Market Trends of india e-bike Industry
India's E-Bike adoption rates, though starting from a low base, show a consistent increase, indicating a growing market potential.
- The use of e-bikes has become increasingly popular in India over the past few years. Additionally, growing public awareness of the health benefits of cycling, increasing traffic congestion in India during rush hours, and expanding government initiatives to support e-bike adoption are all contributing to the country's e-bike adoption. Also, fuel expenditures and lower maintenance costs sped up the adoption rate of e-bikes among Indians to 0.10% in 2019 over 2018.
- The spreading of COVID cases and growth in the wave affected the bicycle business positively. Factors such as not using public or rented transportation to maintain social distancing have changed the commuting methods of the consumer, further encouraging people to invest in e-bikes, as it is one of the convenient and price-friendly options over other modes of commuting daily to offices and nearby places. Such factors accelerated the adoption rate by 0.60% in 2022 over 2021 across the country.
- E-bike adoption has increased with the return of commercial operations and the lifting of trade barriers of lockdown. The country's import and export activities have improved as a result of the removal of trade restrictions. The adoption rate for e-bikes is anticipated to increase to 5.00% in 2029 from 0.60% in 2022 as a result of customer attraction to e-bikes due to their features and advantages, such as fuel saving and time-saving.
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India shows a steady increase in the percentage of population commuting 5-15 km daily, indicating evolving travel distances.
- People in various cities have embraced the bicycle culture, and the demand for bicycles in India has increased over the past few years. However, commuter travel of 5-15 kilometers is still relatively low compared to other modes of transportation, as most people prefer to travel via various modes such as two-wheelers and public transportation. Less than 5% of the population chose to commute via bicycles to nearby places within 5-15 kilometers in 2019. However, in 2020, traveling between 5 and 15 kilometers increased as many people started exercising and using bicycles to travel to nearby marketplaces for buying essentials during the lockdown. Such factors increased the demand for bicycles in India in 2020 over 2019.
- The pandemic had a significant and beneficial impact on the Indian bicycle market. More Indians walked or cycled instead of using public transportation to nearby places. The introduction of e-bikes with advanced features and longer battery lives also encouraged people to choose bicycles for exercising and recreational weekend activities, which further increased the number of commuters traveling 5-15 kilometers in India in 2021 over 2020.
- People developed the habit of using bicycles to commute to nearby places. Currently, many people travel daily by bicycle within a radius of 5-15 kilometers to get to various places such as local markets. Due to the increased health advantages, carbon-free commutes, and time savings from avoiding traffic bottlenecks, more people are choosing to commute by bicycle. These factors are expected to increase commuter travel between 5 and 15 kilometers in India during the forecast period.
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OTHER KEY INDUSTRY TRENDS COVERED IN THE REPORT
- Post-2018, India's bicycle sales show recovery and steady growth, indicating a resilient market with growing demand.
- India's inflation rates indicate a peak in 2022, followed by a trend towards stabilization, reflecting responsive economic policies.
- India's e-bike battery prices are decreasing significantly, reflecting rapid market expansion and technological advancements.
- India's steady increase in dedicated bicycle lanes reflects a growing awareness and initiative towards promoting cycling for health and environmental benefits.
- The charging time for E-bikes in India is consistently reducing, indicating progress in charging infrastructure and battery technology.
- India's GDP per capita shows a steady upward trend, indicating consistent economic growth and development.
- India's bicycle rental market is experiencing explosive growth, significantly multiplying its value and highlighting a rapidly expanding sector.
- India's hyper-local delivery sector is experiencing significant growth, suggesting a rapid integration of localized digital services within consumer habits.
- India's significant and steady increase in trekker numbers reflects a growing interest in outdoor activities and exploration of its diverse natural landscapes.
- India's Traffic Congestion Index is high but slightly decreasing, indicating persistent congestion with marginal improvements over time.
