Electric Bike Market: Global Industry Analysis and Forecast (2024-2030)

  • The Electric Bike Market size was valued at USD 47.95 Bn. in 2023 and the total Global Electric Bike revenue is expected to grow at a CAGR of 8.2 % from 2024 to 2030, reaching nearly USD 83.25 Bn. by 2030.

  • Format : PDF | Report ID : SMR_1884

Electric Bike Market Overview

Electric bikes, also known as e-bikes, are bicycles equipped with an electric motor that provides pedal assistance or propulsion. These innovative vehicles combine the benefits of traditional cycling with the convenience of an electric power source, making them an increasingly popular choice for commuters, recreational riders, and eco-conscious individuals. Driven by rising environmental concerns, urbanization, and the desire for cost-effective transportation solutions.


One of the primary drivers fueling the popularity of electric bikes is their eco-friendliness. Unlike gasoline-powered vehicles, e-bikes produce zero direct emissions, making them an environmentally sustainable mode of transportation. According to a study by the University of California, Los Angeles, if 10% of car trips were replaced by e-bike trips, it could reduce carbon dioxide emissions by up to 2.4 million tons per year in the United States alone. Also, technological advancements in battery technology, motor efficiency, and lightweight materials have contributed to improved performance and range, with some e-bikes now capable of reaching speeds of up to 28 mph and traveling up to 100 miles on a single charge.


Emerging trends in the market include the integration of connectivity features, such as GPS and mobile app integration, as well as the development of high-performance electric mountain bikes for outdoor enthusiasts.


Electric bikes find applications across various domains, including urban commuting, recreational activities, and cargo transportation. In Europe, e-bikes account for nearly 50% of all bicycle sales, with the Netherlands leading the way with a staggering 60% market share. The versatility of these vehicles has made them popular among diverse user groups, from urban dwellers seeking an efficient commuting solution to outdoor adventurers exploring off-road trails. Furthermore, the availability of different battery types, such as lithium-ion and lead-acid, caters to varying range and performance requirements. As cities worldwide prioritize sustainable transportation initiatives and invest in cycling infrastructure, the adoption of electric bikes is poised to accelerate, positioning them as a key player in the transition towards eco-friendly mobility solutions.


  • In fact, according to a report by the United Nations Environment Programme, if electric bikes replaced 10% of private car trips in major cities, it could reduce carbon emissions by up to 10%.

Electric Bike Market


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Electric Bike Market Dynamics

Increasing Environmental Consciousness Boosting the Market Growth

The growing awareness about environmental sustainability and the need to reduce carbon emissions has been a significant driver for the electric bike market. Consumers are increasingly embracing eco-friendly transportation solutions to minimize their carbon footprint. Electric bikes offer a zero-emission alternative to traditional gasoline-powered vehicles, aligning with the global push towards a greener future. As governments and organizations worldwide prioritize environmental protection, incentives and policies favoring electric mobility have further fuelled the demand for electric bikes. With rising market growth and production capacity, manufacturers are capitalizing on this trend by expanding their electric bike lineups, leading to increased sales volume and potential for higher profit margins.


  • For instance, in Europe, sales of electric bikes surged by 23% in 2022, driven by heightened environmental concerns and a desire for sustainable mobility options.

Electric Bike Market1

Rising Fuel Costs Driving the E-Bike Market

The electric bike market has experienced significant growth owing to the rising costs of traditional fossil fuels. As gasoline prices rise owing to geopolitical tensions, supply chain disruptions, and dwindling reserves, consumers worldwide are seeking cost-effective and sustainable transportation alternatives. Electric bikes offer significantly lower operating costs compared to gasoline-powered vehicles, with the average annual cost of a conventional gasoline-powered car being around $9,000, with fuel expenses accounting for a significant portion. Electric bikes, on the other hand, are estimated to cost only $400, primarily thanks to electricity costs for charging the battery. This makes electric bikes an attractive option for cost-conscious commuters and urban dwellers. The unpredictability and volatility of gasoline prices have further fueled the demand for electric bikes, leading to a surge in electric bike adoption rates in major cities worldwide.


  • For example, in the United States, the average gasoline price reached an all-time high of $5.01 per gallon in June 2022, prompting consumers to actively seek cost-effective transportation alternatives. Electric bikes provide a cost-efficient solution, with suggestively lower operating costs compared to gasoline-powered vehicles.
  • According to MMR Analysis, the average cost of operating an electric bike is around $0.10 per mile, while the cost for a gasoline-powered car is approximately $0.58 per mile.


Infrastructure Development: Paving the Way for Electric Bike Adoption

The development of dedicated cycling infrastructure is a crucial catalyst for the widespread adoption of electric bikes. As cities around the world prioritize sustainable transportation initiatives, investments in bike lanes, charging stations, and secure parking facilities have gained significant momentum. Well-designed bike lanes not only provide a safer and more enjoyable riding experience but also alleviate range anxiety, a common concern among potential electric bike users.


The availability of conveniently located charging stations further encourages the transition to electric mobility, allowing riders to extend their range and reach their destinations seamlessly. Also, secure parking facilities that cater specifically to electric bikes instill confidence in users, addressing concerns about theft or vandalism. This holistic infrastructure development creates an ecosystem that promotes the seamless integration of electric bikes into urban landscapes, attracting new riders and driving market growth for manufacturers.


  • For instance, cities like Amsterdam and Copenhagen, known for their extensive cycling infrastructure, have witnessed a surge in electric bike adoption rates, with market growth rates exceeding 25% annually.


Challenge - High cost of E-Bikes

E-bikes are expensive, with prices ranging from USD 1,500 to USD 1,700, and some premium models even double that. The cost varies across regions, with Europe and North America being more tech-oriented, and the Asia Oceanic region being price-sensitive. In China, lead acid-equipped e-bikes were popular, but new regulations in 2019 increased their cost to USD 700-800. This leads consumers to prefer electric two-wheelers or scooters, which fall under the same price range. A survey by Shimano found that almost 40% of respondents cited this issue. Manufacturers face a challenge to reduce e-bike costs without compromising build quality and performance. Offering pricing incentives for purchasing e-bikes could effectively promote e-bikes and address cost challenges.


Electric Bike Market Segment Analysis

By Application, According to SMR research, the Distribution Channel segment is divided into City/Urban, Trekking, Cargo, and Others.  The trekking segment is currently leading the electric bike market owing to the growing popularity of adventure and outdoor activities. As consumers increasingly seek eco-friendly and exhilarating ways to explore natural landscapes, electric bikes designed for trekking have gained important traction. These versatile bikes offer a combination of pedal assistance and rugged terrain capabilities, allowing riders to tackle challenging trails and mountainous terrains with ease.


Manufacturers have responded to this demand by introducing advanced trekking electric bikes with features like powerful motors, long-range batteries, and robust suspension systems. These bikes cater to both casual riders and avid outdoor enthusiasts, enabling them to venture farther and conquer more challenging routes. The trekking segment's dominance is attributed to its ability to appeal to a diverse range of users, from adventure seekers to eco-conscious commuters who prefer off-road routes. With the rise of sustainable tourism and a growing preference for active lifestyles, the trekking segment is poised to maintain its leading position in the electric bike market.

Electric Bike Market2

Electric Bike Market Regional Analysis

The Asia Pacific region held the highest market share in 2023 and is expected to grow in the forecast period (2024-2030). The Asia Pacific region is leading the global electric bike market, driven by a confluence of factors such as rapid urbanization, environmental consciousness, and favorable government policies. China, being the manufacturing hub for electric bikes, has been at the forefront of this growth, catering to both domestic and international demand. Emerging countries like India, Vietnam, and Indonesia are also witness a surge in electric bike adoption. India, in particular, has emerged as a promising market, with numerous homegrown companies like Hero Electric, Okinawa, and Revolt Motors introducing affordable and feature-rich electric bikes that have further bolstered the market's growth.


In Southeast Asia, countries like Vietnam and Indonesia are rapidly embracing electric mobility solutions to combat traffic congestion and air pollution in major cities. The region's favorable climate and flat terrain make electric bikes an attractive option for commuters and delivery services alike. Moreover, the Asia Pacific market is driven by the presence of major electric bike manufacturers like Giant, Merida, and Yamaha, which are continuously innovating and expanding their product portfolios to cater to the region's diverse needs. The region's strong manufacturing capabilities, coupled with a growing middle-class population and increasing environmental awareness, position the Asia Pacific as a dominant force in the global electric bike industry.


  • Queensland Government Launches $3 Million E-Bike Rebate Scheme (February 2023)The Australian state of Queensland unveiled a $3 million rebate scheme to encourage the adoption of electric bikes.
  • Ather Energy Raises $128 Million to Expand Electric Scooter Production in India (May 2023) Indian electric scooter startup Ather Energy raised $128 million in a funding round led by the National Investment and Infrastructure Fund (NIIF) and existing investors.

Electric Bike Market3

Electric Bike Market Competitive Landscape

The electric bike market has experienced intense competition owing to the growing demand for eco-friendly and cost-effective transportation solutions. Established manufacturers like Giant, Trek, and Specialized have introduced high-performance electric bikes, while newcomers like Rad Power Bikes, Aventon, and Juiced Bikes have disrupted the market with affordable, feature-rich offerings. Major automotive companies like BMW, Ford, and Mercedes-Benz have also entered the market. Direct-to-consumer brands like VanMoof and Cowboy have gained popularity through sleek designs and innovative features.


  • February 2024: A newcomer in the field of electric mobility, VAAN Electric Moto Pvt Ltd, has introduced electric bicycles as an urban sport. Ebicycle is available in Urban Sports and Urban Sports Pro. Both bikes have a pedal-assist range of 60 kilometers and a maximum speed of 25 kilometers per hour.
  • March 2024: To produce a Stealth Quick 3 City Bike, Cannondale and Rui Hachimura allied. The Shimano Altus/Acera 18-speed gear with hydraulic disc brakes and an integrated wheel sensor to track speed, distance, and calories burnt are all included in the Quick 3, along with a lightweight aluminum frame and carbon fiber fork with 360-degree reflective highlights.
  • In January 2024: The shop network for Lekker E-Cycles in Australia was increased. Brisbane's Albion Fine Trades district is where Lekker originally set up shop. The new store is filled with the Lekker bike lineup, which consists of two main ranges: the Jordaan range, a contemporary twist on traditional Dutch bikes, and the sporty yet lightweight e-bicycles from the Amsterdam electric bicycles range.
  • In Feb 2023: Porsche Acquires Croatian E-Bike Specialist Greyp, Porsche has purchased the entirety of Greyp, a Croatian electric bicycle company, and is set to rebrand it under Porsche eBike Performance. Now, this news is interesting indeed, but not exactly surprising.
  • In November 2021, Porsche acquired a majority share in Greyp. As such, the notion of Porsche acquiring the entire company seemed more like an eventuality.
  • In Feb 2023: Himiway Introduces Customized Limited-Edition E-Bikes for California and Florida: A Unique Blend of Style and Performance for Avid E-Bike Enthusiasts. Himiway announced the release of two new limited-edition electric bikes.
  • On 15 March 2023, Hero Electric Launched its New Range of Electric Scooters: Optima CX5.0, Optima CX2.0 and NYX
  • On 30 January 2023, Hero Electric enters into a long-term partnership with Maxwell for battery management systems
  • Merida introduced the 2021 EX Enduro in September 2021, replacing the 2020 model that had been temporarily discontinued. Shimano STEPS power this brand-new e-bike.

Electric Bike Market Scope

Market Size in 2023

USD 47.95 Bn.

Market Size in 2030

USD 83.25 Bn.

CAGR (2024-2030)


Historic Data


Base Year


Forecast Period



By Product


Speed Pedelecs

Throttle on Demand

Scooter or motorcycle

By Propulsion Type



By Drive Mechanism

Hub motor



By Battery Type

Lead acid

Lithium-ion (Li-ion)


By Application





Regional Scope

North America- United States, Canada, and Mexico

Europe – UK, France, Germany, Italy, Spain, Sweden, Austria, and Rest of Europe

Asia Pacific – China, India, Japan, South Korea, Australia, ASEAN, Rest of APAC

Middle East and Africa - South Africa, GCC, Egypt, Nigeria, Rest of the Middle East and Africa

South America – Brazil, Argentina, Rest of South America


Recent Developments:

  • October 2021, Pon. Bike purchased the Dorel Sports branch of Dorel Industries as part of a plan to develop a portfolio of high-end e-bikes that covers all e-bike segment categories.
  • In July 2021, in Bethesda, Maryland, Pedego launched a new facility that provides a comprehensive selection of e-bike sales, rentals, services, and accessories.
  • April 2022: David's World Cycle was purchased by Trek Bicycle Corporation. To expand its dealer network and support its expansion strategy, Trek Bicycle Corporation bought 21 retail chains.
  • February 2022: Merida Industries Co., Ltd. joined forces with Team Bahrain Victorious in a strategic collaboration to serve as the official bicycle supplier and technical partner.
  • January 2022: Juiced Bikes and AIMA Technology Group Co Ltd have partnered strategically. AIMA Technology Group Co Ltd would supply Juiced Bikes in the US with top-notch products and technical guidance as part of the cooperation.


Key Player in the Electric Bike Market

  1. Accell Group (Netherlands)
  2. Trek Bicycle Corporation (United States)
  3. Currie Technologies (United States)
  4. Evelo (United States)
  5. Vintage Electric (United States)
  6. Propella Electric Bikes (United States)
  7. Damon Motors Inc (Canada)
  8. Pedego Electric Bikes (United States)
  9. Giant Manufacturing Co., Ltd. (Taiwan)
  10. Riese & Muller (Germany)
  11. GOVECS GmbH (Germany)
  12. Energica Motor Company S.p.A. (Italy)
  13. Fuji-ta Bicycle Co., Ltd. (Japan)
  14. Jiangsu Xinri E-Vehicle Co., Ltd. (China)
  15. Prodecotech, LLC (China)
  16. Yamaha Motor Co. Ltd. (Japan)
  17. Merida Industry Co. Ltd (Taiwan)
  18. Buzz E-Bikes (Australia)
  19. Aurora Electrico (Australia)
  20. Yadea (China)
  21. AIMA (China)
  22. Tailing (China)
  23. Xinri (China)
  24. OPAI (China)
  25. LuYuan (China)
  26. Terra Motors Corp. (Japan)
  27. Vmoto Limited (Australia)
  28. Honda Motor Co. Ltd. (Japan)
  29. Okinawa Autotech (India)
  30. Ampere Electric (India)
  31. Revolt Motors (India)
  32. Avon Cycles (India)
  33. Kabira Mobility (India)
  34. Earth Energy EV (India)
  35. ECCITY Motorcycles (France)
  36. Hero Electric Vehicles Private Limited (India)
  37. Gogoro Inc. (Taiwan)
  38. Zero Motorcycles, Inc. (United States)
  39. Volt (United Kingdom)
  40. Luyuan Electric Vehicle Co. (China)
  41. Leebike (China)
  42. FIVE SRL (Italy)
  43. XXX.Inc

Frequently Asked Questions

Incorporation of connectivity features like GPS, mobile app integration, and ride tracking are the trends in the Electric Bike Market.

1.    Electric Bike Market: Research Methodology 
2.    Electric Bike Market: Executive Summary
3.    Electric Bike Market: Competitive Landscape
4.    Potential Areas for Investment

4.1. Stellar Competition Matrix
4.2. Competitive Landscape
4.3. Key Players Benchmarking
4.4. Market Structure
4.4.1.    Market Leaders 
4.4.2.    Market Followers
4.4.3.    Emerging Players

4.5. Consolidation of the Market
5.    Electric Bike Market: Dynamics
5.1. Market Trends 
5.2. Market Drivers 
5.3. Market Restraints
5.4. Market Opportunities
5.5. Market Challenges
5.6. PORTER’s Five Forces Analysis
5.7. PESTLE Analysis
5.8. Strategies for New Entrants to Penetrate the Market
5.9. Regulatory Landscape by Region
5.9.1.    North America
5.9.2.    Europe
5.9.3.    Asia Pacific
5.9.4.    Middle East and Africa
5.9.5.    South America

6.    Electric Bike Market Size and Forecast by Segments (by Value Units)
6.1. Electric Bike Market Size and Forecast, by Product (2023-2030)
6.1.1.    Pedelecs
6.1.2.    Speed Pedelecs
6.1.3.    Throttle on Demand
6.1.4.    Scooter or motorcycle 

6.2. Electric Bike Market Size and Forecast, by Propulsion Type (2023-2030)
6.2.1.    Pedal-assisted
6.2.2.    Throttle-assisted

6.3. Electric Bike Market Size and Forecast, by Drive Mechanism (2023-2030)
6.3.1.    Hub motor
6.3.2.    Mid-drive
6.3.3.    Others

6.4. Electric Bike Market Size and Forecast, by Battery Type (2023-2030)
6.4.1.    Lead acid
6.4.2.    Lithium ion (Li-ion)
6.4.3.    Others

6.5. Electric Bike Market Size and Forecast, by Application (2023-2030)
6.5.1.    City/Urban
6.5.2.    Trekking
6.5.3.    Cargo
6.5.4.    Others

6.6. Electric Bike Market Size and Forecast, by region (2023-2030)
6.6.1.    North America
6.6.2.    Europe
6.6.3.    Asia Pacific
6.6.4.    Middle East and Africa
6.6.5.    South America

7.    North America Electric Bike Market Size and Forecast (by Value Units)
7.1. North America Electric Bike Market Size and Forecast, by Product (2023-2030)
7.1.1.    Pedelecs
7.1.2.    Speed Pedelecs
7.1.3.    Throttle on Demand
7.1.4.    Scooter or motorcycle 

7.2. North America Electric Bike Market Size and Forecast, by Propulsion Type (2023-2030)
7.2.1.    Pedal-assisted
7.2.2.    Throttle-assisted

7.3. North America Electric Bike Market Size and Forecast, by Drive Mechanism (2023-2030)
7.3.1.    Hub motor
7.3.2.    Mid-drive
7.3.3.    Others

7.4. North America Electric Bike Market Size and Forecast, by Battery Type (2023-2030)
7.4.1.    Lead acid
7.4.2.    Lithium ion (Li-ion)
7.4.3.    Others

7.5. North America Electric Bike Market Size and Forecast, by Application (2023-2030)
7.5.1.    City/Urban
7.5.2.    Trekking
7.5.3.    Cargo
7.5.4.    Others

7.6. North America Electric Bike Market Size and Forecast, by Country (2023-2030)
7.6.1.    United States
7.6.2.    Canada
7.6.3.    Mexico

8.    Europe Electric Bike Market Size and Forecast (by Value Units)
8.1. Europe Electric Bike Market Size and Forecast, by Product (2023-2030)
8.1.1.    Pedelecs
8.1.2.    Speed Pedelecs
8.1.3.    Throttle on Demand
8.1.4.    Scooter or motorcycle 

8.2. Europe Electric Bike Market Size and Forecast, by Propulsion Type (2023-2030)
8.2.1.    Pedal-assisted
8.2.2.    Throttle-assisted

8.3. Europe Electric Bike Market Size and Forecast, by Drive Mechanism (2023-2030)
8.3.1.    Hub motor
8.3.2.    Mid-drive
8.3.3.    Others

8.4. Europe Electric Bike Market Size and Forecast, by Battery Type (2023-2030)
8.4.1.    Lead acid
8.4.2.    Lithium ion (Li-ion)
8.4.3.    Others

8.5. Europe Electric Bike Market Size and Forecast, by Application (2023-2030)
8.5.1.    City/Urban
8.5.2.    Trekking
8.5.3.    Cargo
8.5.4.    Others

8.6. Europe Electric Bike Market Size and Forecast, by Country (2023-2030)
8.6.1.    UK
8.6.2.    France
8.6.3.    Germany
8.6.4.    Italy
8.6.5.    Spain
8.6.6.    Sweden
8.6.7.    Austria
8.6.8.    Rest of Europe

9.    Asia Pacific Electric Bike Market Size and Forecast (by Value Units)
9.1. Asia Pacific Electric Bike Market Size and Forecast, by Product (2023-2030)
9.1.1.    Pedelecs
9.1.2.    Speed Pedelecs
9.1.3.    Throttle on Demand
9.1.4.    Scooter or motorcycle 

9.2. Asia Pacific Electric Bike Market Size and Forecast, by Propulsion Type (2023-2030)
9.2.1.    Pedal-assisted
9.2.2.    Throttle-assisted

9.3. Asia Pacific Electric Bike Market Size and Forecast, by Drive Mechanism (2023-2030)
9.3.1.    Hub motor
9.3.2.    Mid-drive
9.3.3.    Others

9.4. Asia Pacific Electric Bike Market Size and Forecast, by Battery Type (2023-2030)
9.4.1.    Lead acid
9.4.2.    Lithium ion (Li-ion)
9.4.3.    Others

9.5. Asia Pacific Electric Bike Market Size and Forecast, by Application (2023-2030)
9.5.1.    City/Urban
9.5.2.    Trekking
9.5.3.    Cargo
9.5.4.    Others

9.6. Asia Pacific Electric Bike Market Size and Forecast, by Country (2023-2030)
9.6.1.    China
9.6.2.    S Korea
9.6.3.    Japan
9.6.4.    India
9.6.5.    Australia
9.6.6.    Indonesia 
9.6.7.    Malaysia
9.6.8.    Vietnam
9.6.9.    Taiwan
9.6.10.    Bangladesh 
9.6.11.    Pakistan
9.6.12.    Rest of Asia Pacific

10.    Middle East and Africa Electric Bike Market Size and Forecast (by Value Units)
10.1. Middle East and Africa Electric Bike Market Size and Forecast, by Product (2023-2030)
10.1.1.    Pedelecs
10.1.2.    Speed Pedelecs
10.1.3.    Throttle on Demand
10.1.4.    Scooter or motorcycle 

10.2. Middle East and Africa Electric Bike Market Size and Forecast, by Propulsion Type (2023-2030)
10.2.1.    Pedal-assisted
10.2.2.    Throttle-assisted

10.3. Middle East and Africa Electric Bike Market Size and Forecast, by Drive Mechanism (2023-2030)
10.3.1.    Hub motor
10.3.2.    Mid-drive
10.3.3.    Others

10.4. Middle East & Africa Electric Bike Market Size and Forecast, by Battery Type (2023-2030)
10.4.1.    Lead acid
10.4.2.    Lithium ion (Li-ion)
10.4.3.    Others

10.5. Middle East & Africa Electric Bike Market Size and Forecast, by Application (2023-2030)
10.5.1.    City/Urban
10.5.2.    Trekking
10.5.3.    Cargo
10.5.4.    Others

10.6. Middle East and Africa Single-Use Filtration Assembly Market Size and Forecast, by Country (2023-2030)
10.6.1.    South Africa
10.6.2.    GCC
10.6.3.    Egypt
10.6.4.    Nigeria
10.6.5.    Rest of ME&A

11.    South America Electric Bike Market Size and Forecast (by Value Units)
11.1. South America Electric Bike Market Size and Forecast, by Product (2023-2030)
11.1.1.    Pedelecs
11.1.2.    Speed Pedelecs
11.1.3.    Throttle on Demand
11.1.4.    Scooter or motorcycle 

11.2. South America Electric Bike Market Size and Forecast, by Propulsion Type (2023-2030)
11.2.1.    Pedal-assisted
11.2.2.    Throttle-assisted

11.3. South America Electric Bike Market Size and Forecast, by Drive Mechanism (2023-2030)
11.3.1.    Hub motor
11.3.2.    Mid-drive
11.3.3.    Others

11.4. South America Electric Bike Market Size and Forecast, by Battery Type (2023-2030)
11.4.1.    Lead acid
11.4.2.    Lithium ion (Li-ion)
11.4.3.    Others

11.5. South America Electric Bike Market Size and Forecast, by Application (2023-2030)
11.5.1.    City/Urban
11.5.2.    Trekking
11.5.3.    Cargo
11.5.4.    Others

11.6. South America Electric Bike Market Size and Forecast, by Country (2023-2030)
11.6.1.    Brazil
11.6.2.    Argentina
11.6.3.    Rest of South America

12.    Company Profile: Key players
12.1. Accell Group
12.1.1.    Company Overview
12.1.2.    Financial Overview
12.1.3.    Business Portfolio
12.1.4.    SWOT Analysis
12.1.5.    Business Strategy 
12.1.6.    Recent Developments

12.2. Trek Bicycle Corporation
12.3.  Currie Technologies
12.4. Evelo
12.5. Vintage Electric
12.6.  Propella Electric Bikes
12.7.  Damon Motors Inc
12.8. Pedego Electric Bikes
12.9. Giant Manufacturing Co., Ltd.
12.10. Riese & Muller
12.11. GOVECS GmbH
12.12.  Energica Motor Company S.p.A.
12.13.  Fuji-ta Bicycle Co., Ltd.
12.14. Jiangsu Xinri E-Vehicle Co., Ltd.
12.15. Prodecotech, LLC
12.16. Yamaha Motor Co. Ltd.
12.17.  Merida Industry Co. Ltd
12.18. Buzz E-Bikes
12.19. Aurora Electrico
12.20. Yadea
12.21. AIMA
12.22.  Tailing
12.23.  Xinri
12.24. OPAI
12.25. LuYuan
12.26.  Terra Motors Corp.
12.27. Vmoto Limited
12.28.  Honda Motor Co. Ltd.
12.29. Okinawa Autotech
12.30. Ampere Electric
12.31. Revolt Motors
12.32. Avon Cycles
12.33.  Kabira Mobility
12.34.  Earth Energy EV
12.35. ECCITY Motorcycles
12.36. Hero Electric Vehicles Private Limited
12.37.  Gogoro Inc.
12.38. Zero Motorcycles, Inc.
12.39. Volt
12.40.  Luyuan Electric Vehicle Co.
12.41.  Leebike
12.42.  FIVE SRL
12.43. XXX.Inc
13.    Key Findings
14.    Industry Recommendations

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