THE RISE OF ELECTRIC BICYCLES
Over the longer term, the increasing customer demand for electric vehicles for relaxation and adventurous activities and the use of e-bikes in some other sectors, such as rentals and logistics, are likely to hold and pull the EV market in India.
In Tier 1 cities, the demand for e-bicycles is growing faster, with sales in India rising at a double-digit yearly pace as compared with the previous years. Apart from being considered a greener and cleaner means of short-distance transportation, e-bicycles are having a wide range of applications across India.
The global electric bicycle market size is projected to see growth from $18.58 billion in 2021 to $52.36 billion in 2028 at a CAGR of 16.0% in the phase from 2021-2028. In adding to this, a research firm, in its recent findings has anticipated that the e-bicycle market in India will be valued at $2.08 million by 2026 bit higher than $1.02 million which was in 2021.
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