McKinsey recently released a comprehensive analysis of the e-bike market, and the numbers are nothing short of staggering.

They note that “Improbable as it may seem, e-bikes could finally be having their day.” According to the report, the market for two-wheel electric vehicles (E2Ws) and three-wheel electric vehicles (E3Ws) was valued at around $97 billion in 2020, which is about 4% of global auto sales. That’s a massive jump from earlier estimates.

Why does this matter?

In 2016, the global e-bike market was estimated at just $16 billion, with a forecast to reach $25 billion by 2025. Now, McKinsey is reporting nearly six times that figure—$97 billion—in just four years. And they predict even more growth: the market could hit $150 billion by 2022. This is not just a trend—it’s a boom.

What’s driving the surge?

McKinsey points to several key factors. Governments are tightening emissions regulations, innovators are pushing new technologies, and the pandemic has changed how people move. With fewer people using public transport, e-bikes have become a safer, more practical alternative.

We’ve seen this firsthand. Our partners in the US, EU, and China reported sales increases ranging from 50% to 500% during the pandemic. VanMoof, a Dutch e-bike company, saw a 10x growth in 24 months, while Delfast also experienced over 10x growth in the same period.

Can we trust these numbers?

The data seems to align with real-world results. Bike-sharing companies like Jump and Ofo struggled during the pandemic and beyond, with some going bankrupt and leaving thousands of bikes in landfills. This contrast supports McKinsey’s findings that the e-bike industry is growing, while shared mobility models are facing challenges.

Investors are taking notice too. Companies like VanMoof, Cowboy, and Rad Power have raised millions in funding, showing confidence in the long-term potential of the e-bike sector.

Looking ahead: What’s next for e-bikes?

McKinsey outlines several trends that will shape the future of e-mobility. These include modular platforms for B2C and shared use, new business models like leasing and battery-as-a-service, and the development of advanced features such as GPS, Bluetooth, and over-the-air updates.

For Ukraine, the market is still in its early stages. While there are local manufacturers, mass adoption is far off. The lack of standardized batteries and infrastructure makes large-scale innovation difficult. However, this doesn’t mean Ukraine can’t play a role. With the right approach, products developed here can go global.

As McKinsey highlights, the e-mobility market is on the rise—and it’s only going to get bigger. For companies willing to innovate, the opportunities are vast.