Electric Bicycles - India

India

In 2024, revenue in the Electric Bicycles market in India is forecasted to reach €214.90m.
The revenue is anticipated to demonstrate an annual growth rate (CAGR 2024-2029) of 29.07%, leading to a projected market volume of €769.70m by 2029.
By 2029, unit sales in the Electric Bicycles market in India are expected to reach 911.60k bicycles.
The volume weighted average price of Electric Bicycles market in India's market in 2024 is expected to be €0.75k.
Looking at the international perspective, it is evident that the highest revenue will be generated China (€10,720m in 2024).
In India, the Electric Bicycles market is witnessing a demand due to increasing environmental awareness and a growing preference for eco-friendly transportation options.

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Analyst Opinion

The Electric Bicycles Market in India is witnessing a remarkable growth rate, propelled by factors like rising environmental consciousness, increasing traffic congestion, and the convenience of electric bikes. This trend is expected to continue as more consumers turn to eco-friendly and cost-effective transportation options.

Customer preferences: As electric bicycles gain popularity in India, there is a growing demand for eco-friendly transportation options. This shift towards sustainable mobility is driven by consumers' increasing concern for the environment and a desire for cleaner air in densely populated cities. Additionally, rising fuel costs and traffic congestion are also contributing to the preference for electric bicycles as a convenient and cost-effective mode of transportation.

Trends in the market: In India, the Electric Bicycles Market within the Bicycles Market is experiencing a surge in demand due to the rising awareness of environmental sustainability and the need for alternative modes of transportation. This trend is expected to continue as the government promotes the use of electric vehicles through subsidies and incentives. Additionally, the emergence of electric bike-sharing services in major cities is further driving the growth of this market. Industry stakeholders have the opportunity to capitalize on this trend by investing in research and development to improve battery technology and expand their product offerings. However, they also face challenges such as high initial costs and limited charging infrastructure.

Local special circumstances: In India, the Electric Bicycles Market is experiencing a surge in demand due to the country's high population density and traffic congestion. Additionally, the government's push for eco-friendly transportation options has led to favorable policies and subsidies for electric bicycles. The cultural preference for two-wheelers as a mode of transportation also contributes to the market growth. However, the lack of proper infrastructure and charging facilities pose a challenge to the market.

Underlying macroeconomic factors: The electric bicycles market in India is greatly impacted by macroeconomic factors such as government policies, economic growth, and technological advancements. With the Indian government's push towards reducing carbon emissions and promoting eco-friendly transportation, the demand for electric bicycles is expected to rise. Additionally, the country's rapid economic growth and increasing disposable income have led to a rise in consumer spending on leisure and recreational activities, driving the demand for electric bicycles. Technological advancements in battery technology and the growing trend of e-mobility are also contributing to the growth of the electric bicycles market in India.

Methodology

Data coverage:

The data encompasses B2C enterprises. Figures are based on the sales of electric bicycles and the respective average prices for bicycles.

Modeling approach:

Market sizes are determined through a Bottom-Up approach, building on specific predefined factors for each market. As a basis for evaluating markets, we use publications of industry associations, expert blogs, and data provided by governments and scientific institutions. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, population, and consumer spending per capita (based on current prices). This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the ARIMA time series forecast and forecasts based on previous growth rates are well suited for forecasting the future demand for bicycles due to the brick and mortar nature of this market. The main drivers are GDP, consumer spending per capita, and population.

Additional notes:

The data is modeled using current exchange rates. The market is updated once a year. In some cases, the data is updated on an ad hoc basis (e.g., when new, relevant data has been released or significant changes within the market have an impact on the projected development).