Summary
The report covers the market share of Electric Cycles in India. Additionally, it provides market size, share, forecasts, trends, drivers and challenges for the Indian Electric Cycle Market in value (USD Mn)
Market Overview
India Electric Cycle Market Overview
The India electric cycle market was estimated at USD 24.0 million in 2023, rising from USD 14.1 million in 2017 at a CAGR of 9.3% during 2017–2023. By product type, pedal-assisted electric cycles accounted for the largest share of market revenue in 2023 at around 82–83%, driven by easy affordability, zero fuel cost, high commuting utility, and health benefits. By application, city or urban electric bicycles held the leading position with nearly 80% market share in India. Lithium-ion battery-operated electric cycles dominated the market with an 86–87% share, supported by their high power-to-weight ratio, strong energy efficiency, good high-temperature performance, long life, and low self-discharge. Looking ahead, the market is expected to reach USD 60.1 million by 2029, growing at a CAGR of 16.5% during 2023–2029, supported by various initiatives promoting e-bikes, including subsidies, tax benefits, and infrastructure development.
Taxonomy
India Electric Cycle Market Ecosystem
India Electric Cycle Market Size (USD Mn), 2017-2022
The Indian electric cycle market grew in revenue from USD 14.1 million in 2017 to USD 24.0 million in 2023. During the early years around 2017 and moving into 2018, demand remained limited and was largely concentrated among niche segments such as fitness enthusiasts and early adopters of green technology. The market experienced an initial negative impact during the pandemic in 2020, when revenue stood at USD 19.1 million and growth slowed to 8.5%. This was mainly due to lockdowns and supply chain disruptions, which hampered the production and manufacturing of e-bikes, leading to shortages and reduced product availability.
Industrial Analysis of India Electric Cycle Market
4. India Electric Cycle Market Segmentations, 2023
India Electric Cycle Market Segmentation by Propulsion Type (in USD Mn), 2023
Pedal-assisted electric cycles hold the highest market share at 82.5%, corresponding to a revenue of USD 19.8 million, mainly because these e-bikes are generally cheaper than speed pedelecs and throttle-assisted models due to simpler technology and lower motor power, making them more affordable for a wider audience. Speed pedelecs rank second with a 12.5% market share, amounting to roughly USD 3 million in revenue, driven primarily by demand in suburban and rural areas where higher speeds of up to 45 km/h and more powerful motors make them suitable for covering longer distances and handling inclines with ease. Throttle-assisted e-bikes represent the smallest segment of the market at just 5%, equivalent to USD 1.2 million, as they are less popular compared to pedal-assisted and speed pedelec models. In India, throttle-assisted e-bikes often fall under stricter regulations than pedal-assisted models and may be classified as mopeds or electric motorcycles, requiring licenses, registration, and insurance, which reduces their accessibility and convenience for casual users.
India Electric Cycle Market Segmentation by End-Use (in USD Mn), 2023
The city and urban usage segment dominate the Indian electric cycle market, accounting for 80% market share and USD 19.2 million in revenue in 2023, as electric cycles offer a faster and more efficient way to navigate congested urban streets and reduce commute time. India’s urban population accounted for more than 36% of the total population in 2023, reaching close to 510 million people, and is continuing to grow year on year. By 2035, the share of India’s population residing in urban areas at mid-year is expected to reach 43.2%. While the city and urban segment currently leads the market, the sports and fitness segment also holds future growth potential, accounting for 12% market share and USD 2.8 million in 2023, although the range of e-bikes specifically designed for sports and fitness remains limited in India. High-performance e-bikes also tend to be expensive, with products such as Hero Lectro mountain e-bikes costing around INR 40,000 on average, while dedicated infrastructure such as mountain bike trails for e-bikes is still scarce. The cargo delivery segment, which accounted for 8% market share and USD 1.9 million in revenue in 2023, remains at a nascent stage but presents promising opportunities for last-mile delivery and small businesses. Established players already operate in this segment, including Hero with its cargo e-bikes ICE 2W, WINN, and WINN-X priced around INR 50,000, as well as Motovolt, whose Hum model is priced between INR 33,000 and INR 45,000 and offers a load capacity of 120 kg.
India Electric Cycle Market: Future Market Size
The Indian electric cycle market is exhibiting promising growth potential and is expected to reach USD 60.1 million by 2029, rising significantly from USD 24.0 million in 2023. This reflects a strong CAGR of 16.5%, indicating a positive outlook for the industry. In Tier 1 cities, demand for e-cycles is growing faster, with sales in India increasing at a double-digit annual pace compared to previous years, and e-bicycles becoming increasingly popular in cities such as Mumbai, Delhi, Pune, and Bangalore. The market for electric cycles in India is expected to develop rapidly throughout the forecast period, supported by the entry of many companies and the rising demand for e-bicycles in last-mile delivery applications. E-cycles, especially pedelecs, may soon emerge as an ideal mode of transportation.
India Electric Cycle Market Company Profiles
| Company Name | Establishment year | Description |
|---|---|---|
Hero Lectro | 2016 | Hero Lectro, the E-cycle brand of Hero Cycles, holds the position of market leader with the broadest range of E-cycles in India's organized market, encompassing 8 variants, including both geared and non-geared cycles. It is spearheading the revolution in the personal smart e-mobility segment, a particularly pertinent endeavor in current times, addressing concerns of hygiene, personal security, physical fitness, sustainability, and affordability. |
E-Motorad | 2020 | E-Motorad (EM) is an Indian electric vehicle company on a mission to "add 'movements of fun' and 'innovation' into the lives of every human being and planet." They strive to make futuristic e-bikes accessible and affordable for a wide range of riders, from adventure seekers and daily commuters to casual riders. They offer a diverse range of e-bikes at competitive prices compared to other premium brands, aiming to make e-bikes accessible to a broader audience in India. |
Motovolt | 2019 | Motovolt is an Indian electric two-wheeler company known for its "Made in India" approach. They aim to provide reliable, efficient, and eco-friendly e-bikes at budget-friendly prices, making them accessible to a mass market. Offers a variety of e-bikes for urban commutes, catering to students, working professionals, and budget-conscious individuals seeking affordable transportation solutions. |
Cult Sport | 2018 | Cult-Sport is a niche Indian e-bike company specializing in foldable e-bikes and unique, urban-focused designs. Offer convenient, space-saving e-bikes ideal for urban commutes and storage limitations, catering to individuals seeking a practical and stylish transportation solution. |
Ninety-One Cycles | 2015 | Ninety-One Cycles is a young and ambitious Indian e-bike company offering premium, high-performance e-bikes designed for urban enthusiasts and adventure seekers. High-quality materials, innovative technology, and powerful motors, catering to riders who prioritize performance, style, and range. |
India Electric Cycle Market Macro-Economic Indicators
India’s GDP stood at USD 3.7 trillion in 2023, growing by 12.1% from the previous year’s value of USD 3.3 trillion. A growing GDP leads to higher disposable income for individuals, making e-bikes more affordable and accessible to a wider segment of the population, which in turn fuels demand and market expansion. Rising living standards are also often associated with a greater emphasis on health and fitness, making e-bikes an attractive option for both recreational activities and commuting. At the same time, India’s inflation rate stood at around 5.4% in 2023, declining from 6.6% in the previous year. When inflation remains low, the purchasing power of the rupee stays relatively stable, which can improve consumer confidence and willingness to spend, thereby supporting purchases of durable goods such as e-bikes.
India’s population stood at 1.4 billion in 2023, growing by 0.8% from the previous year. Although population growth has slowed, the total population is still expected to continue rising over the next few decades and is projected to peak at 1.7 billion by 2064. At present, the average age in India is just 29, and the country is expected to maintain a largely youthful population for the next two decades.
It is estimated that around 19% of the total investments of over INR 100 trillion were scheduled for road construction under the National Infrastructure Pipeline (NIP) scheme. Expanded and well-maintained road networks can connect previously isolated areas, making e-bikes a more viable option for longer commutes and for reaching destinations that are not easily accessible through existing infrastructure.
Frequently Asked Questions
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