
  • Known for their precision engineering and durability, Yamaha's e-bikes are a testament to the brand's reputation for quality. With their entrance into the UK market, Yamaha offers a blend of reliability and performance, appealing to both e-bike enthusiasts and newcomers alike.

An Emerging Electric Vision: Hero Electric :

  • Lastly, Hero Electric exemplifies the growth of more specialized entities within the e-bike market. As a segment of the largest two-wheeler manufacturer in India, Hero Electric's focus on affordable and accessible electric.
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Summary and extracts

1 Market Overview

1.1 Intro

An E-bike is a bicycle equipped with an electric engine, in the UK, you can ride an electric bike if you're 14 or over, as long as it meets certain requirements. These electric bikes are known as "electrically assisted pedal cycles" (EAPCs). EAPCs must have pedals that can be used to propel it, a maximum power of 250 Watts and a top speed of under 15.5 mph. 

The e-bike global market generated $49.7 bilion in revenue in 2022 and is expected to reach $80,6 bilion by 2027 growing at a CARG rate of 10.2%. In the UK, the market was valued at USD 0.24 bilion in 2021, and is expected to reach USD 0.44 by 2027. Growth will be driven by new customers coming in the bycicle market as well as existing customers switching from traditional to elettric bikes.

Production is mainly located in China, where the cost of producing an elettic bike, thanks to the much higher avaiability of cheap workforce and prime materials, is lower.

The export is mainly directed towards Irland, the USA, Singapore, the Netherlands and South Korea, while import of finisched bikes and materials in mainly from China, Cambodia, Bangladesh, Indonesia and the Netherlands.

The demand in the UK is not as high as in other western countries. In fact, traditional bikes are also not widely used in the country, in 2021, they accounted for only 2% of the trips and 1% of the total distance travelled, but new tecnologies, the search of new ways to exercise, attention to mental health and efficiency benefits have the potential to drive the e-bike market upwards in the near future.

 

1.2 The international market

The e-bike market generated $**.* bilion in revenue in **** and is expected to reach $**,* bilion by **** growing at a CARG rate of **.*% [***]. This rapid growth is driven by the growing need for sustainable means of transport that are projected to slowly take over the use of cars and other less sustainable vehicles. ...

1.3 The market in the UK

The e-bike market was valued at USD *.** bilion in **** in the UK, and is expected to reach USD *.** by ****, with a growing rate of CARG **.** during the forcasted period [***]. 

The growth will be driven by new customers coming in the bycicle market as well as existing customers switching from traditional to ...

1.4 Export-import

The UK is a net importer of bikes, we expect the trend to be the same for elettic bicycles as the producers in the country are small compared to foreign players.

It's estimated that the country imports around *** million US$ worth of bikes and exports only around *** million US$ in ****. 

Export-Import ...

1.5 The effects of the pandemic

The COVID-** pandemic has had a significant impact on the e-bike market in the UK. As lockdowns and social distancing measures were implemented, there was an increased demand for e-bikes as people sought alternative modes of transportation. This surge in demand led to a shortage of e-bikes and related components, causing ...

2 Demand analysis

2.1 The demand: Travels in the UK

The demand for alternative ways of transport has risen in the past years, however, in the UK, the use of bicycles, both ordinary and electric, did not go up as much as in other western countries. To understand that, let's take a closer look at what are the motivetions and the ...

2.2 The demand: who uses e-bikes in the UK?

Evidence on the impact of e-bikes on overall travel behavioris mixed, in general there's not enaugh evidence to say that the purchase of an elettric bike is negatively correlated with the purchase of a car. This tells us that people who are buying them don't use them as alternatives to cars. ...

2.3 Geographic distribution of demand

The UK's territory is very etherogeneous, to get an idea of how the demand for e-bikes changes in the different territories, we looked at a survey from **** by We are cicyng UK. We found out that England is the only territory with a considerable usage of bicycles as means of ...

2.4 New trends in demand

The demand for e-bikes was first driven by a search for alternative and sustainable means of transport, however it's now following some new trends in the market:

Search of new ways to exercise: some people may think because the bike is electric and takes less effort to ride that it's not ...

3 Structure of the market

3.1 the structure of the market

The number of companies that produce bicycles in the UK did not change considerably in the last few years, last year, there was a *,*% increase that brought the number back to where it was in ****.

Number of companies for UK SIC****: ****, Manufacture of bicycles and invalid carriages UK, ****-****, in number Office ...

3.2 The electric bike value chain

The e-bike value chain is composed of: the extraction of raw materials, production of intermediate products, munufacturing of the bikes, distribution and end customer delivery.

To better understand how the components of a bike are usually surced and what are the countries that provide them, let's look at an example. Pedago ...

3.3 Distribution channels

The distribution channels for e-bikes are both phisical and online. The physical channels still dominate the market, with a share in Europe of about **% [***]. 

Physical stores:

Elettric bikes are expensive, this is the reason why the vasto majority of buyers prefer to see the product in a shop before they buy ...

4 Offer analysis

4.1 Typology of the offer

E-bikes can be classified in two ways: by type of throttle control and by use [***]. 

The first distintion in made between:

*) TYPE * E-Bike: Pedal Assist, is an electric bicycle on which you must pedal in order to use the motor. It's just like a conventional bicycle except that there's a ...

4.2 Pricing

Electric bikes are farirly expensive, with prices of a new one that range between £*** and £**.***. The price depends mainly on the type of bike, battery characteristics and weight.

To get a broad view of the prices in ****, let's look at the most popular categories from one of the leading online tores ...

4.3 New trends in the offer

The development of e-bikes doesn't focus a lot on the improvement of the engine, that has a power limit that is fixed by law and therefore cannot be improved, but is mainly concerned with improving the battery efficiency and weight. Recent developement in battery compositions and management systems promise huge improvements ...

5 Regulation

5.1 Regulatory framework UK

In the UK, you can ride an electric bike if you're ** or over, as long as it meets certain requirements. These electric bikes are known as "electrically assisted pedal cycles" (***). You do not need a licence to ride one and it does not need to be registred taxed or insured [***]. 

What ...

5.2 National Cycling strategies in Europe

A national cycling strategy is a multi-year plan that establishes a global vision aimed at coordinating policies, objectives and actions for cycling. It sets clear interventions, instruments and precise goals for the development of cycling at the national level. In short, a national cycling strategy ideally consolidates all policies taken at ...

6 Positioning of players

6.1 Segmentation

The UK market can be devided between national manufacturer, which are just a few micro companies and big multinational producers.

UK manufacturers:

Multinationals:

  • Volt Bikes Ltd
  • Emu Electric Bikes
  • BMW Mottorrad
  • Mahindra & Mahindra
  • Yamaha Motor
  • Hero Electric

List of charts presented in this market study

  • Number of pedelecs
  • Previsioni sulla produzione di biciclette elettriche
  • Cost of manufacturing one E-bike

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Latest news

Yamaha to produce its new engine in Aisne - 16/05/2023
  • In 2022, sales of electric bikes rose by 12% to 730,000 units.
  • Sales of motorcycles and scooters fell by 6% in 2022.
  • Yamaha plans to invest 4 million euros in a new workshop to manufacture its new range of electric-assist bicycle motors, with a production capacity of 300,000 units per year.
  • Production of high-end bikes is set to triple from the current 20,000 units.
  • The Rouvroy plant produced 84,000 two-wheelers in 2022, including scooters and 125 cc motorcycles.
  • The site employs over 600 people, including 400 in the workshops.
  • In 2022, the MBK Industrie plant achieved sales of 400 million euros.
French electric motors for Yamaha - 24/04/2023
  • MBK Industrie plant in Rouvroy (Aisne)
  • Owned by the Japanese Yamaha group
  • Installation of a new production line for 600,000 electric bicycle motors per year, previously manufactured in Japan
  • More than 500 employees work at MBK Industrie in Rouvroy
  • Sales of 419 million euros by 2022
  • MBK Industrie, founded in 1951 as Motobécane
  • Produces 30% of the motorcycles and scooters sold in Yamaha dealerships in France.
Japanese Yamaha e-bike motors to be Made in France - 06/03/2023
  • MBK Industrie employs over 500 people at Le Rouvroy near Saint-Quentin, with 2022 sales of €419 million.
  • 30% of motorcycles and scooters sold in Yamaha dealerships in France are produced at MBK Industrie, founded in 1951 under the name Motobécane
  • Yamaha acquired a stake in MBK Industrie in 1986 and became a 100% shareholder in 2000
The Mini, BMW's electric car, considered to be the brand's "pilot fish". - 14/06/2022
  • Mini sold 20% of its sales in France in 2022 with its first 100% electric model
  • If we add plug-in hybrids, we reach 31% of sales.
  • The small city car brand aims to abandon combustion engines by 2030
  • The new generation of Mini, due to hit the market in 2024

Companies quoted in this study

This study contains a complete overview of the companies in the market, with the latest figures and news for each company. :

Volt Bikes Ltd
Emu Electric Bikes
BMW Mottorrad
Mahindra & Mahindra
Yamaha Motor
Hero Electric

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the electric bicycle market | UK

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