ASEAN E-Bike Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

The ASEAN E-Bike Market is Segmented by Propulsion Type (Pedal-assisted and Throttle-assisted (Power-on-demand)), by Application (City/Urban, Trekking (E-mountain Bikes/E-MTB), and Cargo), by Battery Type (Lithium-ion Battery and Lead-acid Battery), and by Country (Vietnam, Indonesia, Malaysia, Thailand, Singapore and Rest of South-East Asia). The report offers market size and forecasts in value (USD Million) for all the above segments.

ASEAN E-Bike Market Size

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Asean E-Bike Market Summary
Study Period 2019 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2019 - 2022
CAGR 9.69 %
Market Concentration Low

Major Players

Asean E-Bike Market Major Players

*Disclaimer: Major Players sorted in no particular order


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ASEAN E-Bike Market Analysis

The ASEAN e-bike market is valued at USD 51.79 million in 2021 and is expected to reach USD 85.15 million in value by 2027 at a CAGR of 9.69% during the forecast period.

The electric bike (e-bike) market was positively impacted by COVID-19 because commuters mostly avoided public transportation. E-bikes are being used as a safer, less expensive, and more convenient alternative to public transportation. Due to social-distancing guidelines and government restrictions on public transportation, bicycles became the preferred mode of daily transportation. Despite the easing of restrictions in the post-pandemic period, sales were sluggish during the initial pandemic phase.

Over the long-term, one of the main factors driving the expansion of the electric bike (e-bike) market is the rise in government initiatives to promote the use of electric bikes. These bicycles are regarded as an eco-friendly and effective commute option. The expansion of the market is sped up by the rising preference of consumers for electric or e-bikes. Due to their smaller size, health benefits, and higher speed with less effort, these bikes are widely used. The market is further influenced by the region's growing tourism industry.Electric bikes are in high demand as a result of the rising number of tourists and their impact on traffic.

Additionally, the e-bike market in ASEAN region is also positively impacted by an increase in disposable income, expansion of the e-bike manufacturers in South-East Asia are the growing demand for eco-friendly modes of transportation, government initiatives to reduce emissions, and the growing traffic congestion in major cities.

ASEAN E-Bike Market Trends

This section covers the major market trends shaping the ASEAN E-Bike Market according to our research experts:

Expansion of Key Players in the Region is Driving the Market

There are already a number of established manufacturing clusters in ASEAN. Electronics are found in Malaysia and Vietnam, packaged foods and automobiles in Thailand, petrochemicals and machinery in Indonesia, packaged foods and apparel in the Philippines, and semiconductors, biopharmaceuticals, and aerospace components in Singapore.Singapore has been a hub for high-value R&D-intensive industries and trade-supporting services like finance and logistics, while the emerging economies of Southeast Asia have long been destinations for manufacturers seeking abundant low-cost labor.

The ASEAN Economic Community (AEC) has made significant progress toward regional economic integration, the establishment of a common market, and the sharing of a production base.Manufacturing exports from ASEAN's ten member states increased at an average of 5% annually from 2015 to 2019, exceeding the global average of 3%2. While labor-intensive assembly work has led manufacturing growth, higher-value goods have also experienced strong export growth.

Foreign Direct Investment (FDI) has been a significant contributor to the expansion of manufacturing in the region.Traditionally, the US, EU, and Japan have been the largest FDI sources of FDI. However, since 2015, investment from ASEAN economies has increased significantly as manufacturers have sought new low-cost locations and attempted to penetrate ASEAN markets more deeply.

As Chinese electric bike companies look to expand into international markets, Southeast Asia, which has similar cultures and market conditions, has emerged as their primary focus.In particular, the costs of these labor-intensive industries are also rising rapidly in tandem with the rapid rise in labor costs in China, which significantly reduces businesses' profit margins.Because labor costs in Vietnam, Laos, and Cambodia are only half to a third of what they are on the Chinese mainland, or even less, these businesses are moving production to increase their profit margins. For instance,

  • In August 2021, Giant Bicycles announced that it will invest USD 48 million in a new manufacturing facility in southern Vietnam. Located in Vietnam's Binh Duong Province, the new Giant plant is expected to begin production during the second half of 2023
Asean E-Bike Market, Revenue in USD Million, 2018 - 2027

Thailand is Dominating the Market

The e-bikes have found their way to the ASEAN region and is now prospering due to the tourism business in major countries. These electric bicycles can aid bikers with pedaling, which is particularly beneficial for long distances and difficult uphill climbs. Longer distances, while thrilling for many, might be intimidating for others, particularly newer or inexperienced riders. The e-bike has started to fill a unique void in the adventure tourism business in the region. Longer-distance day trips and demanding multi-day bicycle tours are no longer reserved for fitness freaks, thanks to e-bikes. The possibility of using e-bikes instead of traditional bicycles on cycling tours allows more tourists to participate in cycling tours than ever before, increasing the number of prospective consumers in the country.

Due to their environmentally friendly characteristics, e-bikes have gotten a lot of press in recent years. Following the coronavirus epidemic, e-bike sales in Thailand have soared to new heights, and this trend is projected to continue in the near future, especially in the luxury class. The tremendous rise is due to the great adaptability of e-bikes, as well as rising consumer awareness of environmental issues. E-bikes appear to fit in nicely for leisure, fitness, short-distance commuting, avoiding traffic, or simply saving money on gasoline. With the coronavirus pandemic, e-bikes have risen in popularity as a viable alternative to public transit.

To promote the usage of e-bikes in the country, the government have been actively taking measures to attract foreign e-bike manufacturers to set up their bases in Thailand. For instance,

In April 2022, The Board of Investment (BoI) authorized investment privileges for electric-bicycle manufacturers, as well as increased privileges for electric-motorcycles and e-tricycles. The BOI has also created a new category, No. 4.28, to produce electric bicycles. If specific requirements are satisfied, projects in this category will be eligible for a three-year CIT exemption plus an extra one-year exemption. The production of E-bikes, the fabrication or procurement of electric batteries, and a management strategy for old batteries are all required in this category.

Thailand was severely impacted by the COVID-19 pandemic; however, the government's early and tough containment measures successfully flattened the transmission curve in 2020. Effective containment, limited public gatherings, limited use of public transit, and a multifaceted economic package all helped to mitigate the damage. Furthermore, COVID-19 generated several prospects for electric mobility, as people are increasingly interested in a transportation option that can assure social distancing, hence reducing disease spread. Electric two-wheelers which include e-bikes, e-scooters and e-motorcycles, compete with public transit options such as buses, trains, and trams. As a result, throughout pandemic, the demand for electric scooters and motorcycles in the kingdom has increased. In 2021, approximately 5233 electric motorcycles were newly registered in Thailand increased from 4935 units in 2020

The Thailand market is still in its infancy, but it is being propelled forward by non-governmental organizations that are encouraging and funding the adoption of electric vehicles. Electric motorcycles and scooters are making a significant effect in Thailand, where two-wheelers are typically the dominant method of transportation. They are considerably less expensive than vehicles about 84,000 Thai Baht or USD 2,500 for these electric scooters in Bangkok and do not rely on a distributed charging network.

The first- and last-mile categories are predicted to develop faster in Thailand's market throughout the forecast period. This will be mostly due to expanding consumer demand for shared mobility services, rising disposable income, and government worries about the country's environmental pollution. The government is creating a solid infrastructure and road network, as well as deploying more electric vehicles for first- and last-mile connection, to reduce pollution levels and the rate of personal vehicle ownership. Electric bicycles are being tested with on goal to improved bike sharing in the future.

ASEAN E-Bike Market, Revenue Share (%), By Country, 2021

ASEAN E-Bike Industry Overview

The e-bike market is highly consolidated, with major players, including Giant Bicycles, Merida, Trek Bikes, Dat Bikes, Accel Group, Yadea Technology Group Co.,Ltd and Yamaha a significant share of the total market. Giant Bicycles is the largest player in the market. The companies are raising capital to increase their product portfolios through innovations. For instance,

ASEAN E-Bike Market Leaders

  1. Giant Manufacturing Co Ltd

  2. Merida Industry Co Ltd

  3. Yamaha Motor Co Ltd

  4. Accell Group N.V

  5. Trek Bicycle Corporation

*Disclaimer: Major Players sorted in no particular order

Asean E-Bike Market Concentration
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ASEAN E-Bike Market News

  • In August 2022, Merida launched its new e-bike Merida eBIG SEVEN 300 SE in Thailand is THB 99,600. The new E7000 motor, which supports commuters and sporty riders with its perfectly balanced power delivery, is powered by an impressive 500 Wh long detour battery that is perfectly integrated into the hydroformed down tube.
  • In April 2022, Brompton made the announcement that it will launch in Singapore its first-ever line of foldable electric bikes. With only 15.53 kilograms, the new bikes rank among the lightest e-bikes currently available.S$5,900 is the starting price for the Electric C Line, as the line is called.
  • In March 2022, Yamaha announced it is now launching its own range of e-bikes in the Malaysian market.

ASEAN E-Bike Market Report - Table of Contents


    1. 1.1 Study Assumptions

    2. 1.2 Scope of the Study




    1. 4.1 Market Drivers

    2. 4.2 Market Restraints

    3. 4.3 Porters 5 Force Analysis

      1. 4.3.1 Threat of New Entrants

      2. 4.3.2 Bargaining Power of Buyers/Consumers

      3. 4.3.3 Bargaining Power of Suppliers

      4. 4.3.4 Threat of Substitute Products

      5. 4.3.5 Intensity of Competitive Rivalry


    1. 5.1 Propulsion Type

      1. 5.1.1 Pedal-assisted

      2. 5.1.2 Throttle-assisted (Power-on-demand)

    2. 5.2 Application

      1. 5.2.1 City/Urban

      2. 5.2.2 Trekking (E-mountain Bikes/E-MTB)

      3. 5.2.3 Cargo

    3. 5.3 Battery Type

      1. 5.3.1 Lithium-ion

      2. 5.3.2 Lead-acid

    4. 5.4 Country

      1. 5.4.1 Vietnam

      2. 5.4.2 Indonesia

      3. 5.4.3 Malaysia

      4. 5.4.4 Thailand

      5. 5.4.5 Singapore

      6. 5.4.6 Rest of South-East Asia


    1. 6.1 Vendor Market Share

    2. 6.2 Company Profiles

      1. 6.2.1 Giant Manufacturing Co Ltd

      2. 6.2.2 Merida Industry Co ltd

      3. 6.2.3 Trek Bicycle Corporation

      4. 6.2.4 Accel Group

      5. 6.2.5 Yadea Technology Group Co.,Ltd

      6. 6.2.6 Yamaha Motor Co ltd

      7. 6.2.7 Brompton Bikes

    3. *List Not Exhaustive

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ASEAN E-Bike Industry Segmentation

The ASEAN e-bike market report covers a detailed study of the latest trends and innovations. The scope of the report covers segmentation based on Propulsion Type, Application Type, Battery Type, Power Type and Country.

By Propulsion type, the market is segmented into Pedal-Assisted and Throttle-Assisted (Power-on-Demand).

By Application, the market is segmented into City/Urban, Trekking (E-Mountain Bikes/E-MTB), And Cargo.

By Battery Type, the market is segmented into Lithium-Ion and Lead-Acid Batteries.

and by Country, the market is segmented into Vietnam, Indonesia, Malaysia, Thailand, Singapore, and the Rest of South-East Asia.

The report also provides market sizing and forecast for all the above-mentioned segments.

Propulsion Type
Throttle-assisted (Power-on-demand)
Trekking (E-mountain Bikes/E-MTB)
Battery Type
Rest of South-East Asia
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ASEAN E-Bike Market Research FAQs

The ASEAN E-Bike Market is projected to register a CAGR of 9.69% during the forecast period (2024-2029)

Giant Manufacturing Co Ltd, Merida Industry Co Ltd, Yamaha Motor Co Ltd, Accell Group N.V and Trek Bicycle Corporation are the major companies operating in the ASEAN E-Bike Market.

The report covers the ASEAN E-Bike Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the ASEAN E-Bike Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.

ASEAN E-Bike Industry Report

Statistics for the 2024 ASEAN E-Bike market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. ASEAN E-Bike analysis includes a market forecast outlook 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.

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ASEAN E-Bike Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)