Nordic E-bike Market Size

Statistics for the 2023 & 2024 Nordic E-bike market size, created by Mordor Intelligence™ Industry Reports. Nordic E-bike size report includes a market forecast to 2029 and historical overview. Get a sample of this industry size analysis as a free report PDF download.

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Market Size of nordic e-bike Industry

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Nordic E-bike Market Summary
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Icons Lable Value
https://s3.mordorintelligence.com/study%20period/1629296433432_test~study_period_study_period.svg Study Period 2017 - 2029
https://s3.mordorintelligence.com/cagr/1629296433433_test~cagr_cagr.svg Market Size (2024) USD 1.09 Billion
https://s3.mordorintelligence.com/cagr/1629296433433_test~cagr_cagr.svg Market Size (2029) USD 1.62 Billion
https://s3.mordorintelligence.com/hydraulic_fluids/1629285650767_test~hydraulic_fluids_hydraulic_fluids.svg Largest Share by Propulsion Type Pedal Assisted
https://s3.mordorintelligence.com/cagr/1629296433433_test~cagr_cagr.svg CAGR (2024 - 2029) 8.25 %
https://s3.mordorintelligence.com/globe/1629285706162_test~globe_globe.svg Largest Share by Country Sweden

Major Players

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*Disclaimer: Major Players sorted in no particular order

Key Players

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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).

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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

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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

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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

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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

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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

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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 E-bike Market

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 Market SIZE & SHARE ANALYSIS - GROWTH TRENDS & FORECASTS UP TO 2029