The electric bicycle or e-bicycle market in India is witnessing remarkable growth, fueled by a combination of factors such as environmental consciousness, urbanization, and technological advancements. As we delve into the year 2024, let’s explore the current landscape, growth trends, and lucrative business opportunities in this dynamic sector.
In this post, we will give our beloved readers an overview of the rapidly growing “E-Bicycle” industry in India. If you are thinking of buying an E-Bicycle, it is really a wise decision. If you read to the end of this post, you will learn about the rapid changes and technological advancements that will take place in the e-bicycle market in India. With technological advancement, more advanced e-bicycles are being introduced in the Indian market. These e-bicycles are cheap compared to “e-bikes” and ready to take even a rough road. So, what do you think? Read the post and get your information.
The next posts of the “E-bicycles” series will deal one by one with the latest and most popular and sold 10 e-bicycles in India.
Market Overview of E-bicycle in India
Size and Projections
According to projections, the size of the global electric bicycle market would increase at a compound annual growth rate (CAGR) of 16.0% from $18.58 billion in 2021 to $52.36 billion in 2028. Furthermore, according to a research firm’s most recent estimates, the Indian e-bike market is expected to be worth $2.08 million by 2026, a little bit more than the $1.02 million it was in 2021. This increase in market valuation is in line with India’s goal of accelerating the development of smart and sustainable cities, where e-mobility is expected to play a significant role.
The recent trend: Increasing Acceptance of e-bicycle in India
The rising acceptance of electric bicycles (e-bicycle) is one of the main developments in the Indian bicycle industry. An increasing number of Indians are searching for alternate forms of transportation due to worries about pollution and growing fuel costs. E-bicycles are an appealing choice for both urban and rural customers since they provide a more economical and environmentally friendly alternative. It is anticipated that this pattern would keep propelling the Indian E-bicycle market’s expansion. The growing market trend of high-end bicycles is another tendency. The market for fashionable, high-quality bicycles that provide an excellent riding experience is expanding as disposable incomes rise and consumers get more brand-conscious.
The demand for electric bicycles is increasing more quickly in Tier 1 cities; sales in India are increasing at a double-digit annual rate in comparison to prior years. In cities like Bangalore, Delhi, Pune, Mumbai, and Delhi, electric bicycles are rapidly gaining popularity. Since electric bicycles are more expensive than conventional bicycles, some companies have agreed to offer financing and EMI options. It focuses primarily on online purchasing and offers free EMI choices through its website and other e-commerce channels. In addition to being viewed as a cleaner and more environmentally friendly form of short-distance transportation, e-bicycles are being used in many different ways around India.
In recent years, the Indian bicycle market has grown steadily due to a number of variables, including consumer preferences, market trends, unique local conditions, and underlying macroeconomic considerations.
Let’s look into the matters more closely.
Unique local conditions: The enormous population and varied terrain of India offer specific potential and challenges to the bicycle industry. Bicycles are a useful and reasonably priced form of transportation in rural areas, where road infrastructure is frequently lacking. In addition, the government’s efforts to promote riding as a way to lessen traffic and pollution have helped the bicycle industry in India flourish.
Macroeconomic elements at play: The bicycle market has benefited from India’s rapidly expanding economy and rising urbanization. Due to changing lifestyles and rising wages, more people are prepared to invest in bicycles since discretionary expenditure has increased. In addition, the government’s emphasis on industrial development and the “Make in India” campaign have prompted the building of E-bicycle manufacturing facilities in the nation, resulting in a rise in E-bicycle availability and affordability.
In summary, the Indian bicycle market is expanding as a result of shifting consumer tastes, unique local conditions like inadequate road systems and government programs, and underlying macroeconomic factors like urbanization and rising incomes.
Types of e-bicycles:
Electric bicycles come in two varieties: pedal-assist and throttle-assist. In contrast to pedal-assist, which only engages the motor when the rider pedals, throttle-assist allows the motor to be turned on and the bike to go ahead without the rider having to pedal. When comparing pedal-assist electric cycles to regular cycles, we can reduce human effort by roughly 70–80%.
If you are interested, the following paragraph will inform you more closely about the terminology of “Bicycles” market
Bicycles with electrical power are collectively referred to as electric bicycles. Typically, it refers to a bicycle that only produces power while the rider is pedaling, as it does in this fact page. Pedaled, which is short for Pedal Electric Cycle, is the official term for this type of bicycle.
The “regular” pedaled and the speed pedaled are the two types of electric bicycles that are distinguished in this fact sheet. Legally speaking, a speed pedicel is classified as a moped because it can travel up to 45 km/h, while a pedicel can only go up to about 25 km/h. A fast pedicel and a pedicel may share a similar appearance (see Figure 1).
While pedicels are meant, some people refer to e-bikes. European laws [1] state that e-bikes are two-wheelers with an electric motor that do not require pedaling, not pedicels with pedal assistance. As a result, they become either light mopeds (not exceeding 25 km/h) or mopeds (not exceeding 45 km/h).
Figure 1. A pedelec (left) and a speed pedelec (right; Source: ANWB
Future of E-bicycle in india: More technological advancement to take place
E-bicycle makers are putting more of an emphasis on enhancing the user interface overall by creating and refining e-bicycles that can connect with users’ smartphones and deliver real-time information on the speed and battery level. As a result, consumers are growing more intrigued by e-bicycles. Over the course of the projection period, the Indian market for e-bicycle is anticipated to grow quickly due to the entry of numerous companies and the growing need for e-bicycles for last-mile delivery. In the near future, e-bicycles—mostly pedicels—might be the ideal form of mobility.
They are also an excellent form of transportation, especially for leisure activities, since they combine the appropriateness of an automobile with the thrill of cycling. Customers may now ride these e-bicycles over uneven terrain, which is otherwise very difficult to traverse without an electric motor. In India, e-bikes are becoming more and more popular due to these features.
The electric bicycle sector is constantly evolving to lead the way toward a more technologically advanced and environmentally conscious world. As a result, futuristic e-bikes with an on-board computer and a solar-powered backup motor that display a variety of ride data, including location, speed, and calorie consumption, are not too far off. They will also be sturdy and secure enough for rough terrain, where they will be extensively utilized.
Due to issues with wiring, design, motor or small engine, and battery power, e-bicycles are starting to cost more than regular motorbikes. An e-bicycle’s price is primarily determined by its grade and quality. The price ranges from approximately Rs 20,000 to Rs 1,50,000 and beyond. The market’s growth is further impeded by the high cost of new electric bicycle batteries and their replacement, as consumers would rather spend less on new batteries.
In conclusion, electric bicycles need to be the cornerstone of a national, municipal, and international plan to jointly reach the net-zero carbon emission target. In order to create a safe and equitable place for cycling, the government must first adopt legislation and get funding. After that, it is the responsibility of the people to embrace this change and pass it on to future generations in order to create a wealthy and environmentally friendly society.
Also read:- OLA Solo: India’s first autonomous electric scooter
The next posts of the “E-bicycles” series will deal one by one with the latest and most popular and sold 10 e-bicycles in India. So, if you are an e-bicycle fan, do not forget to come back.
pretty much informative !! Also i must say you got a very good design sense !!
Thanks dear!!