India Electric Bicycle (e-bike) Market is set to expand at an impressive growth rate due to people’s increasing focus on cost- and fuel efficiency, companies’ last-mile connectivity, and the government’s favorable regulations and incentives.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, forecasts India electric bicycle (e-bike) market size to grow at a significant CAGR of 15.7% during the forecast period (2022–2028). The e-bike market in India is being propelled ahead by rising customer demand for e-bikes for recreation and adventure activities, as well as the usage of e-bikes in other categories such as logistics and rentals.
Large & Dense Population and Rapid Urbanization
E-bike is a bicycle with an electric motor that can be used to help or replace pedaling. E-bikes, like any other bike, have a variety of technical specifications. During the forecast period, the e-bike market is expected to benefit from the country’s population, which is second largest in the world as well as focus on improving last-mile logistics in expanding urban areas. The e-bike market in India is still in its early stage, with a number of local companies selling a wide range of bikes. However, the high price of e-bikes may limit the industry growth.
Segmental Coverage
India Electric Bicycle market – By Propulsion Type
The market by propulsion type is segmented into pedal-assist and throttle. The pedal-assist segment holds a higher market share, primarily due to its longer battery life, cheaper maintenance requirements, and the option for users to choose between three and five kinds of pedal support, depending on the product.
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Impact of COVID-19 on India Electric Bicycle (E-Bike) Market
The Covid-19 pandemic is expected to have a long-term favorable impact on the India e-bike market. People were wary of using public transportation during the pandemic, which, in turn, increased the demand for e-bikes. The government’s electrification policy has also aided the growing demand for e-bikes. Consumers have begun to realize that automobiles with combustion engines emit 60% more pollution than those with electric motors. The usage of e-bikes as a personal means of transportation skyrocketed when the lockdown was revoked. This upward trend in the market is expected to continue in the long run.
Competitive Landscape
India electric bicycle (e-bike) market is moderately fragmented with a number of startups and companies, such as Hero Cycles, GoZero, Being Human, and Giant Bicycles Co. Ltd. Advanced battery technology, lightweight materials, and increased investments in R&D are driving the market. Major global e-bike manufacturers are expanding their market reach in India, and local companies are launching new models.
Recent Developments
In February 2022, Hero Cycles Ltd launched a Lectro’s experience center to meet customers’ requirements and to display the company’s products. Buyers will be able to compare e-bikes based on their capabilities. It includes topics, such as transportation, exercise, and adventure. Customers can try out various Hero Lectro e-cycle models in the store’s test-ride section. In December 2021, Firefox Bikes announced plans to expand its e-bike range in India to increase the localization of e-bike production, broaden its customer base and capitalize on the growing demand for entry-level premium bikes. Hero Lectro Cargo (HLC) and Swiggy, an on-demand delivery platform, partnered in August 2021 to test the deployment of cargo e-bikes for the use case of last-mile food delivery in Hyderabad with Hero Lectro WINN, where delivery partners made the food deliveries on the cargo e-bikes.
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