Introduction to the electric bike company in India and its growth prospects
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Today, countries across the globe are aiming to transform their transportation sector into a more environment-friendly and sustainable system. India has long since sought to be a frontrunner in the green mobility revolution. The Indian government's EV 30@30 initiative aims to reach a 30% EV share in the vehicle market by 2030, compared to just 1.3% as of 2023. Meanwhile, the electric bike sector in India is expanding to accommodate new entrants. As of FY 2023, the market share of e-bikes stands at 1.68 million dollars, and it is set to grow at an 11.11% CAGR (compound annual growth rate) to reach a 2.8 million USD market share by 2028.
Oben Electric, an up-and-coming electric bike company in India, is set on seizing this opportunity. Read this blog post to learn more about Oben Electric's story and its growth plans.
Oben Electric: A rising star in the EV space
Launched in 2020, Oben Electric is an R&D-driven organisation committed to designing, developing, and manufacturing electric motorcycles in-house along with critical EV components.
Oben Electric's motto is 'Design in India for the World'. With the potential to have an almost twenty-fold increase in market share, the growth prospects of this electric bike company in India are tremendous.
Let us look at how electric bikes are shaping the future of a greener India and why Oben Electric can emerge as a game-changer in this industry.
EV bikes: Leading the way to a sustainable future
The battle against climate change is not only limited to the conservation of resources; it also includes changes in our traditional approach. One of these changes is taking place in the automobile industry, where new and developed electric vehicles are replacing ignition-based ones.
India, in particular, is aiming to accelerate this transition. This is because of India's bold claim to turn net zero in carbon emissions by 2070. Cutting down on carbon emissions caused by millions of ignition-powered cars is necessary to achieve this feat. The government of India has been urging consumers to switch to EVs by offering tax reductions, spreading awareness regarding climate change, and building more charging stations nationwide to cater to EVs.
Opting for an EV bike is not only beneficial for the environment but also helps in reducing expenses. Furthermore, the features provided by current EVs are much more futuristic, with some leading brands, like Oben Electric, integrating digital technology into their models.
This phenomenon is a combined result of government initiatives and a growing number of EV bike startups. On the one hand, the government is trying to boost EV adoption by introducing incentives and subsidies like the FAME subsidy. On the other hand, EV startups are launching better and more efficient models of EV bikes, boosting consumer interest.
Things are just going to get better for the e-bike segment. Indian consumers are slowly but surely becoming aware of the impact of traditional engines. Today, a large number of youth and environmentally conscious consumers are increasingly looking to purchase EVs.
To understand the impact of startups on EV growth, let us take the example of Oben Electric, one of India's best electric bike companies.
Oben Electric's success story
Oben Electric boasts an experienced team in its R&D department, aiming to build a consumer-centric product. Thanks to their rigorous investments in the research and development of a revolutionary electric bike, we can now marvel at the brilliance that is Oben Rorr.
Oben Rorr is a newly released EV bike that has attracted the attention of EV enthusiasts and everyday consumers who want to switch to a greener alternative without compromising performance.
Oben Rorr boasts a top speed of 100 km/h, a range of 187 km, and a powerful acceleration of 0-40 in three seconds. On top of this electrifying performance, it can fully charge its battery in two hours. Additionally, it possesses high-tech features such as a location tracker, performance reports, and geo-fencing security technology.
However, this is just the start for Oben Electric. Owing to the fantastic response on Rorr from critics as well as consumers, better variants and improved models can be expected from this company in the upcoming golden era for EVs.
Growth prospects of EV bikes in India
The EV bike market is still in its nascent period of growth. The market size for EVs is set to burgeon, fuelled by the support of the Indian government and consumers alike.
Here are some of the reasons behind EV bikes' growth prospect:
● Growing awareness: Climate change is more evident than a decade ago. General consumers have observed this shift, with a growing number of them taking action. The youth, in particular, have been displaying impressive proactiveness in this regard. With a growing young population now more inclined towards using environmentally sustainable products, we can expect the usage of EV bikes to rise in the near future.
● Cutting-edge technology: If being a greener alternative can provide a boost from environmentally conscious consumers, the display of cutting-edge technology can attract tech-savvy customers. Most sought-after models of EVs, like Oben Rorr, are tech-enabled and flaunt futuristic features. In the years to come, we can expect more advanced technology integration in these e-bikes.
● Government support: The Government of India is investing heavily in the EV bike sector. They are taking steps to reduce the price of batteries, which can reduce the production cost of most bikes, and also planning on lowering interest rates on e-bike loans. These initiatives and the FAME subsidy could significantly boost EV bike sales.
● Investment in infrastructure: India currently has 6500+ charging stations, but the numbers are steadily growing. According to the Bureau of Energy Efficiency, almost 46400 public charging stations are set to be built by 2030. Such heavy investment in infrastructure is sure to encourage consumers to switch to EV bikes.
The Indian EV space is in its early stages. Several automobile giants and pioneering startups are investing heavily in researching and developing futuristic EV bikes.
With such a vast market to capture and the government ready to support their future endeavours, the Indian EV sector can be assured of reaching great heights in the years to come.