Electric bike sales in India in the past three years!!
The estimated growth in market of e-bikes in India is approximately 17.43 billion; prominent growth is seen in Uttar Pradesh, West Bengal, Gujarat, Tamil Nadu and Maharashtra. Also there is further development in charging infrastructure. And after analysing certain records it can be said that the growth rate will increase at an increasing rate. The growth percentage in FY19 was 129%.
The fact, “investment of 2 billion dollar by Ola Company in Tamil Nadu for two wheeler factory”, can’t be ignored. This will surely grow the market in coming years. Also the government’s support to this industry is commendable; it’s approximately INR 107.95 billion. Also the generation so much concerned about environment and cost can’t ignore the facts that electric vehicles are much more environment and economic friendly.
Every major player of automobile sector has invested handsome amount in electric bikes and now Ola has joined the race. JBM being one of the major manufacturers of automobile parts has grown commendably and looks like will continue to grow. Along with TATA Chemicals, as it is into manufacturing batteries for Electric Vehicles.
The Energy and Resources Institute (TERI) stated that battery advancement and lightweight materials are helping the e-bike market to grow at a rapid pace in major countries. Whereas in India, the high cost of e-bikes is expected to hinder the market growth for the coming years, as the Indian government is pushing for local manufacturing of products, a hindrance to the market growth will be for a shorter period. Also, it further stated that the factor which is likely to fuel the demand of the e-bike market in India is the increasing interest of new start-ups in e-bike leasing and new e-bike development in the country, like YULU from Bangalore, etc. Yulu is also expanding its presence quickly in the country; it has acquired the permission to provide electric bikes at 250 subway stations in Delhi.
Also, major conventional bicycle manufacturers are launching their electric bicycles with the latest technology, and innovative design in the Indian market. For instance, in the 2020 Auto Expo, Hero cycles launched its e bikes line-up, which includes a folding bike Easy Step, a straphanger, and an electric fat bike Essentia. Whereas in 2019 Hero, Cycles in partnership with Yamaha Motor Co. launched Lectro e-cycle, Lectro EHX20 is powered by Yamaha electric drive unit with a centre motor positioned directly between the pedals.
Also the Covid-19 pandemic has benefitted this industry as people are now not in support or giving preference to public transportation. It is highly recommendable for being on a safer site to maintain distance by using private transport. Electric bikes are huge surge in demand after the lockdown in many countries, the same trend can be expected in Indian market in upcoming few months.
Also, The Indian Electric Bike market is moderately fragmented with the presence of a number of start-ups and companies, such as Hero Cycles, GoZero, Being Human, Giant Bicycles Co. Ltd, and others. The market is highly driven by factors like advanced battery technology, lightweight materials, growing investment in R&D projects, etc. To provide more convenient experience to the customer, major global e-bike manufacturers are expanding their market reach in India and local start-ups are introducing new models in the market.
