While people like to talk about electric and autonomous automobiles, another real battle in the transportation category is occurring in the e-bikes market. It’s for good reason: according to Mondor Intelligence, the global e-bike market is expected to grow at a CAGR of 6.39% between 2019 and 2024. In U.S. dollar terms, Mondor estimates that global revenue will jump from $14.8 billion in 2018 to nearly $21.4 billion in 2024. These are serious numbers that have caused a “gold rush” of sorts between dozens of players, including some legacy bike brands and many new startups.
This growth is propelled by battery technology advances that allow many e-bikes to travel more than 50 miles on a single charge, higher global fuel prices, and the fact that there are more brands with reasonably priced models to choose from than ever before.