In the last couple of years, the electric vehicle market has been growing steadily. In India alone the E-bike market is expected to reach a value of INR 17.43 billion by FY 2024, from INR 2.92 billion in FY 2019, increasing at a compound annual rate (CAGR) of ~42.95% throughout the FY 2020-FY 2024 amount.
The E-bikes have already set a distinguished footprint across the globe as consciousness towards environmental concerns has grown among the commuters. As per WHO air pollution is the reason leading to death in many developing countries as fuel-based vehicles emit smoke that deteriorates air quality. Thus, zero-emission electric vehicles have caught the attention of the world.
In India, the Government has also been emphasizing increasing the sales of clean energy vehicles within the country by providing subsidies on the acquisition of electric two-wheelers by introducing schemes like Fame-1 and Fame-2. Thus, with additional development in charging infrastructures, the adoption of E-bikes is probably going to extend to alternative elements of the country yet.
Are electric vehicles the game changers?
If we go by the market insights the E bikes sales have doubled by a concerning 129% with reference to the previous year globally. This growth can be attributed to government initiatives combined with alternative factors that is the raising concern over pollution and also the lower possession and maintenance prices of electrical bikes. The price of running electric vehicles concerns agency ten for seventy kilometers, whereas identical distances are often coated by a traditional counterpart at a minimum value of agency 102.
A sneak peek into the market dynamics
- The Pandemic effects
The COVID-19 pandemic has restricted commuters to use public transportation, consequently owning a vehicle has appeared as a secure, convenient, and reasonable option for transportation. Compared to alternative transportation systems, E-bikes are cheaper, easier to charge, and don’t need immense investments. This can be estimated to spice up the sales of E-bikes in the year 2021 and in the years coming ahead. The Positive impact of COVID-19 on the sales of electric vehicles has been witnessed globally and the market in India is expected to swell up in good fractions
- The Smart E-Bike trend
The constant research and integration of smart technology have raised the quality of electric vehicles. There are technological advancements within the field of E-bikes. For example, the Gemopai E bikes come with an anti-theft alarm, digital speedometer, and other smart features such as onboard chargers, and a removable battery offering convenient charging options to the commuters, erasing the fear of being stranded in the middle of nowhere without a charging facility nearby.
Looking into the future:
The electronic vehicle era has begun and the only way ahead is to ride towards advancements. Talking about advancements in this sector the two most elementary components of the E-bike are the motor and battery. The combination of motor force, supported by the battery energy creates an ideal choice for the commuters to decide upon. The battery remains one of the major concerns of the E-bike market, as crucially the battery quality is expected to enhance with longevity as well as maintenance factors. For example, all the Gemopai E bikes are supported by a Lithium-Ion battery. As electric vehicle technology is evolving focused on speed and enhancing mobility experience the Li-Ion batteries have emerged as a major player. The batteries are compatible with the environment, as well can be charged easily and fast charging to match the busy and fast-paced lifestyle of the commuters.
If we go by the market trends alone the current E-bike market is driven by factors like advanced battery technology, lightweight materials, demands for growing investment in R&D comes, etc. to supply a lot of convenient expertise to the client. While the electric vehicle has become the buzzword, the market remains in the development stage, and the technology related to this sector is constantly evolving. Even as manufacturers ourselves, we at Gemopai are constantly thriving to discover the best capabilities of these vehicles and offering to the trust of the client an optimum quality product.
The E-bike enthusiasts reading this blog and considering a trial of Gemopai E bikes can book a ride with us or can get in touch with us for more information on the same.
Electric vehicles are undoubtedly one of the biggest adaptations in transportation in the last decade and it directly does well for the environment and the urban lifestyle. So, E-bikes and scooters are here to stay moving us towards a futuristic edge, and Gemopai is proud to be a part of this futuristic revolution, allowing us to work upon an alternative option of mobility. As manufacturers and dealers of these vehicles, we are witnessing a bulge in client preference and are therefore motivated that the future of electric vehicles will trail blaze soon.