Summary
Explore the India Electric Bike Market size at 504.50 Th units in 2023, projected to reach 4,042.22 Th units by 2029, with demand analysis, industry outlook, trends and forecast.
Market Overview
India Electric Bike Market Overview
The India electric bike market was sized at 504.50 Th units in 2023 and is projected to expand rapidly, reaching 4,042.22 Th units by 2029, at a CAGR of 48.90% over the forecast period (2022–2029). This growth is being driven by rising environmental awareness, lower operating costs versus fuel-based vehicles, ongoing charging infrastructure development, and increasing collaborations and partnerships aimed at scaling production. However, the market continues to face structural constraints, including inadequate charging infrastructure, high upfront purchase costs, battery technology challenges, and market fragmentation, which can slow adoption and create uneven customer experience across regions.
India Electric Bike Market Definition
India Electric Bike Market Definition: The market size has been defined based on the total units manufactured and sold domestically of all types of electric bike forms such as Electric scooters and Electric motorcycles. The market provided market size in thousand (‘000) Units. The report has included companies such as Electrothermal (India) Limited, Wardwizard Innovations & Mobility Limited, Ampere Vehicles Private Limited Ather Energy Private Limited, Hero Electric Vehicles Private Limited, Ola Electric Mobility Private, and Limited Tork Motors Private Limited NDS Eco Motors Private Limited.
Taxonomy
India Electric Bike Market Ecosystem
India Electric Bikes Market Size (in ‘000 Th units), 2016-2022
India sold 231 Th units of electric bikes in 2022, and the market delivered strong momentum across the 2018–2023 historical period, supported significantly by government initiatives such as the FAME-II scheme. Going forward, the expansion of India’s electric bike market is expected to accelerate further as policy support continues to encourage local manufacturing and drive wider adoption of electric two-wheelers nationwide. From a sustainability lens, this shift is material because two-wheelers contribute ~75% of total vehicle emissions in India, and electric bikes offer a cleaner alternative for a large commuter base that relies heavily on two-wheelers for daily mobility. However, the market still faces a key structural constraint—the lack of adequate charging infrastructure, which remains a critical barrier to faster adoption. Competitive intensity is also rising, with multiple players competing aggressively for share. This growth is visible in scooter demand trends: high-speed scooter sales rose sharply to 142,829 units in 2021 from 27,206 in 2020, while low-speed scooter sales increased from 73,529 units in 2020 to 91,142 units in 2021, highlighting broad-based category expansion across both performance segments.
Market Analysis of India Electric Market
India Electric Bike Future Market Size
In 2029 Indian Electric Bike market size is expected to reach 4042.22 Th units compared to 504.50 Th units in 2023, During the period (2022-2029). The market is expected to grow by 49.90 % between 2023 to 2029. The Electric Bike market is expected to maintain constant growth during the forecasted period as the market is estimated to reach 929.56 Th units in 2024 followed by 1453.24 Th units in 2025 and 1924.64 Th units in 2026. The market will reach 2464.75 Th units in 2027 followed by 3156.43 Th units in 2028.
India Electric Bike Market Players Profile
| Company Name | Establishment year | Description |
|---|---|---|
Electrotherm (India) Limited | 1986 | Electrotherm (India) Limited, incorporated in 1986, is headquartered in Ahmedabad. It offers electronic furnace, ferrous and non-ferrous bars, sponge and pig iron, duct iron pipes, and battery-operated vehicles in India and the global market. The company, commonly known as EIL or ET, sells electric bikes and scooters, with an installed capacity of ~2,50,000 units per annum, through the YOBykes brand. |
Wardwizard Innovations & Mobility Limited | 1982 | Wardwizard Innovation and Mobility Limited core business are electric vehicles under the brand Joy e-bike and smart home appliances under Vyom Innovation. The company got listed under BSE and renamed Wardwizard Innovation and Mobility Limited, becoming the first listed entity on BSE with its core business in the electric vehicle segment in June 2020. |
Ampere Vehicles Private Limited | 2008 | Ampere Vehicles Private Limited, incorporated in 2008 and headquartered in Coimbatore, Tamil Nadu, manufactures and sells electric bikes in India. The company operates as an independent subsidiary of Greaves Cotton Limited. It sells its products under the brand names ‘Bobo,’ ‘Angel,’ ‘Prince,’ and ‘V60’ in Karnataka, Tamil Nadu, and Andhra Pradesh |
Ather Energy Private Limited | 2013 | Ather Energy Private Limited, headquartered in Bengaluru, Karnataka, engages itself in designing, manufacturing, and marketing electric scooters. The company offers its products on a pre-order basis across Bengaluru, Chennai, and Pune. Ather Energy Private Limited is backed by investors such as Flipkart Co-founder Sachin Bansal, Hero MotoCorp, and Tiger Global. |
Hero Electric Vehicles Private Limited | 2010 | Hero Electric Vehicles Private Limited is engaged in manufacturing lithium-ion battery Vehicles. The company manufactures and retails electric bikes and electric scooters in India and abroad. As of 2020, the firm had a production capacity of ~5,00,000 units per annum. |
NDS Eco Motors Private Limited | 2015 | NDS Eco Motors Private Limited, incorporated in 2015 and headquartered in Bengaluru, Karnataka manufactures electric scooters. The company offers electric scooters under the model names Lio, Lio+, and Alfa. The firm’s products are FAME-compliant and customers can buy the company’s products at subsidized prices. |
Okinawa Autotech Private Limited | 2015 | The company has two categories of products – lithium-ion high speed and lithium-ion low speed, which include Praise Pro, IPraise+, Ridge+, Okinawa R30, LITE, Dual 28AH, Dual 35AH, and Dual 55AH. Its manufacturing facilities are located in Bhiwadi and Rajasthan. Okinawa Autotech Private Limited has a target to reach 500 dealerships around the country by the end of FY 2021. |
India Electric Bike Market Macro-Economic Indicators
India's population was estimated at 1437 million in 2023, increasing by 30 million from 1407 million in 2021. By the end of 2025, India's population is predicted to reach 1500 million.
In the year 2020, The population between the 25-49 age group is the largest age group (36.40%) in India followed by 0-14 (26.40%), 50+ (19.40%), and 15-24 (18%).
In 2023, India's GDP was valued at USD 3732 billion compared to USD 2710 billion in 2018. The country’s GDP is expected to reach 5000 billion by the end of 2025.
In 2023, India’s Inflation rate stands at 5.66 % an increase of approximately 2.5% from the 2018 inflation rate of 3.94%. During the COVID-19 pandemic in 2020, the inflation rate in India surged unexpectedly to 6.62% from 3.72% in 2019
As of 2023, India comprises of majority of the middle-class population which is 57% of the total population of India. After the middle class comes the lower-class category which comprises 33% of the total population of India. The remaining 10% of the population belongs to a high-income class.
Frequent Asked Questions
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