India E-bike Market to Reach US$ 2,917.4 Million by 2032, Impelled by Growing Emphasis on Promoting Electric Mobility

August 23, 2023 | Automotive Industry

According to the latest report by IMARC Group, titled “India E-bike Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032,” the India e-bike market size reached US$ 1,178.0 Million in 2023. An E-Bike, or electric bike, is a bicycle equipped with an electric motor and a rechargeable battery. They offer a greener and more sustainable alternative to traditional gasoline-powered vehicles, making them an attractive choice for environmentally conscious commuters and businesses. They are designed to be versatile and adaptable, with various models catering to different needs and preferences. E-bikes are available as city bikes, mountain bikes, with foldable designs, offering flexibility for commuting, recreational rides, and even off-road adventures. The electric motor integrated into the E-bike provides power assistance to the rider, making it easier to tackle inclines, cover longer distances, and overcome physical limitations.

India E-bike Market Trends:

The growing need for sustainable and energy-efficient transportation solutions due to rapid urbanization and the surge in vehicular pollution is one of the major factors contributing to the market growth. Additionally, the increasing governmental support in promoting electric mobility through incentives, subsidies, and tax benefits has encouraged consumers to adopt e-bikes as part of their daily commute to mitigate environmental concerns, which is positively impacting the market growth. Moreover, the rising preference for e-bikes owing to the growing traffic congestion and limited parking spaces in urban centers is strengthening the market growth. In addition to this, the widespread utilization of e-bikes due to their lower operating costs compared to conventional gasoline-powered vehicles, making them economically viable for daily commuting, is providing a thrust to the market growth. Furthermore, the rising investment in electric mobility by automobile manufacturers and start-ups to tap into the growing demand for e-bikes by launching a diverse range of models with advanced features and improved battery technology is supporting the market growth. In line with this, the increasing utilization of e-bikes in various industries and businesses, such as food delivery, courier companies, tourist rentals and corporate campuses, to provide a convenient and efficient means of transportation, improving operational efficiency and reducing environmental impact is providing remunerative growth opportunities for the market. Looking forward, the market value is projected to reach US$ 2,917.4 Million by 2032, expanding at a CAGR of 10.6% during 2024-2032.

Market Summary:

Based on the propulsion type, the market has been bifurcated as pedal assisted and throttle assisted. According to the report, throttle-assisted represents the largest segment.
On the basis of the battery type, the market has been divided into lithium-ion batteries and lead-acid batteries. Among these, lithium-ion battery accounts for the largest market share.
Based on the power, the market has been bifurcated into less than and equal to 250W and above 250W.
On the basis of the application, the market has been categorized into city and urban, trekking, and cargo. Among these, city and urban accounts for the largest market share.
Region-wise, the market has been segmented into North India, West and Central India, South India, and East India. According to the report, North India is the largest market for e-bike.
The competitive landscape of the market has also been examined, with some of the key players being 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, etc.

Report Scope:

Report Features	Details
Base Year of the Analysis	2023
Historical Period	2018-2023
Forecast Period	2024-2032
Units	US$ Million
Segment Coverage	Propulsion Type, Battery Type, Power, Application, Region
Region Covered	North India, West and Central India, South India, East India
Companies Covered	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 and Trek Bicycle Corporation
Customization Scope	10% Free Customization
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India E-bike Market to Reach US$ 2,917.4 Million by 2032, Impelled by Growing Emphasis on Promoting Electric Mobility

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