India's E-Bike Market Size was valued at USD 0.002 Billion in 2022. The E-Bike market industry is projected to grow from USD 0.003 Billion in 2023 to USD 0.013 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 18.20% during the forecast period (2024 - 2032). The government supports boosting e-bike sales to reduce carbon emissions. The growing number of people using bicycles for environmentally friendly transportation is the main market driver anticipated to propel the e-bike market in India.
In March 2023, in consideration of the additional attraction from the private placement and preferential issue, the capital issues plans of Nibe Limited's board of directors incorporated an attractive cap of up to Rs 104.40 Cr.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
In India, e-bikes have grown within the last few years. The country's e-bike adoption is also influenced by rising government measures to encourage e-bikes, rising public awareness of the health advantages of riding, and increased traffic congestion in India during rush hours. Additionally, the rate of e-bike adoption among Indians increased to 0.10% in 2019 over 2018 due to fuel expenses and decreased maintenance costs. The bicycle industry benefited from the expansion of COVID cases and the wave. Consumers' commuting methods have changed due to not using public or rented transportation to maintain social distancing. This has encouraged people to invest in e-bikes because they are a more affordable and convenient option than other modes of transportation for daily trips to offices and nearby locations. The adoption rate nationwide increased by 0.60% in 2022 compared to 2021 due to these variables.
The restoration of business operations and the removal of trade restrictions have led to a rise in the usage of e-bikes in India. Trade restrictions have been lifted, which has benefited the country's import and export operations. E-bike adoption is expected to rise from 0.66 percent in 2022 to 5.00 percent in 2029 due to consumers being drawn to e-bikes by their features and benefits, which include time and fuel savings. Furthermore, E-bike sales in India are rising at a double-digit annual rate compared to previous years, indicating the rapidly expanding demand for these vehicles in Tier 1 cities. Delhi, Mumbai, Pune, Bangalore, and other major cities are seeing a rise in the use of e-bikes. Since e-bikes are more expensive than regular bicycles, some companies have set up financing and EMI options. During the pandemic, the company Go Zero entered the market. It emphasizes online purchasing and offers free EMI choices through its website and other e-commerce channels. E-bikes are not only seen as a greener and cleaner form of short-distance transportation but are used in various ways in India. Moreover, in just ten months (April–January 2020), Alpha Vector saw a staggering 300% income rise, from INR 50 crore to INR 200 (USD 24.13 million) crore. The business declared that its goal is to generate income of INR 300 crore, or USD 36.19 million. It began conducting business online as part of this plan. By the end of March 2021, a 25–30% rise in online clients is anticipated. Thus, driving the E-Bike market revenue.
Based on propulsion type, the India E-Bike market segmentation includes pedal-assisted, speed pedelec, and throttle-assisted. The pedal-assisted segment mostly dominated the market. More informed consumers about healthcare and the environment also means much reduced noise pollution and traffic and a reduced risk of obesity and other medical comorbidities. Cheap servicing costs and longer battery life are two further factors expected to fuel market expansion during the projected period.
The speed pedelec category is anticipated to be the fastest growing. Electric bikes, including speed pedelecs, frequently use hub motors. These motors are built right into the wheel's hub, front or back. Hub motors are renowned for being straightforward, low-maintenance, and silent. When the rider applies pedal force, they create a direct drive to the wheel.
Based on Application Types, the India E-Bike market segmentation includes cargo/utility, city/urban, and trekking. The trekking category generated the most income. Trekking e-bikes come with extra features to improve their off-road performance. This includes bigger, knobby tires, sturdy frames, and long-lasting suspension systems to give stability and traction on rugged and uneven terrain. Trekking-specific e-bikes frequently include strong motors that help riders navigate steep hills and difficult terrain. Steep inclines require high torque to keep a constant pace.
The city/urban category is expected to be the quickest rate. City e-bikes are lightweight and compact, which makes them easier to handle through traffic and confined urban areas. Its design facilitates storage and portability as well. City e-bikes frequently come equipped with safety features like integrated lights (front and rear) and reflectors. These improve visibility, which makes riding a bike in cities safer, particularly in low light.
The India E-Bike market segmentation, based on battery type, includes lead acid battery, lithium-ion battery, and others. The lead acid battery category has dominated the market. Lead-acid batteries offer several benefits, including affordability and durability, which may account for the segment's growth. However, because these batteries are heavy and short-lived, only some will likely use them in the coming years.
The lithium-ion battery category is anticipated to be the fastest growing. These batteries are anticipated to be more widely adopted because of their high charge density, high performance, lightweight design, and high charging-discharging efficiency, all of which will support the segment's expansion.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The demand for bicycles in India has grown over the past few years as people in different places have embraced the cycling culture. 5 to 15 kilometers of commuting travel is still a little compared to other forms of transportation, though, as most individuals choose to use public transportation and two-wheelers for their travels. In 2019, less than 5% of people decided to ride their bicycles to local locations five to fifteen kilometers away. But in 2020, more individuals began exercising and riding bicycles to local markets to purchase necessities during the lockdown, which increased travel between 5 and 15 kilometers. Due to these factors, India's bicycle demand rose in 2020 compared to 2019. The pandemic had a significant and advantageous effect on the bicycle market in India. Rather than taking public transportation to get nearby, more Indians choose to walk or ride their bicycles. People choose to ride bicycles for exercise and weekend recreational activities with the advent of e-bikes with better features and longer battery lives. This led to an additional increase in commuters traveling 5–15 kilometers in India in 2021 compared to 2020.
The market for E-Bikes is expected to grow even more due to major players in the industry making significant R&D investments to extend their lines of equipment. Alongside these significant market developments, market participants engage in various strategic actions to broaden their market reach. These activities include introducing new equipment types, contractual agreements, mergers and acquisitions, increased investments, and cooperation with other organizations. The E-Bike sector needs to provide affordable products to grow and thrive in a more cutthroat and dynamic market.
Major players in the Indian E-Bike market are attempting to increase market demand by investing in research and development operations, including Alpha Vector, EMotorad, Hero Cycles Limited, Motovolt, Being Human, Cultsport, Stryder, Tru E-Bikes Pvt. Ltd, Nibe E-motor Limited, and SJ Electric Vehicles Pvt. Ltd (Polarity Smart Bikes).
March 2023: The board of directors of Nibe Limited approves fundraising plans up to Rs. 104.40 Cr. through preferential issues and private placement.
November 2022: Motovolt Mobility has secured an additional Rs 16 crore in funding during a pre-series A round. The funds will be used to introduce new products and advertising campaigns and expand its retail presence throughout India.
In November 2022, as part of this fundraising, Motovolt Mobility raised INR 16 crore in pre-series A funding, which it intends to pump into new product development, initiation of promotional activities, and increasing its network of retail outlets across India.
In November 2022, Emotorad launched its folding ebike 'Doodle v2' on November 1 for Rs 49999. The product can be purchased from the company's site as well as from Amazon and Flipkart.
In February 2022, Hero Cycles Ltd launched a Lectro's experience center in Naraina. The experience center is expected to address the requirements of the customers while at the same time showcasing the products of the company. There is a head-to-head comparison of e-cycles based on their features. It comprises commuting, exercising as well as adventure, among other activities. The buyers stand a chance to sample and examine various models of e-cycles from Hero Lectro in the test-ride area of the shop.
| Report Attribute/Metric | Details |
| Market Size 2022 | USD 0.002 Billion |
| Market Size 2023 | USD 0.003 Billion |
| Market Size 2032 | USD 0.013 Billion |
| Compound Annual Growth Rate (CAGR) | 18.20% (2024-2032) |
| Base Year | 2023 |
| Market Forecast Period | 2024-2032 |
| Historical Data | 2019- 2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Propulsion Type, Application Type, and Battery Type |
| Countries Covered | India |
| Key Companies Profiled | Alpha Vector, EMotorad, Hero Cycles Limited, Motovolt, Being Human, Cultsport, Stryder, Tru E-Bikes Pvt. Ltd, Nibe E-motor Limited, and SJ Electric Vehicles Pvt. Ltd (Polarity Smart Bikes) |
| Key Market Opportunities | The disposable income of consumers has grown in line with their purchasing power. Government initiatives to promote the use of electric bicycles are growing |
| Key Market Dynamics | The government supports boosting e-bike sales to reduce carbon emissions The growing number of people using bicycles for environmentally friendly transportation |
Frequently Asked Questions (FAQ) :
The India E-Bike market size was valued at USD 0.003 Billion in 2023.
The market is projected to grow at a CAGR of 18.20% during the forecast period, 2024-2032.
The key players in the market are Alpha Vector, EMotorad, Hero Cycles Limited, Motovolt, Being Human, Cultsport, Stryder, Tru E Bikes Pvt. Ltd, Nibe E-motor Limited, and SJ Electric Vehicles Pvt. Ltd (Polarity Smart Bikes).
The pedal-assisted category dominated the market in 2023.
The trekking category had the largest share of the market.
Analyst Explore the profile of garvit vyas, one of our esteemed authors at market research future, and access their expert research contributions in the field of market research and industry analysis
Get in Touch
© 2024 Market Research Future ® (Part of WantStats Reasearch And Media Pvt. Ltd.)
