McKinsey recently released a report on the e-bike market, and the numbers are staggering. The report highlights that the two- and three-wheel electric vehicle (E2W/E3W) market was valued at around $97 billion in 2020, making up 4% of global auto sales. That’s a huge leap from previous estimates.

In 2016, the global e-bike market was estimated at $16 billion, with a forecast to reach $25 billion by 2025. Now, McKinsey is reporting $97 billion in annual sales—over six times higher in just four years. This indicates an explosive growth trajectory for the industry.

Why is this growth happening?

According to McKinsey, several factors are driving this boom. Governments are tightening emissions regulations, pushing more people toward cleaner alternatives. Innovations in technology and business models have also made e-bikes more accessible and appealing. And with the pandemic, many people have turned away from public transport, further boosting demand.

Moreover, battery costs are dropping, which is expected to reduce e-bike prices significantly in the coming years. As batteries account for about 40% of the cost, this trend will make e-bikes even more affordable.

Are these trends reliable?

Many companies have seen massive sales increases during the pandemic. For example, VanMoof reported a 10x growth in sales over two years, while Delfast also experienced similar results. Meanwhile, bike-sharing models like Jump and Ofo have struggled, with some going bankrupt or dumping thousands of bikes into landfills. These real-world examples back up McKinsey’s claims.

Investors are also showing interest. Companies like VanMoof, Cowboy, and Rad Power have raised significant funding, indicating confidence in the sector’s future.

What does this mean for Ukraine?

Ukraine is still in the early stages of e-bike development. While there are local manufacturers, there is no mass market yet. However, the global trend is clear: e-mobility is growing rapidly, and the opportunities are vast.

For now, Ukraine may not be ready for advanced models like battery-as-a-service or shared e-bike systems, but the country can still play a role in developing innovative products that can be sold globally. With the right strategies, Ukrainian companies could position themselves as key players in the expanding e-mobility landscape.

The McKinsey report confirms what many in the industry already believe: e-bikes are no longer a niche market. They're here to stay—and they’re set to grow even faster in the years ahead.