Posted by The latest report by IMARC Group, titled “India E-Bike Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032“, offers a comprehensive analysis of the industry, which comprises insights on the market. The India E-bike market size reached US$ 1,178.0 Million in 2023. Looking forward, IMARC Group expects the market to reach US$ 2,917.4 Million by 2032, exhibiting a growth rate (CAGR) of 10.6% during 2024-2032.
Factors Affecting the Growth of the India E-Bike Industry:
- Heightened Environmental Concerns:
The heightened awareness of climate change and its impacts, leading to a growing movement towards adopting greener and more sustainable lifestyle choices, is favoring the market growth. E-bikes represent an eco-friendly transportation alternative, primarily because they emit no direct pollutants, unlike traditional petrol or diesel vehicles. Additionally, the use of e-bikes can substantially reduce the carbon footprint of daily commuting, contributing to cleaner air and a healthier environment. Besides this, the growing public discourse on environmental conservation, prompting consumers to make more responsible choices, which includes opting for electric vehicles, is supporting the market growth. Moreover, the integration of renewable energy sources in charging infrastructure for e-bikes, enhancing their environmental benefits, is accelerating the market growth.
- Introduction of Various Government Initiatives and Policies:
The Government of India (GoI) is actively promoting the adoption of electric vehicles (EVs), including e-bikes. In line with this, the introduction of key programs, such as the Faster Adoption and Manufacturing of Electric Vehicles in India (FAME II) scheme, which offers subsidies to manufacturers and buyers of electric vehicles, is bolstering the market growth. Furthermore, these subsidies make e-bikes more affordable for a larger segment of the population, thereby encouraging their adoption. Additionally, the government has reduced the Goods and Services Tax (GST) on EVs, further lowering the cost for end consumers. Moreover, the imposition of various policies aimed at developing the necessary infrastructure for EVs, such as setting up charging stations, which are essential for the practical usability of e-bikes, is strengthening the market growth.
- Rapid Urbanization and Traffic Congestion:
The rapid pace of urbanization in India, leading to heightened traffic congestion, where traditional vehicles often prove inefficient due to their size and cost, is supporting the market growth. E-bikes, with their compact size and agility, emerge as an effective solution to navigate through congested city streets. They offer a quicker mode of transport in urban settings, where short to medium-distance travel is common. Additionally, the ease of parking e-bikes, even in limited spaces, adds to their appeal to urban commuters. Besides this, the growing urban middle class, seeking convenient and time-efficient commuting options, is contributing to the market growth. Moreover, the presence of necessary infrastructure for e-bikes in urban areas, such as charging stations, making them more practical and appealing, is catalyzing the market growth.
For an in-depth analysis, you can refer sample copy of the report: https://www.imarcgroup.com/india-e-bike-market/requestsample
Leading Companies Operating in the India E-Bike Industry:
- eAdicct Mobility Solutions Pvt.Ltd.
- Elektron Cycles
- Giant Bicycles India
- GoZero Mobility
- Hero Lectro E-Cycles (Hero Cycles Limited)
- Nibe E-motor Limited
- PURE EV
- SK EBICYCLE LLP
- SS Electric Vehicles
- Trek Bicycle Corporation
India E-Bike Market Report Segmentation:
By Propulsion Type:
- Pedal Assisted
- Throttle-Assisted
Throttle-assisted e-bikes dominated the market due to their ease of use and familiarity, resembling the operation of traditional scooters and motorcycles which are widely used in the country.
By Battery Type:
- Lithium-Ion Battery
- Lead-Acid Battery
Lithium-ion battery accounted for the largest market share due to its high energy density, longer life span, and lighter weight compared to other battery types, making e-bikes more efficient and user-friendly.
By Power:
- Less Than and Equal to 250W
- Above 250W
Based on the power, the market has been bifurcated into less than and equal to 250W and above 250W.
By Application:
- City and Urban
- Trekking
- Cargo
City and urban holds the largest market share because they provide a convenient and efficient solution for navigating through traffic congestion and limited parking spaces in densely populated urban environments.
Regional Insights:
- North India
- West and Central India
- South India
- East India
North India’s dominance in the India e-bike market is attributed to increasing demand for sustainable and efficient urban transportation solutions.
India E-Bike Market Trends:
The increasing cost of petrol and diesel, driving consumers towards electric alternatives like e-bikes, is stimulating the market growth. Additionally, recent advancements in technology, particularly in battery performance, motor efficiency, and overall e-bike design, which have made e-bikes more appealing, are supporting the market growth. Besides this, the growing focus on health and wellness, as people are seeking ways to incorporate more physical activity into their daily routines, is acting as another growth-inducing factor. Furthermore, the expansion of e-commerce platforms and online retail channels, making it easier for consumers to access and purchase e-bikes, is bolstering the market growth.
Note: If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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