Certified Global Research Member
Key Questions Answered
- Global Market Outlook
- In-depth analysis of global and regional trends
- Analyze and identify the major players in the market, their market share, key developments, etc.
- To understand the capability of the major players based on products offered, financials, and strategies.
- Identify disrupting products, companies, and trends.
- To identify opportunities in the market.
- Analyze the key challenges in the market.
- Analyze the regional penetration of players, products, and services in the market.
- Comparison of major players’ financial performance.
- Evaluate strategies adopted by major players.
- Recommendations
Why Choose Market Research Future?
- Vigorous research methodologies for specific market.
- Knowledge partners across the globe
- Large network of partner consultants.
- Ever-increasing/ Escalating data base with quarterly monitoring of various markets
- Trusted by fortune 500 companies/startups/ universities/organizations
- Large database of 5000+ markets reports.
- Effective and prompt pre- and post-sales support.
The electric bike market in India is gaining momentum, influenced by a range of factors that contribute to the growing popularity of electric two-wheelers across the country. One significant market factor is the increased focus on sustainability and environmental conservation. With air pollution concerns and a desire to reduce the carbon footprint, there is a growing shift towards cleaner and greener transportation options. Electric bikes, being emission-free and energy-efficient, are increasingly seen as a viable alternative to traditional petrol-powered bikes, aligning with India's commitment to a more sustainable future.
Government initiatives and policies play a pivotal role in shaping the electric bike market in India. The Indian government has introduced various schemes and incentives to promote electric mobility, including the Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME) scheme. Subsidies, tax benefits, and other financial incentives aim to make electric bikes more affordable and attractive for consumers. These policy measures are crucial in creating a conducive environment for the adoption of electric bikes across different segments of the population.
The technological advancements in electric bike manufacturing are driving the market forward. As battery technology continues to improve, electric bikes are becoming more efficient, affordable, and practical for everyday use. Manufacturers are investing in research and development to enhance battery life, charging speed, and overall performance, making electric bikes a compelling option for Indian consumers. The development of lightweight and aesthetically pleasing electric bike models is also influencing consumer preferences and contributing to the market's growth.
Charging infrastructure is a critical factor that significantly influences the electric bike market in India. The availability of charging stations, both in urban centers and along highways, is essential for addressing range anxiety and encouraging the widespread adoption of electric bikes. Government and private entities are working towards developing a robust charging infrastructure, including innovative solutions such as battery swapping stations, to enhance the convenience of owning and using electric bikes.
The financial aspect plays a crucial role in the electric bike market, influencing consumer decisions. While the initial cost of electric bikes may be higher than traditional bikes, the total cost of ownership tends to be lower. Reduced fuel expenses, lower maintenance costs, and government incentives contribute to making electric bikes a financially attractive option. Financing options and affordable payment plans provided by financial institutions further facilitate the adoption of electric bikes, especially among price-sensitive consumers.
Consumer awareness and education are key market factors that influence the electric bike segment in India. While awareness about electric bikes is increasing, there is still a need for comprehensive campaigns to inform consumers about the benefits, charging infrastructure, and overall feasibility of electric bikes. Addressing any misconceptions and promoting the positive aspects of electric two-wheelers can significantly impact consumer choices and contribute to the market's growth.
Geopolitical factors, such as India's energy security concerns and global trends towards sustainable practices, also play a role in shaping the electric bike market. The government's efforts to reduce the country's dependence on fossil fuels align with the global push towards clean energy and environmentally friendly transportation. As India positions itself as a key player in the electric bike market, geopolitical considerations will continue to influence policies and initiatives supporting the growth of this segment.
The electric bike market in India is experiencing a surge in popularity, driven by factors such as environmental consciousness, government initiatives, technological advancements, charging infrastructure development, financial incentives, consumer awareness, and geopolitical considerations. The convergence of these factors creates a favorable environment for the widespread adoption of electric bikes, transforming the two-wheeler market in India towards a more sustainable and eco-friendly future.
India Electric Bike Market Highlights:
India Electric Bike Market Overview
India Electric Bike Market Size was valued at USD 1.7 Billion in 2022. The Global India Electric Bike industry is projected to grow from USD 1.9 Billion in 2023 to USD 4.5 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 11.50% during the forecast period (2023 - 2032). One of the main market drivers bolstering the market growth in India is the rising sales of electric two-wheeler vehicles, such as e-bikes, which are a result of growing urbanization and rising individual income levels.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
India Electric Bike Market Trends
-
Increasing cost of fuel is driving the market growth
Between January 2021 and August 2022, fuel costs increased by over five times, or 57%, faster than India's total consumer price increase. The market is moving in favor of electric bikes as fuel prices rise. The Organization of the Petroleum Exporting Countries' (OPEC) increased costs for crude oil are the cause of the spike in fuel prices. Furthermore, the infrastructure needed for charging electric bicycles is being developed by a number of countries. With the aid of incentives, initiatives, and subsidies, federations are offering benefits at full cost. Furthermore, electric bikes are more likely to be used by people since they are user-friendly and eco-friendly. Since consumers are more likely to utilize electric bikes as a result of higher gas prices, the e-bike market in India is predicted to grow. In addition, growing public awareness of the health risks linked to traditional fuel-powered car use is fueling the market's CAGR. Additionally, an increase in government actions is being caused by growing environmental concerns resulting from the widespread use of fossil fuels.
With subsidies for the purchase of these cars, the Indian government is assisting the electric vehicle sector. The client now finds battery-powered scooters and motorcycles to be more financially viable thanks to these subsidies. Financial incentives for EV buyers, purchase rebates, and tax exemptions are a few of the supportive measures. In addition, an action plan has been developed by the Ministry of Road Transport and Highways (MoRTH) to support electric two- and three-wheelers under the National Mission for Transformative Mobility and Battery Storage. A proposal to outlaw all ICE variations in India has also been put out by the government committee; the prohibition would begin for two-wheelers in 2025 and for three-wheelers in 2023. Additionally, during the projected period, it is anticipated that sales of electric bikes will increase due to the stricter emission regulations. Thus, driving the India Electric Bike market revenue.
India Electric Bike Market Segment Insights
India Electric Bike Propulsion Type Insights
The India Electric Bike market segmentation, based on propulsion type includes pedal assisted, speed pedelec and throttle assisted. The pedal assisted segment dominated the market mostly. There is significantly less noise and traffic, as well as a lower chance of obesity and other medical comorbidities, when consumers are more informed about healthcare and the environment. Additional variables anticipated to drive market expansion over the estimated timeframe are cheap service costs and longer battery life than others.
India Electric Bike Application Type Insights
The India Electric Bike market segmentation, based on application type, includes cargo/utility, city/urban and trekking. The trekking category generated the most income. E-bike use for trekking and other recreational purposes is growing quickly. Furthermore, the market is expected to rise as a result of rising demand for leisure activities and growing awareness of performance-based adventures.
India Electric Bike Battery Type Insights
The India Electric Bike market segmentation, based on battery type, includes lead acid battery, lithium-ion battery and others. The lead acid battery category generated the most income. The numerous advantages that lead-acid batteries provide, including their affordability and durability, are responsible for the segment's rise. However, because these batteries are heavy and quickly drain, it is anticipated that their use will decrease in the upcoming years.
Figure 1: India Electric Bike Market, by Battery Type, 2022 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
India Electric Bike Regional Insights
India's electric bike market is expanding quickly since the country's government has been encouraging the use of electric vehicles, such as electric bikes. It has implemented several incentives, including tax rebates, subsidies, and preferred parking, in an effort to lower the cost of electric vehicles and increase their appeal to buyers. Furthermore, the Government of India (GoI) is putting laws into place to promote the usage of e-bikes and lessen carbon emissions in response to growing environmental concerns. This is having a favorable impact on the market, along with rising gas prices, a rise in the desire for high-performance, fuel-efficient cars, and greater knowledge of the financial and environmental advantages of switching to electric vehicles. In addition, major players are launching smartphone applications that integrate smart e-bike monitoring systems (SEMS) to track fitness and deliver real-time data. The country's market is looking better due to this and the rising expenditures made on marketing initiatives like celebrity endorsements, which aim to increase sales and profitability.
India Electric Bike Key Market Players & Competitive Insights
Leading market players are investing heavily in research and development in order to expand their product lines, which will help the India Electric Bike market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, electric bike industry must offer cost-effective items.
Key Companies in the India Electric Bike market include
- Alpha Vector
- Being Human
- Cultsport
- EMotorad
- Hero Cycles Limited
- Motovolt
- Nibe E-motor Limited
- SJ Electric Vehicles Pvt. Ltd (Polarity Smart Bikes)
- Stryder
- Tru E Bikes Pvt. Ltd
Leading companies partner with us for data-driven Insights
Kindly complete the form below to receive a free sample of this Report
Tailored for You
- Dedicated Research on any specifics segment or region.
- Focused Research on specific players in the market.
- Custom Report based only on your requirements.
- Flexibility to add or subtract any chapter in the study.
- Historic data from 2014 and forecasts outlook till 2040.
- Flexibility of providing data/insights in formats (PDF, PPT, Excel).
- Provide cross segmentation in applicable scenario/markets.
