# India Electric Bike (Over the Count) Market (2023-2029) --- ## Report Summary Explore the India Electric Bike Market size, forecast, growth drivers and industry outlook comprehensively across 2020-2031 period. --- ## India Electric Bike Market Table of Content Table of Content - 1. Executive Summary - 1.1. Executive Summary: India Electric Bike market - 2. Country Profile: India - 2.1. India Country Overview - 2.2. Population Analysis, 2022 - 2.3. Inflation Rate, 2022 - 2.4. Urbanization, 2022 - 3. India Electric Bike Market Overview and Sizing - 3.1. Ecosystem of Major Entities Operating in the India Electric Bike Market - 3.2. Value Chain of the Electric Bike Market in India - 3.3. Popular Revenue Models in India Electric Bike Market - 3.4. India Electric Bike Market Size in (000 Th Units), 2017-2022 - 3.5. India Electric Bike Market Revenue Segmentation by Product Type, (in %), 2022 - 3.6. India Electric Bike Market Revenue Segmentation by Distribution Channel, (in %), 2022 - 4. Snapshot of India Electric Bike Market - 4.1. Ecosystem and Overview of the Electric Bike Market in India - 4.2. Market Size of Electric Bike Market, By Volume (000 Th Units), 2017-2022 - 4.3. India Electric Bike Market by Type of Product, (in %), 2022 - 4.4. India Electric Bike Market by Type of Distribution Channel, (in %), 2022 - 4.5. Competition Framework- India Electric Bike Market - 5. Industry Analysis - 5.1. SWOT Analysis of the Electric Bike Market in India - 5.2. Trends and Development in India Electric Bike Market - 5.3. Growth Drivers in India Electric Bike Market - 5.4. Issues and Challenges in India Electric Bike Market - 5.5. Government Initiatives - 5.6. Major Regulatory Bodies in India Electric Bike Market - 6. Future Outlook - 6.1. India Electric Bike Market Size by Revenue (USD Mn), 2022-2029 - 6.2. India Electric Bike Market by Volume (000 Th Units), 2022-2029 - 7. Analyst Recommendations - 8. Research Methodology - 9. Disclaimer - 10. Contact Us --- ## India Electric Bike Market Overview India Electric Bike Market Highlights 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. *The size of the India electric bike market stands at 504.50 Th units in 2023.* --- ## India Electric Bike Market Definition ### 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 | ID | Parent ID | Label | | --- | --- | --- | | 1 | | India Two-Wheeler Market | | 2 | 1 | Electric Two-Wheelers/Bikes | | 3 | 2 | By Product Type | | 4 | 3 | Electric Scooters | | 5 | 3 | Electric Motorcycles | | 6 | 2 | By Battery Type | | 7 | 6 | Lead Acid | | 8 | 6 | Lithium-ion | | 9 | 2 | By Motor Placement | | 10 | 9 | Hub Type | | 11 | 9 | Chassis Mounted | | 12 | 2 | By Voltage Capacity | | 13 | 12 | 48 – 59 volts | | 14 | 12 | 60 – 72 volts | | 15 | 12 | 73 – 96 volts | | 16 | 12 | Above 96 volts | | 17 | 1 | Non-electric Two Wheelers | | 18 | 17 | Mopeds | | 19 | 17 | Motorcycles | | 20 | 17 | Scooters | --- ## India Electric Bike Market Ecosystem ### Market Ecosystem **Ecosystem of India Electric Bike Market** The India Electric Vehicle Industry is progressing significantly and is expected to cross the USD 40 billion mark by the end of 2028. The India electric bike market is an important segment of the overall India EV industry growing at a CAGR of 48.90% CAGR between 2023-2029. Some of the prominent companies operating in the India electric bike market are Electrothermal (India) Limited, Wardwizard Innovations & Mobility Limited, Ampere Vehicles Private Limited Ather Energy Private Limited, Hero Electric Vehicles Private Limited, Ola Electric Mobility Private Limited, Tork Motors Private Limited, and NDS Eco Motors Private Limited Market. The electric bike industry in India is a broad ecosystem that encompasses other well-known industries including producers of electric batteries, charging firms, and industry partners. It also includes government regulating agencies including the National Electrical Mobility Mission, the Ministry of Power (MoP), the Central Electrical Authority (CEA), and the Bureau of Energy Efficiency (BEE). --- ## 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 Market Government Initiatives **FAME** Faster Adoption and Manufacturing of (Hybrid &) Electric Vehicles in India (FAME India) Scheme Phase-II was launched by the government in 2019 for a period of five years (2019-2023) under a budget of RS 10,000. The scheme aims to support the electrification of public and shared transportation in India. Under the scheme, the GoI aims to develop 10 lakh e-2 wheelers alongside 7090 e-buses, 5 lakh e-3 wheelers, and 55000 e-4 wheeler passenger cars. Additionally, the scheme will also develop the charging infrastructure in the country **Niti Aayog’s proposal for complete electrification of two-wheelers** The government instructed the Parliament think tank Niti Aayog that all two-wheelers with a displacement capacity under 150 cc have to be electrified by March 2025. The government is anticipated to triple the potential electricity demand for new sets of electrified vehicles by 2040, according to Niti Aayog's energy policy report. The plan was unveiled during a summit hosted by Niti Aayog that brought together major automakers and producers of electric vehicles. Senior representatives from two-wheeler manufacturers were present at the conference. These included the president and managing director of Honda Motorcycle and Scooter India, TVS Motor Company's chairman, and Bajaj Auto Limited's managing director. **Positive impacts** The policy, mandated by the government think tank, aims to ensure a swift transition of the automotive industry toward electric mobility. The era of electric bikes has reduced the nation's fuel import bill. India is reliant on the import of fuel and combustion engines for internal combustion engine (ICE) two-wheelers. Niti Aayog estimates that if electric bikes are used, India's oil import bill could be lowered by INR ~1,200 billion in five to seven years. Since electric two-wheelers run on batteries that are charged locally, they are expected to lower import bills and increase self-sufficiency. By replacing conventional two-wheelers with electric bikes, pollutants like hydrocarbons (HC), carbon oxide (CO), and oxides of nitrogen will be released. **Challenge** Following their full electrification, the government plans to prohibit the usage of fuel-powered two-wheelers by 2025. However, there are significant obstacles to this idea. The lack of faster product development across segments makes it doubtful whether India's two-wheeler market will be electrified by 2025. The adoption of electric two-wheelers is hampered by low mileage, expensive vehicle costs, and a lack of adequate charging infrastructure ### Growth Drivers of India Electric Bike Market **Improved awareness of environmental issues** Scooters and motorbikes are examples of conventional two-wheelers that run on Bharat Stage (BS)-IV gasoline rather than CNG. Black smoke and other dangerous pollutants are produced and released by BS-IV petrol-powered automobiles, endangering the environment. About 30% of air pollution is caused by two-wheelers powered by BS-IV gasoline, which releases pollutants like hydrocarbons (HC), carbon oxide (CO), and oxides of nitrogen (NOx) in addition to black smoke. According to reports, the Centre for Science and Environment (CSE) emphasized that two of the most significant environmental risks contributing to the nation's excessive air pollution are bikes and scooters. Since electric bikes produce no motor noise and no smoke into the atmosphere, they are considered environmentally friendly options. **Lower operating costs than fuel-run vehicles** Electric bikes operate on batteries and have much lower charging costs than fuel-driven bikes. The average cost of operating an electric bike is around 10 for 70 km. The cost of operating a vehicle varies depending on road conditions and petrol prices. The value of operating an electric bike is lower than that of its fuel-driven counterparts with similar performance. Operating a fuel-powered two-wheeler costs around INR 102.2 for 70 km (with an average petrol price of INR 73 per litre). The enormous operational cost savings should encourage the domestic market's adoption of electric automobiles. **Charging Infrastructure Development** The rising acceptance of electric bikes has been helped by the development of the infrastructure for charging, particularly the placement of charging stations in urban and peri-urban regions, which reduces the range anxiety of EV vehicle users. Maharashtra, Tamil Nadu, and Gujrat are the three major states with the highest number of charging stations. ### Challenges of the India Electric Bike Market **Lack of proper charging infrastructure** Charging Stations in India have increased significantly in the last few years, However, still the overall number of EV charging stations in India remains on the lower side. By 2030, EV vehicles will comprise 30% of the new private vehicle registrations amounting to 8 crores of EVs. To support this dramatic development in the EV industry, India requires a ratio of 1 station per 20 vehicles. Overall, India will need 39 Lakh public and semi-public charging stations. However, at the moment, the current ratio in India is approx. 1 charging station per 135 EVs which is even lower than the global ratio of 1 Charging station per 5-20 EVs. **High Initial Cost** When it comes to the initial cost of purchasing a vehicle, electric two-wheelers are more expensive than one with fuel engines. Many economic consumers are discouraged by costs that are two or three times higher. Government incentives and subsidies aid in closing the gap, but they might not be sufficient to persuade everyone. The average price for buying a fuel-engine two-wheeler bike in India is approximately 40,000-50,000 compared to 1.25 Lakh-1.40 Lakh of electric two-wheeler bike. This huge difference is one of the major obstacles that the market is following at the moment. However, with the growing trend and increasing production of EV vehicles in India along with government initiatives, the prices are expected to fall in the forecasted period. **Battery Technology Challenges** One of the main concerns of prospective owners of electric bikes is range anxiety. The travel distance on a single charge is limited by current battery technology and frequently falls short of the range provided by fuel bikes. Furthermore, long-term usage is impacted by continuous range reduction caused by battery degradation. On average, an electric bike can travel around 120 Km on a single charge depending upon the battery type. Two types of batteries are used in electric bikes including Lead acid and Lithium-ion. India’s dependence on other countries for lithium-ion is also one of the reasons behind the lack of innovative technology in EV bikes. **Market Fragmentation** Established competitors and leading brands are absent from the Indian electric bike industry. The dispersed landscape created by numerous small companies makes it challenging for customers to select dependable solutions. Additionally, this fragmentation prevents economies of scale, which could raise production costs and product pricing. The market needs more established brands like OLA, Okinawa, Hero Electricals, Ampler, and others to make the industry more segmented and competitive. The arrival of new brands will offer new products and will assist in the reduction of product pricing. ### Recent Developments India's Electric Bikes Industry In September 2022, the selected e-bike for the NAMO Kisan Panchayat Program is Greta Electric Scooters, a fully owned electric mobility business of Raj Electro motives Pvt. Ltd. According to the conditions of the contract, the e-bikes must be made available in all 16,000 villages in the state. In Gandhinagar, Gujarat, 182 Greta Electric Scooters were designated for the initiative. The current owners of LML are finalizing plans to start selling electric two-wheelers in the European Union next year. SG Corporate Mobility, the company that bought the LML model, intends to launch three products in 2023 which include an electric scooter, an e-bike, and a hyperbike. LML is set to enter the overseas market in a completely new avatar. Although India may get the first two goods, the United States and the European Union will probably be the main target markets. The companies will build charging infrastructure for two-wheeled electric vehicles (EVs) across the nation, accelerating the transition of mass mobility to an electrified future. Hero MotoCorp of India and Hindustan Petroleum Corporation Limited, a state-run oil refiner and marketer, have partnered to establish charging infrastructure for EVs in the nation. The companies will first establish charging stations in select cities before expanding to other key markets to develop a high-density EV charging station network. --- ## India Electric Bike Market Players Profile | Year | Company | Description | | --- | --- | --- | | 1986 | Electrotherm (India) Limited | 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. | | 1982 | Wardwizard Innovations & Mobility Limited | 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. | | 2008 | Ampere Vehicles Private Limited | 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 | | 2013 | Ather Energy Private Limited | 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. | | 2010 | Hero Electric Vehicles Private Limited | 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. | | 2015 | NDS Eco Motors Private Limited | 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. | | 2015 | Okinawa Autotech Private Limited | 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 Future Market Size ### India Electric Bike Future Market Size (in ‘000 Th), 2023-2029 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 Macro-Economic Indicators ### India Size of Population, (In Million), 2017-2023 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. ### Population Based on Age Group in India, (in %), 2010-2025 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%). ### India's GDP, (In USD Bn), 2017-2023 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. ### India Inflation Rate, (In %), 2017-2023 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 ### Population of India by Income Class, (in %), 2023 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 Find quick answers to common questions about the India Electric Bike Market **Q: How big is the India Electric Bike Market?** A: The India Electric Bike market reached a market valuation of 504.50 Th units in 2023. **Q: What is the future of the India Electric Bike Market?** A: The India Electric Bike Market is expected to reach 4042.22 Th units in the forecasted period of 2023-2029 with a CAGR of 48.90%. **Q: Who are the key players in the India Electric Bike market?** A: Ampere Vehicles Private Limited, Ather Energy Private Limited, Hero Electric Vehicles Private Limited, Ola Electric Mobility Private Limited, Tork Motors Private Limited, and NDS Eco Motors Private Limited Market are some of the prominent companies operating in the India Electric Bike market. **Q: What are the growth drivers of the India Electric Bike market?** A: Improved awareness of environmental issues, Lower operating costs than fuel-run vehicles, Charging Infrastructure Development, and Collaborations and Partnerships are the major growth drivers of the India Electric Bike market.