March 1, 2023: It is true that India is the second-largest producer of bicycles in the world, and the industry is expected to continue growing with a CAGR of 5.5% during FY23-27. The market is divided into five product segments, including standard, premium, kids, exports, and E-bikes. The rising popularity of bicycles and E-bikes can be attributed to increasing disposable incomes and the need for environmentally friendly transportation options.
The demand for bicycles is also increasing due to the rising fuel prices in India, making them a more affordable alternative for many consumers. India is among the top three exporters of bicycles, along with China and Vietnam, and the market share of exports is expected to increase in the coming years.
Overall, the bicycle industry in India is poised for growth, driven by factors such as rising disposable incomes, environmental concerns, and fuel price increases.
Here is the list of top E-cycle startups in India:
1.Hero Lectro
Hero Lectro started selling in India since November 2018. Hero Lectro, the E-cycle brand of Hero Cycles, is the market leader and has the widest E-cycle range in India’s organized market, spanning 8 variants including cycles with and without gears. Hero Lectro is spearheading the revolution in the personal smart e-mobility segment which is even more relevant in these times as it caters to hygiene, personal security, physical fitness, sustainability, and affordability.
2. EMotorad
Founded in 2020, Pune-based EMotorad (EM) is an electric vehicle company that strives to bring eco-friendly, futuristic e-bikes at an affordable price for adventure seekers, daily commuters, or casual riders. The EV startup aims to bring across premium quality electric cycles at an affordable price, utilizing its local sourcing and manufacturing capabilities in India. It has since expanded its business to Japan, the UAE, Europe, and Nepal. Alongside onboarding 160+ dealers in India, EM currently is present across 82 towns and cities in India and abroad.
3. Motovolt
Motovolt was founded in 2020 by Tushar Choudhary. Choudhary is the ex-Promoter of the Kolkata-based Himadri Group of companies which manufactures specialty chemicals. Two years ago, the start-up launched e-cycles which have a pan-Indian presence and are available in four models- HUM, KIVO Easy, KIVO Standard, and ICE. The World of Motovolt.Born with a vision to inspire the e-mobility revolution in India, It is our endeavor to bring smart e-mobility solutions which would positively impact lives across communities and contribute towards a sustainable future. We are committed to providing smart sustainable mobility solutions which would change the way the nation commutes. We are here to ride the wave of change and redefine the future.
4. Gear Head Motors
Gear Head Motors, a Hyderabad-based electric vehicle company is a leading provider of innovative electric bicycles and tricycles. With great exposure to the EV industry, the company has reached market standards. Founded by a team of engineers, Nikhil Gunda, and Meher Sai, Gear Head Motors aims to provide a sustainable and cost-effective transportation solution for consumers. Manufacturing 70% of spares in-house, the vehicles stood among the others for their sleek and modern styles, comfortable accessibility, and convenient commute.
5. Ninety One Cycles
Ahmedabad based Ninety One Cycles is home to the coolest and most well-engineered bicycles in the country. Founded in 2015 with a vision to inspire young India to lead an active lifestyle while reducing our carbon footprint, we pioneered a digital-first approach to experiencing and purchasing cycles. Today, the brand is present in over 300 cities and the community continues to get bigger every day.
6. Vaan Moto
The first lifestyle e-mobility start-up in India, VAAN Electric Moto Pvt. Ltd., makes Indian e-bikes for export. VAAN Moto was introduced in 2021 and has showrooms across Kerala (multi-brand retail outlets), Coimbatore in Tamil Nadu (multi-brand retail outlet), Mumbai, and its headquarters there. The brand’s first independent shop in the nation is the showroom in Mumbai, which is located at Atria the Millennium Mall, Worli. The brand also offers Several multi-brand stores are dispersed throughout the city.
7. Svitch
Ahmedabad-based electric bike maker Svitch Bike is a young company venturing into the field of Electric Vehicles in India. Svitch manufactures electric bikes with unique designs and features in accordance with the Indian automotive landscape
