The market for electric bicycles in the world is booming. People are turning to these eco-friendly bikes to reduce vehicle emissions and dependence on fossil fuels. These electric bikes also offer many health benefits and are easy to use at a time when fuel prices are skyrocketing.

In India, the electric bicycle market is still in its infancy, but several local players have entered the segment, providing customers with multiple choices.

According to a report by Mordor Intelligence, the electric bicycle market in India was valued at US $ 1.02 million in 2020 and is expected to reach US $ 2.08 million by 2026, projecting a compound annual growth rate of 12 , 69% during the forecast period. (2021-2026).

In this way, electric bicycles provide both the pleasure of cycling and the suitability of an automobile. In addition, electric bikes allow consumers to navigate rough terrain.

Electric bikes have three main components:

Electric Motor: This motor provides torque when you pedal.

Battery: This battery runs the engine. Ideally, a fully charged battery provides five to six hours of e-bike riding.

Sensor: The sensor propels the motor once you start pedaling, providing driving assistance.

There is no doubt that e-bikes are a great environmentally friendly form of transportation. In a country like India, where two-wheelers account for up to 75% of vehicle pollution, greater adoption of e-bikes will significantly reduce carbon emissions.

However, the e-bike market is growing quite slowly in India due to many factors: lack of bicycle lanes, lack of charging infrastructure and upfront cost. At present, the average price of an electric bicycle is the same as that of a basic scooter in India. Thus, customers prefer scooters to electric bikes. The price of electric bikes in India ranges from Rs 20,000 to Rs 3 lakh.

In addition, electric bicycle technology continues to evolve. And for those who have to travel long distances every day, e-bikes are not a viable option.

Despite a host of factors hampering e-bike sales, they continue to excite customers and it is widely believed that these bikes would become the most popular mode of private transportation in the years to come.

Also in India, several players are innovating in the segment. For example, Hero Cycles invests heavily in research and development as well as in the localization of critical components of electric bikes.

In the past two years, many electric electric bicycles have become available in the Indian market. These include – Hero Lectro, the Skellig series from GoZero Mobility, the new Civante Class 3 from Yamaha, Zadd Bikes, Being Human and others. These bikes offer greater speed and longer range on a single charge.

In addition, several states are implementing incentives and subsidies to reduce the cost of e-bikes as well as the cost of changing batteries.

The recently announced Production Incentive Program (PLI) aims to boost the manufacturing of electric vehicles. As part of this program, the Center will support greenfield (new businesses being created) and brownfield (businesses already in operation) investments.

Are Electric Bikes Worth Your Money?

An electric bicycle is certainly a great investment and not just for environmental reasons. E-bikes are easy to ride and offer great value for money in the long run. However, the decision to buy an electric bike should largely depend on your needs.