Report Overview

India Electric Bicycle (E-bike) Market, 2028 – Industry Trends & Forecast Report

India electric bicycle (e-bike) market size is expected to grow at a CAGR of 15.7% during the forecast period (2022–2028). A major growth factor for India e-bike market is a rapidly increasing demand for e-bikes in Tier 1 cities, such as Delhi, Mumbai, Pune, and Bangalore. Availability of easier financing and EMI options for purchasing high cost e-bikes is also driving India e-bike market to further growth.

India Electric Bicycle (E-bike) Market – Overview

India electric bicycle (e-bike) market is still in its infancy, with various local companies selling a wide range of bikes. The market growth is driven by rapidly increasing customer demand for e-bikes for urban commuting, recreational and adventurous activities, as well as the use of e-bikes in other businesses for the last-mile connectivity. During the forecast period, the world’s largest and dense population in the country, rapid urbanization, and an increased focus on last-mile logistics are expected to drive the India e-bike industry. However, the high cost of e-bikes in the country may limit the market growth.

Growth Drivers

Increasing Demand for Recreation and Adventure Activities, and Last-Mile Connectivity

Rising demand for e-bikes for recreational and adventurous activities as well as the use of e-bikes in other sectors such as logistics and rentals are major growth drivers for the market in India. In addition, the country's more than 1.3-billion strong population with the higher percentage of young popluation and an increasing focus on improving last-mile logistics are expected to drive India e-bike industry.

Restraints

High initial costs to limit market growth

Due to design, wiring, motor or tiny engine, and battery power, e-bikes are becoming more expensive than regular motorcycles. Price of an e-bike is mostly determined by its grade and quality. For example, the Hero Cycles e-bike costs about INR 26,000 on average. The cost might range anywhere from INR 20,000 to INR 1,50,000 and above. High costs of new batteries and their replacements may also limit the market growth, as customers choose to spend less money on new e-bike batteries.

Impact of COVID-19 on India Electric Bicycle (E-Bike) Market

The Covid-19 pandemic is expected to have a long-term favorable impact on the India e-bike market. People were wary of using public transportation during the pandemic, which, in turn, increased the demand for e-bikes. The government's electrification policy has also aided the growing demand for e-bikes. Consumers have begun to realize that automobiles with combustion engines emit 60% more pollution than those with electric motors. The usage of e-bikes as a personal means of transportation skyrocketed when the lockdown was revoked. This upward trend in the market is expected to continue in the long run.

India Electric Bicycle (E-bike) Market – By Propulsion Type

The India e-bike market by propulsion type is split into pedal-assist and throttle segments. The pedal-assist segment holds a higher market share, primarily due to its long battery life, cheaper maintenance requirements, and the option for users to choose between three and five kinds of pedal support, depending on the product.

Competitive Landscape

With a number of startups and companies such as Hero Cycles, GoZero, Being Human, and Giant Bicycles Co. Ltd., the India e-bike market is moderately fragmented. Advanced battery technology, lightweight materials, and increased investments in R&D are driving the market. Major global e-bike manufacturers are expanding their market reach in India, and local companies are launching new models.

Recent Developments

In February 2022, Hero Cycles Ltd launched a Lectro's experience center to meet customers' requirements and to display the company's products. Buyers will be able to compare e-bikes based on their capabilities. It includes topics, such as transportation, exercise, and adventure. Customers can try out various Hero Lectro e-cycle models in the store's test-ride section. In December 2021, Firefox Bikes announced plans to expand its e-bike range in India to increase the localization of e-bike production, broaden its customer base and capitalize on the growing demand for entry-level premium bikes. Hero Lectro Cargo (HLC) and Swiggy, an on-demand delivery platform, partnered in August 2021 to test the deployment of cargo e-bikes for the use case of last-mile food delivery in Hyderabad with Hero Lectro WINN, where delivery partners made the food deliveries on the cargo e-bikes.

Scope of the Report

By Application

• Cargo
• Trekking

 By Propulsion Type

•  Pedal Assist
•  Throttle

By Battery Type

•  Lead Acid
•  Lithium-Ion
•  Nickel Metal Hydride
•  Others

By Region

•  North India
•  East India
•  West India
•  South India

1. Research Framework
   1. Research Objective
   2. Product Overview
   3. Market Segmentation
2. Research Methodology
   1. Qualitative Research
      1. Primary & Secondary Research
   2. Quantitative Research
   3. Market Breakdown & Data Triangulation
      1. Secondary Research
      2. Primary Research
   4. Breakdown of Primary Research Respondents, By Region
   5. Assumption & Limitation
3. Executive Summary
4. India Electric Bicycle Market Insights
   1. Industry Value Chain Analysis
   2. DROC Analysis
      1. Growth Drivers
      2. Restraints
      3. Opportunities
      4. Challenges
   3. Technological Advancement/Recent Development
   4. Regulatory Framework
   5. Porter’s Five Forces Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. Threat of New Entrants
      4. Threat of Substitutes
      5. Intensity of Rivalry
5. India Electric Bicycle Market Overview
   1. Market Size & Forecast by Value, 2018–2028
      1. By Value (USD Million)
      2. By Volume (Thousand Units)
   2. Market Share & Forecast
      1. By Propulsion Type
         1. Pedal Assist
         2. Throttle
      2. By Battery Type
         1. Lead Acid
         2. Lithium-Ion
         3. Nickel Metal Hydride
         4. Others
      3. By Region
         1. North India
         2. East India
         3. West India
         4. South India
6. Competitive Landscape
   1. List of Key Players and Their Offerings
   2. Market Share Analysis, 2021
   3. Competitive Benchmarking, By Operating Parameters
   4. Key Strategic Development (Merger, Acquisition, Partnership.)
7. Impact of COVID-19 on India Electric Bicycle Market
8. Company Profile (Company Overview, Financial Matrix, Competitive landscape, Key Personnel, Key Competitors, Contact Address, and Strategic Outlook) **
   1. Hero cycles
   2. GoZero
   3. Being Human
   4. Giant Bicycles Co. Ltd.
   5. Mahindra & Mahindra Ltd.
   6. Other Prominent Players
9. Key Strategic Recommendations

*Financial information in case of non-listed companies will be provided as per availability

**The segmentation and the companies are subjected to modifications based on in-depth secondary for the final deliverable

List of figures

Figure 1: India Electric Bicycle Market Segmentation

Figure 2: India Electric Bicycle Industry Value Chain Analysis

Figure 3: India Electric Bicycle Market Size, By Value (USD Million), 2018–2028

Figure 4: India Electric Bicycle Market Size, By Volume (Thousand Units), 2018–2028

Figure 5: India Electric Bicycle Market Share (%), By Propulsion Type, By Value, 2018–2028

Figure 6: India Electric Bicycle Market Share (%), By Propulsion Type, By Volume, 2018–2028

Figure 7: India Electric Bicycle Market Share (%), By Battery Type, By Value, 2018–2028

Figure 8: India Electric Bicycle Market Share (%), By Battery Type, By Volume, 2018–2028

Figure 9: India Electric Bicycle Market Share (%), By Region, By Value, 2018–2028

Figure 10: India Electric Bicycle Market Share (%), By Region, By Volume, 2018–2028

List of Tables

Table 1: India Electric Bicycle Market Size, By Propulsion Type, By Value (USD Million), 2018–2028

Table 2: India Electric Bicycle Market Size, By Propulsion Type, By Volume (Thousand Units), 2018–2028

Table 3: India Electric Bicycle Market Size, By Battery Type, By Value (USD Million), 2018–2028

Table 4: India Electric Bicycle Market Size, By Battery Type, By Volume (Thousand Units), 2018–2028

Table 5: India Electric Bicycle Market Size, By Region, By Value (USD Million), 2018–2028

Table 6: India Electric Bicycle Market Size, By Region, By Volume (Thousand Units), 2018–2028

Table 7: Hero Cycles Company Overview

Table 8: Hero Cycles Financial Overview

Table 9: GoZero Company Overview

Table 10: GoZero Financial Overview

Table 11: Being Human Company Overview

Table 12: Being Human GmbH Financial Overview

Table 13: Giant Bicycles Co. Ltd. Company Overview

Table 14: Giant Bicycles Co. Ltd. Financial Overview

Table 15: Mahindra & Mahindra Ltd. Company Overview

Table 16: Mahindra & Mahindra Ltd. Financial Overview