South Korea E-bike Market Insights Forecasts to 2032

• The South Korea E-bike Market Size was valued at USD XX Billion in 2022.
• The Market Size is Growing at a CAGR of 4.1% from 2022 to 2032.
• The South Korea E-bike Market Size is expected to reach XX Billion by 2032.

The South Korea E-bike Market Size is expected to reach USD XX Billion by 2032, at a CAGR of 4.1% during the forecast period 2022 to 2032.

Market Overview

An electric bike is a bicycle that has a motor and batteries that can be recharged to help the rider and reduce some of the strain of pedalling. Compared to traditional bicycles, e-bikes allow users to ride farther and more frequently without getting tired. They are less expensive than driving a car and a better option for users with restricted mobility. Fast charging times, lightweight motors, and improved bicycle component technology have made electric bicycles more popular as a convenient, economical, and environmentally responsible mode of transportation. Furthermore, the market is expected to grow as a result of the incorporation of intelligent features that improve user experience, such as digital locking systems, mobile app connectivity, and global positioning system (GPS) tracking. In addition, the growing expenditures made by regional producers in R&D to create dependable, high-quality e-bikes that satisfy consumers' changing needs and strict safety regulations are driving the market's expansion. Accordingly, the market is expanding due to the rise in e-bike rentals, particularly in tourist-heavy areas where they provide visitors with an easy and convenient way to explore while also being environmentally friendly. In addition, the rise of social media and e-commerce platforms, which provide a range of options and user reviews to aid in decision-making, is stimulating growth in South Korea.

Report Coverage

This research report categorizes the market for South Korean e-bike market based on various segments and regions forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the South Korea E-bike market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the South Korean e-bike market.

Driving Factors

An eco-friendly means of transportation that reduces emissions and improves air quality, noise pollution, congestion, time, cost, safety, and energy security is the electric bicycle or e-bike. When travelling short distances, e-bikes outperform other modes of transportation in terms of efficiency. Riders of e-bikes contribute less to the environment and save money. However, there are additional emissions produced during the manufacturing of e-bike parts like drives or batteries. The increasing awareness about the harmful effects of vehicles that run on fossil fuels also boosts this trend. Furthermore, governments are focused on constructing bicycle-friendly streets, encouraging individuals to choose bicycles as their mode of transport.

Market Segment

• In 2022, the pedal-assisted segment accounted for the largest revenue share over the forecast period.

Based on the propulsion type, the South Korea e-bike market is segmented into pedal-assisted, speed pedelec, and throttle-assisted. Among these, the pedal-assisted segment has the largest revenue share over the forecast period. Consumers mostly prefer pedal-assisted bikes because they help people maintain good health, and save money on gasoline and for cleaner journeys. Pedal-assisted e-bikes generate greater power from the motor, enabling riders to move faster and pedal easily. Moreover, these bikes are widely adopted for use on hills and steep routes. The surge in demand for pedal-assisted e-bikes among the youth is anticipated to contribute to market growth.

• In 2022, the lithium-ion batteries segment accounted for the largest revenue share over the forecast period.

Based on battery type, the South Korea e-bike market is segmented into lead acid batteries, lithium-ion batteries, and others. Among these, the lithium-ion batteries segment has the largest revenue share over the forecast period. Benefits such as high charge density, high performance, low weight, and high charging-discharging efficiency are anticipated to favour the adoption of these batteries, thereby supporting segment growth.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the South Korean e-bike market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• Alton Sports Co. Ltd
• Ancheer
• Giant Manufacturing Co.
• Myvelo Co. Ltd
• Niner Bikes
• Riese & Müller
• Samchuly Bicycle
• Swagtron
• Trek Bicycle Corporation
• VanMoof

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting and Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Market Segment

This study forecasts revenue at global, regional, and country levels from 2021 to 2032. Spherical Insights has segmented the South Korea e-bike market based on the below-mentioned segments:

South Korea e-bike Market, By Propulsion Type

• Pedal Assisted
• Speed Pedelec
• Throttle Assisted

South Korea e-bike Market, By Battery Type

• Lead Acid Battery
• Lithium-ion Battery
• Others