Market Size of south korea e-bike Industry
| Icons | Lable | Value |
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Study Period | 2017 - 2029 |
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Market Size (2024) | USD 90.34 Million |
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Market Size (2029) | USD 149.93 Million |
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Largest Share by Propulsion Type | Pedal Assisted |
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CAGR (2024 - 2029) | 10.66 % |
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Fastest Growing by Propulsion Type | Speed Pedelec |
Major Players |
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*Disclaimer: Major Players sorted in no particular order |
South Korea E-bike Market Analysis
The South Korea E-bike Market size is estimated at USD 90.34 million in 2024, and is expected to reach USD 149.93 million by 2029, growing at a CAGR of 10.66% during the forecast period (2024-2029).
90.34 Million
Market Size in 2024 (USD)
149.93 Million
Market Size in 2029 (USD)
32.94 %
CAGR (2017-2023)
10.66 %
CAGR (2024-2029)
Largest Segment by Propulsion Type
80.41 %
value share, Pedal Assisted, 2022
Pedal-assisted is the largest segment as these bikes are means of transportation for daily commuters. These bikes also help people maintain good health, save money on gasoline, and choose cleaner journeys.
Largest Segment by Application Type
78.25 %
value share, City/Urban, 2022
City/Urban is the largest segment, as these bikes are one of the common modes of daily commuting in South Korea. Using bicycles for deliveries also adds to the growth.
Largest Segment by Battery Type
89.85 %
value share, Lithium-ion Battery, 2022
Lithium batteries are the largest battery type due to their high usage as they are lightweight, have better range and quick charging capabilities, and are durable.
Fastest-Growing Segment by Propulsion Type
13.73 %
Projected CAGR, Speed Pedelec, 2023-2029
The adoption of high-speed bikes to avoid traffic conditions, which saves time and cost, makes speed pedelec the most popular and fastest-growing segment by propulsion type.
Leading Market Player
1.04 %
market share, Samchuly Bicycle, 2022
Well established brand image, strong product portfolio offering, easy availability of product due to large supply chain network has made Giant Bicycle the largest player in South Korea E bike market.
PROPULSION SEGMENT MARKET OVERVIEW
- In South Korea, the primary growth drivers of the e-bike market include increased health consciousness among individuals, growing environmental concerns, increased traffic congestion, and rising government initiatives promoting cycling.
- The demand for bicycles in the country was positively impacted during the COVID-19 pandemic. Bicycles are used for daily commutes, sports, fitness, and hiking activities. Demand is mainly driven by the growing awareness of the health benefits of cycling. Vehicles that are safer, more comfortable, and more eco-friendly are in high demand, which may encourage associated businesses to develop a range of innovative peddle-assisted bicycles. The emergence of shared mobility businesses boosted the demand for such vehicles for daily commuting.
- Growing environmental awareness, increased traffic congestion, increased health consciousness, and growing cycling promotion programs by the government are the main growth factors in the industry. On the other hand, as South Korea's fuel prices and traffic congestion continue to rise, the government and its citizens are turning toward electric mobility. Pedal-assisted bicycles are better suited for shorter rides. However, speed pedelecs will likely become a better choice for longer distances. Although these bikes have diverse functions, they are cost-effective, reduce pollution, and make transportation easier. The South Korean e-bike market may grow in the next few years.
Understand The Key Trends Shaping This Market
