Electric Bikes Market in India 2024 – 2028

Electric Bikes Market in India 2024 – 2028

Electric bikes are now a prevalent means of daily transportation for urban professionals and everyday commuters. In India, electric two-wheelers, encompassing electric scooters and electric motorcycles, are readily accessible.

Market insights:

In FY 2023, 7,28,054 electric bikes were sold in India. It is expected to reach 88,95,943 units in FY 2028, expanding at a compound annual growth rate (CAGR) of ~53.29% during the FY 2024 – FY 2028 forecast period. Initiatives by the government aimed at fostering domestic manufacturing and promoting the uptake of electric two-wheelers are anticipated to propel the expansion of the electric bikes market in India. Nationwide sales are experiencing an upswing due to the increasing availability of e-bikes, both through online and offline channels. Major market players in India are channelling significant investments into research and development endeavours, with a focus on elevating product quality.

Market drivers:

Electric bikes serve as environmentally friendly options, as they produce no emissions and operate silently without generating motor noise. Consequently, environmental sustainability emerges as a significant factor anticipated to drive the market. The operational cost of electric bikes is lower compared to their fuel-powered counterparts, all while delivering a comparable level of performance. These bikes rely on batteries, resulting in significantly reduced charging expenses compared to their fuel-driven counterparts.

Market challenges:

In India, especially in semi-urban and rural regions, there is insufficient charging infrastructure for electric bikes. The constrained range for traveling extended distances on a single charge poses a challenge to the versatility of electric bikes, particularly for users who depend on extended range capabilities for their daily commutes. Unlike vehicles that can refuel at gas stations, there is presently no standardized infrastructure for charging electric bikes.