The popularity of electric bikes is increasing in India, and the Indian e-bike market is expected to reach USD 2.08 million by 2026. To power India’s electric shift and to make our country’s green revolution a reality, we have spiked the yearly production capacity of our electric bikes. By March 2022, we will produce 5 lakh units of electric bikes every year, which is five times our previous production capacity.
New EV Policies and Initiatives by Central and State Governments Pushing the E-bike Uptake
The shift in increased e-bike demand is due to initiatives by central and state governments, and e-commerce companies implementing carbonless delivery services. Government initiatives have been an influential factor, making electric bikes more affordable to end consumers. The FAME II subsidy for electric vehicles increased from ₹10,000 to ₹15,000 per kWh of battery capacity and has increased e-bike sales.
State governments have also come with EV policies to support e-bike adoption. As a result of these combined initiatives that aim towards faster adoption by making electric two-wheelers more affordable, the E2W market has witnessed a growth despite all odds. There are now 19 states with adopted EV policies. These states include Delhi, Maharashtra, Bihar, Gujarat, Andhra Pradesh, Haryana, Punjab, Uttar Pradesh, and 11 others. The state EV policies have reduced the price of electric scooters in some states.
Recently, NITI Aayog launched Shoonya, an initiative to promote zero-pollution delivery vehicles by working with consumers and industry. The campaign aims to accelerate adoption of electric vehicles (EVs) in the urban deliveries segment and create consumer awareness about the benefits of zero-pollution delivery. The Shoonya initiative also focuses on provisioning electric charging infrastructure in the premises of major cities.
The EV revolution is unfolding rapidly in India. And the growth of its adaption depends on the agility of the EV manufacturers. We have already increased the production of our electric bikes and are targeting a production capacity of 5 lakhs units of e-bikes each year and then increasing our capacity to 10 lakhs units in 2025. To boost EV awareness and adoptions, we have taken some notable initiatives. The most recent one is the initiative to install one lakh charging stations across India in collaboration with Charzer, a Bengaluru-based EV charging start-up.
Mr. Sohinder Singh Gill, CEO of Hero Electric, has said “The end-consumers are now considering electric bikes because of their ease, affordable prices, and advanced features. In terms of cost-efficiency, customers also understand the long-term benefit of buying an electric scooter over a petrol counterpart. Hence, we at Hero Electric, are also aiming to increase our production, invest in advanced technologies, and boost EV adoption across India”.