As we know, India is pushing toward sustainable, budget-friendly transportation options, so electric vehicles are now in the mainstream and redefine commuting from urban to rural areas.
We have witnessed the rapidly growing trend of EVs from e-buses to e-rickshaws in recent years. In such a scene, the e-cycle also shows an important presence and has huge searches on Google.
However, a doubt that comes to everyone's mind is who is interested in this innovative bicycle: whether electric cycles would be successful in India.
I also thought about this topic and after doing research on it, whatever I found, and how will the future of e-cycle in sustainable transportation, I am sharing it in this blog.
How’s the future of e-cycle in India?
Let's discuss the future of the electric cycle based on some important aspects, that are crucial for their success in India.
Budget-friendly
Did you read the intro of this article? You notice, in the first line, the term I used for e-cycles is "budget-friendly" instead of eco-friendly. Do you know why?
When you talk about any new-age technology in India whether it's EV, no matter how beneficial it is until we see how budget-friendly it is.
Electric bicycles have some initial costs but are the cheapest EVs compared to e-scooters. It has less maintenance and saves on petrol which is the best option for short-range commuting.
Ride smoothly without getting stuck in traffic Best for students, employees, deliverymen, senior citizens, etc. These benefits make the e-cycle future brighter in India.
Eco-Friendly
Being eco-friendly in transportation gives us many benefits indirectly. It is just not about saving on fuel, it's about the future of our environment.
Zero carbon emissions means reducing air pollution, a major concern in our country. A clean environment is health-beneficial for all living beings.
Now we see awareness about a clean environment and electric vehicles in our country can be a positive sign for an e-cycle future.
Evolving Tech
Such as most innovative things have some initial challenges the e-cycles are one of them.
It is in the evolving phase most of the popular brands are investing in its R&D making it more user-friendly and trustable.
Hero Cycles, Avon Cycles, TATA Stryder, Emotorad, Outdoor91, etc. some are of the popular brands in this segment.
They are presented with several e-cycle models in the market with top-notch technology and continuously improving according to the needs of the common man. No doubt it also confirms the brighter future of e-cycles.
Brand awareness
The big players in this segment are investing in brand awareness through publicity. Recently Emotorad appointed MS Dhoni as a brand ambassador.
As we know, MS Dhoni's name is enough in India to build trust and awareness for any product or company.
I hope other e-cycle companies also move towards awareness and building trust for their products through advertising campaigns. It will help to create interest in the electric cycle to the customer and boost sales.
Government initiative
The government-supportive policies and subsidies are one of the major factors in promoting the use of EVs in India.
In 2022, the Delhi Government started an initiative to provide Rs 5500 as a subsidy for boosting the electric bicycle purchase.
Not only this, they also provided an extra Rs 2000 as a subsidy on the first one thousand e-cycles purchased.
I hope Central and other State Governments will also start such financial support initiatives to encourage consumers towards e-cycles which are quite promising for the e-cycles success in the future.
How big is the e-cycle market in India?
If you want to know the chances of success of electric cycles then it is important to understand how its market is going to be in India. The market size depends on the potential buyers of the products.
According to me the major reason for people to switch to e-mobility in India is inflating the prices of petrol, especially after COVID-19.
In the case of market size, honestly, I'm not a market expert but according to some reports from trustworthy sources, I strive to show you how it will be e-cycle market trends.
According to IMARC Group, the e-cycle market size in 2023 reached US$ 1178.0 million. They expect it to reach US$ 2,917.4 Million by 2032 with a growth rate of 10.6% during 2024-2032.
While Mordor Intelligence believes that the Indian e-cycle market size is estimated at US$ 34.98 million in 2024, and is expected to reach US$ 51.78 billion by 2029, growing at a CAGR of 8.16% during the forecast period (2024-2029).
Due to fuel prices, environmental concerns, government incentives, health benefits, evolving technology, etc., all these together make such a perfect combination which shows that the demand for e-cycles will increase consistently.
It would not be wrong to say that the market for electric cycles will be successful or to be precise shine in the near future.
Why are these e-cycles not as popular in India as expected?
Till now we discussed the benefits of the electric cycle, govt. initiative and its market trends but we noticed that despite these, it did not get as popular as expected among the people.
The major reason behind it is the initial pricing and our mindset. Do you know why I said a mindset, let me explain you.
When I heard about the e-cycle first time then eagerly searched for it on the internet. Being an Indian middle-class when I saw the price I was directly comparing it to the traditional cycle.
Most Indians do the same and make a perception in their mind "It is just like a cycle why do I pay more for it or who can pay more for it?"
It is true the initial price of e-cycles is double that of traditional cycles but do a little more research about them you get that it has only a one-time investment and long-term benefits.
I already made a detailed blog post on "Is it worth buying an electric cycle?" in which I discussed almost all necessary factors and comparisons.
But finally, now people are gradually understanding the features of e-cycle and why it costs more. It is gaining considerable popularity in tier-1 cities and it will soon reach tier-2.
My perception is if the central govt includes it in their FAME-2 scheme or starts another scheme for faster adoption of e-cycle then it will surely encourage the people more.
What are the cons of an e-cycle in India?
Knowing the cons of new innovative things before adopting them is a good practice. But it is not right to say cons in the case of the electric cycle, according to me there are some major challenges with it.
Pricing: We notice that from the initial days of launching, which is 2021-22 the major challenge faced by the e-cycle market is pricing which we discussed above.
It's one of the major challenges facing the e-cycle market from its starting period, but hopefully, as people become aware of its long-term benefits they will afford it.
Along with this, If the central and state governments will also start a subsidy or incentive schemes for the purchase of e-cycles then it works like icing on the cake.
Theft risk: Being an Indian, we know that the risk of bicycle theft exists in every city. Many times we heard the bicycle was locked but some culprit had broken the lock easily.
E-cycles are more costly than cycles, so when if it is stolen then it will hurt more. You need a safe parking area or if you have to park your e-cycle on the roadside then park carefully.
And I suggest that all brands please think about this important issue and develop a more secure locking system to prevent theft risk.
Maintainance facility: We know that it is a new age cycle that has electric components and other complex spare parts. In the case of any fault, you need to go dealer for its maintenance.
The roadside cycle mechanic cannot repair it and maybe it could be harmful to repair your e-cycle from these mechanics.
Spare-parts availability: The fourth challenge is spare parts availability. Which is not easily available in the market you have only two options, purchase online or ask for dealer to available it.
Battery replacement: The average e-cycle battery lifespan is 2-3 years. If you need to replace it then it will cost around Rs 8000 to 13000. (Pricing also depends on battery power Ah).
Let's suppose I bought an e-cycle that cost Rs 25000, and after 3 years needs battery replacement, so I think it is a bit costly deal but still it is a lithium battery.
If its lifespan is one more year then this cost will not be felt so much.
Which company is best for an electric cycle?
It is tough to say which company is the best but we discuss some big players in the Indian e-cycle market. These may have their pros and cons, which we will discuss again in another blog post.
Hero Lectro: The Hero Cycle brand we know very well from our childhood. Hero offers a variety of quality e-cycles at reasonable pricing.
EMotorad: One of the big players in this segment. EMotorad offers only a range of e-cycles with superior quality and recently MS Dhoni became a brand ambassador which is a very trustworthy factor and easily attracts the market.
TATA Stryder: The TATA Stryder offers a wide range of cycles and six models in e-cycles. The Stryder Zeeta Plus and Zeeta Max are the most popular e-cycle models. The interesting part is that pricing is also reasonable and assures that TATA will gain trust easily.
Motovolt: An Indian brand that manufactures e-cycles along with e-scooters and e-mopeds. Motovolt offers four ranges of e-cycles with good quality and good pricing. Their HUM cargo e-cycle is getting quite popular nowadays.
Geekay Eco: Geekay has the widest range of e-cycles which is known as Geekay Eco. They offer Twenty models with different colors, styles, and features which justify their price.
Toutche: The Toutche offers a limited range of models with excellent performance and maximum riding range. Their models come with advanced features a premium pricing.
Avon Cycles: It also does not need an introduction. It presents an e-cycle version, the Cyclelec Connect. But offers only two models which you can see on their official website.
These are some of the seven major players in the Indian e-cycle market and the list is still longer with more big players you can also search on your behalf.
But we can assume it is a positive sign for the future of the e-cycle market when India's major companies like Hero, emotorad, TATA, etc. are investing in this new-age bicycle.
And with time its technology will get more improve the new features will be added which is prove an e-cycle will be successful in our country.
Final Words
E-cycles are a new type of commuting option in the Indian market. Tracking this new-age bicycle's information is an important step.
So, I understand your curiosity, and with a comprehensive guide in this blog article, I strive to explain to you: Will the electric cycle be successful in India?
To better understand this query, we covered almost all closely related and crucial factors like an e-cycle future, market size, popularity, challenges facing the e-cycle market, best companies, etc.
If you have any further suggestions or queries please put them in the comment box. Your suggestions are very valuable to me.
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