Market Size of nordic e-bike Industry
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Study Period | 2017 - 2029 |
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Market Size (2024) | USD 1.09 Billion |
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Market Size (2029) | USD 1.62 Billion |
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Largest Share by Propulsion Type | Pedal Assisted |
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CAGR (2024 - 2029) | 8.25 % |
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Largest Share by Country | Sweden |
Major Players |
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*Disclaimer: Major Players sorted in no particular order |
Nordic E-bike Market Analysis
The Nordic E-bike Market size is estimated at 1.09 billion USD in 2024, and is expected to reach 1.62 billion USD by 2029, growing at a CAGR of 8.25% during the forecast period (2024-2029).
1.09 Billion
Market Size in 2024 (USD)
1.62 Billion
Market Size in 2029 (USD)
14.16 %
CAGR (2017-2023)
8.25 %
CAGR (2024-2029)
Largest Segment by Propulsion Type
62.02 %
value share, Pedal Assisted, 2023
Growth in health-conscious consumers, easy affordability, easy rides, no registering of licensing cost, and no fuel cost are major factors making pedal assisted the largest segment.
Largest Segment by Application Type
76.06 %
value share, City/Urban, 2023
The benefits of using bicycles over other transport for daily commuting to nearby locations, such as offices, schools, and marketplaces, are making city/urban the largest segment.
Largest Segment by Battery Type
99.52 %
value share, Lithium-ion Battery, 2023
Extended range, quick charging capability, long running life, and declining prices gradually are the reasons for the higher usage of lithium batteries.
Largest Country
35.17 %
value share, Sweden, 2023
Growing pollution and stringent norms to enhance electrification and clean fuel vehicles are responsible for Norway being the largest country with bicycle usage in the Nordic.
Leading Market Player
14.20 %
market share, Royal Dutch Gazelle, 2022
Large supply network, well built brand image along with wide product portfolio offering in various Nordic countries have made Giant Bicycles the largest market player in Nordic region.
PROPULSION SEGMENT MARKET OVERVIEW
- COVID-19 has caused a rapid acceleration of the e-bike market, accelerating sales and transforming cycling attitudes overnight. Many people are still avoiding public transportation or prefer to rely on it less while also choosing commuting models that help avoid traffic. The e-bike market in the Nordic region may record a CAGR of around 11% during 2020-2026. Government initiatives to promote cycling, such as the construction of new bike lanes and increased investments in infrastructure, may also contribute to the growth of the e-bike market in the region.
- Over the long term, the Swedish e-bike market is expected to increase owing to the increase of bike-sharing companies, growing e-commerce activities across the country where e-bikes are used to deliver parcels, and governmental initiatives to increase the usage of bicycles by people by increasing bicycle infrastructure. In Sweden, around 80% of all urban car trips are less than 4 kilometers, suggesting that biking or walking may replace driving. In 2025, 25% of travel distances are expected to be covered by bicycle, foot, or public transportation, according to the Swedish government. In terms of the city itself, Gothenburg may observe 12% of all trips taken by bike in 2025.
- The European Commission has separately targeted the promotion of electromobility and cycling as clean and effective transportation options for sustainable urban mobility. Nordic cycling numbers should rise in the coming years due to these citywide, national, and continental goals, and e-bike sales are expected to increase in the coming years.
NORDIC REGION COUNTRY LEVEL MARKET OVERVIEW
- During the COVID-19 outbreak and the ensuing lockdowns and limitations, e-bike production declined. However, as things got back to normal, the market gained momentum. During the pandemic, people avoided public and rental transportation and preferred owning vehicles for daily commuting. This trend has been continuing even after the pandemic.
- Across developed regions like Nordic, with dedicated bicycle lanes in cities and suburbs, several drug stores and other emergency-related services are employing e-bikes to deliver essential services and items over short distances. They can avoid traffic in some densely populated areas and cater to the needy in less time.
- The main factors driving the e-bike market in Nordic are rising fuel prices, increased road congestion, rising health and fitness concerns, and growing environmental awareness. Due to the inconvenience of public transportation and rising pollution and traffic congestion, the need for personal vehicles has increased in the region. People are also showing a growing interest in protecting the environment for future generations, mostly due to the diminishing availability of natural resources. Therefore, owing to such factors, the demand for e-bikes is expected to grow in the region during the forecast period.
Nordic E-bike Industry Segmentation
Pedal Assisted, Speed Pedelec, Throttle Assisted are covered as segments by Propulsion Type. Cargo/Utility, City/Urban, Trekking are covered as segments by Application Type. Lead Acid Battery, Lithium-ion Battery, Others are covered as segments by Battery Type. Denmark, Finland, Norway, Sweden are covered as segments by Country.
- COVID-19 has caused a rapid acceleration of the e-bike market, accelerating sales and transforming cycling attitudes overnight. Many people are still avoiding public transportation or prefer to rely on it less while also choosing commuting models that help avoid traffic. The e-bike market in the Nordic region may record a CAGR of around 11% during 2020-2026. Government initiatives to promote cycling, such as the construction of new bike lanes and increased investments in infrastructure, may also contribute to the growth of the e-bike market in the region.
- Over the long term, the Swedish e-bike market is expected to increase owing to the increase of bike-sharing companies, growing e-commerce activities across the country where e-bikes are used to deliver parcels, and governmental initiatives to increase the usage of bicycles by people by increasing bicycle infrastructure. In Sweden, around 80% of all urban car trips are less than 4 kilometers, suggesting that biking or walking may replace driving. In 2025, 25% of travel distances are expected to be covered by bicycle, foot, or public transportation, according to the Swedish government. In terms of the city itself, Gothenburg may observe 12% of all trips taken by bike in 2025.
- The European Commission has separately targeted the promotion of electromobility and cycling as clean and effective transportation options for sustainable urban mobility. Nordic cycling numbers should rise in the coming years due to these citywide, national, and continental goals, and e-bike sales are expected to increase in the coming years.
| Propulsion Type | |
| Pedal Assisted | |
| Speed Pedelec | |
| Throttle Assisted |
| Application Type | |
| Cargo/Utility | |
| City/Urban | |
| Trekking |
| Battery Type | |
| Lead Acid Battery | |
| Lithium-ion Battery | |
| Others |
| Country | |
| Denmark | |
| Finland | |
| Norway | |
| Sweden |
Nordic E-bike Market Size Summary
The Nordic e-bike market is experiencing significant growth, driven by a combination of factors including rising fuel prices, increased road congestion, and a growing awareness of environmental issues. The COVID-19 pandemic acted as a catalyst, accelerating the adoption of e-bikes as people sought alternatives to public transportation. Government initiatives across the region, such as the development of new bike lanes and infrastructure investments, are further supporting this trend. The market is expected to continue expanding as more individuals and businesses recognize the benefits of e-bikes, including their cost-efficiency, minimal environmental impact, and convenience for short-distance travel.
In Sweden, the e-bike market is poised for substantial growth due to the rise of bike-sharing companies, e-commerce activities, and government efforts to promote cycling. The Swedish government has set ambitious goals to increase the share of travel distances covered by bicycles, walking, and public transportation. This aligns with broader European Commission objectives to promote electromobility and sustainable urban mobility. The Nordic e-bike market is moderately consolidated, with key players like Accell Group, Giant Manufacturing Co. Ltd., and VanMoof BV leading the charge. As the demand for e-bikes continues to rise, driven by both consumer preferences and supportive policies, the market is expected to see a steady increase in adoption rates across the region.
Nordic E-bike Market Size - Table of Contents
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1. MARKET SEGMENTATION (includes market size in Value in USD and Volume, Forecasts up to 2029 and analysis of growth prospects)
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1.1 Propulsion Type
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1.1.1 Pedal Assisted
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1.1.2 Speed Pedelec
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1.1.3 Throttle Assisted
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1.2 Application Type
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1.2.1 Cargo/Utility
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1.2.2 City/Urban
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1.2.3 Trekking
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1.3 Battery Type
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1.3.1 Lead Acid Battery
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1.3.2 Lithium-ion Battery
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1.3.3 Others
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1.4 Country
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1.4.1 Denmark
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1.4.2 Finland
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1.4.3 Norway
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1.4.4 Sweden
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Nordic E-bike Market Size FAQs
How big is the Nordic E-bike Market?
The Nordic E-bike Market size is expected to reach USD 1.09 billion in 2024 and grow at a CAGR of 8.25% to reach USD 1.62 billion by 2029.
What is the current Nordic E-bike Market size?
In 2024, the Nordic E-bike Market size is expected to reach USD 1.09 billion.
