In the last few years, we have seen a rise in the demand for e-bikes in India. However, throughout the pandemic and even after the COVID-19 pandemic, the growing industry of e-bikes, like many others, saw a deduction due to a total shutdown of manufacturing sites, tight COVID-19 protocols were followed during production, obtrusion of the supply chain, and other factors. However, with life slowly and steadily returning to normalcy, the e-bike market is again picking up the pace. Due to the covid 19 pandemic and the risk of contaminant through public transport, people are showing lots of interest in owning vehicles for daily commutes.
Over the longer term, the increasing customer demand for electric vehicles for relaxation and adventurous activities and the use of e-bikes in some other sectors, such as rentals and logistics, are likely to hold and pull the EV market in India. The country’s big population along with improving last-mile logistics is predicted to improve the e-Bike market throughout the forecast period. Another thing to note is that although there has been rise of the fitness trend, In India, the e-bicycle market is still in a developing stage, with many local firms offering a various variety of devices. However, the expensive cost of these vehicles may obstruct market expansion. Customers choose mopeds/scooters over e-bicycle from the average price of an e-bicycle in India is the same as a normal scooter.
In Tier 1 cities, the demand for e-bicycles is growing faster, with sales in India rising at a double-digit yearly pace as compared with the previous years. e-bicycleare becoming very popular in cities like Mumbai, Delhi, Pune, and Bangalore. As e-bicycles are more costly than traditional bicycles, some businesses have accepted financing and EMI option. With its website and other e-commerce channels, it concentrates more on online shopping and gives no-cost EMI options. Apart from being considered a greener and cleaner means of short-distance transportation, e-bicycles are having a wide range of applications across India.
By developing and improving e-bicycle that can communicate with users’ mobile phones and provide real-time information on the speed and battery level, e-bicycle manufacturers are placing a greater emphasis on improving the whole user interface. Customers are becoming more interested in e-bicycle as a result.In India, the market for electric bikes is expected to develop rapidly throughout the forecast period, with many companies entering the market and rising demand for e-bicyclein last-mile deliveries. e-bicycles, mostly pedelecs, may be the perfect mode of transportation soon. They are also a fantastic mode of transportation, mainly for recreational activities, as they offer the excitement of cycling, merged with the suitability of an automobile. These bicycles allow consumers to cruise through rough ground, which is otherwise very hard to navigate without an electric motor. Such factors are increasing the popularity of e-bicycles in India.
There are only two types of e-bicycles — throttle-assist and pedal-assist. throttle-assist means the motor can be shifted on and the bike will move forward without pedalling, while Pedal-assist means the motor will only engage when the user is pedalling. The pedal-assist electric bikes can minimize human effort by about 70-80 percent when we compare them to traditional bikes.According to a research report by Mordor Intelligence, before the pandemic struck in 2020, In India, the e-bicyclemarket was valued at $1.06 billion dollars. The market has grown at a CAGR of 12.69 percent in line with global growth and is expected to grow at a steady clip at least for the next five years.
The global electric bicycle market size is projected to see growth from $18.58 billion in 2021 to $52.36 billion in 2028 at a CAGR of 16.0% in the phase from 2021-2028. In adding to this, a research firm, in its recent findings has anticipated that the e-bicycle market in India will be valued at $2.08 million by 2026 bit higher than $1.02 million which was in 2021. This uptick in the market valuation complements India’s aim to speed up efforts towards sustainable and smart cities in which e-mobility is shaping itself to play a very major role.
The e-bicycle industry is innovating itself to be the game-changer in getting an advanced and greener world. Thus, we are not very far from seeing futuristic e-bicycles with an on-board computer, a solar-powered backup moto, which present a range of data about the ride such as location, speed, and calorie consumption that will also be robust and safe enough for challenging surfaces which are used widely.
e-bicycles are becoming more costly than standard motorbikes due to wiring, design, motor or mini engine, and battery power. The cost of an e-bicycle mostly depends on its grade and quality. The price can vary from about INR.20,000 to INR.1,50,000 and it can go above. The high costs of new e-bicycle batteries and the replacement of the same are also hampering the market’s growth because people prefer to spend less money on buying new batteries for e-bicycles.
In closure, e-bicycle must be a keystone of a global, localand national strategy to meet the net-zero carbon emission target together. The duty first is on the government to provide the legislation and financing for safe and equitable space for cycling, and then on citizens who welcome this transition and will pass it on to the next generation for a prosperous world and a greener economy.
About The Author:
Dr. Irfan Khan
The author is the Founder & CEO of eBikeGo (https://ebikego.com), a sustainable mobility company that aims to make world-class electric mobility solutions that transform how people move. Mobility must transform if people are to thrive; but the industry’s emphasis is on economy & efficiency, not excellence. eBikeGo is driven towards creating a suite of customer-centric electric mobility solutions, empowering people to seize the moment and the future.
