E-BIKE MARKET ANALYSIS

Key Developments

• In November 2023, Giant Group, a leading global bicycle manufacturer, introduced its first throttle-enabled electric bike, the Momentum Cito E+, under its Momentum sub-brand. Momentum focuses on more affordable bikes designed for street, utility, and commuter use. The new Cito E+ model features an innovative glovebox, making it a versatile and convenient option for urban riders. With a 750W motor, 780Wh battery, and a total payload capacity of 408 pounds, the Cito E+ is built for utility and performance, offering an impressive range of up to 75 miles in pedal assist mode. The bike's moto-inspired design, safety features, and wide range of accessories make it a compelling choice for those looking to swap four wheels for two in their daily commute or errands.
• In March 2023, Bharat Forge Limited, a prominent India-based multinational engaged in manufacturing forged and machined components, inaugurated its first electric bike factory through its E-Mobility subsidiary, Kalyani Powertrain Limited, at MIDC Chakan. The facility boasts an initial production capacity of 60,000 units per year, with the potential to scale up to 100,000 units annually. This plant primarily focuses on assembling electric bicycles for Tork Motors Private Limited, in which Kalyani Powertrain holds a 64% ownership stake.
• In December 2022, Hero Motors Company, a prominent India-based automotive component manufacturer, and Yamaha Motor Co., a leading Japan-based motorcycle manufacturer, signed an agreement to establish a 'Global E-Cycle Drive Unit' company at Hero E-Cycle Valley in Ludhiana. This 100-acre facility currently produces both conventional and electric bicycles for global cycle OEMs, as well as components like alloy rims, aluminum frames, and handlebars. The new venture will focus on manufacturing HYM Drive Systems, with an annual production capacity of one million units, aimed at meeting the growing demand in the e-cycle market.
• In November 2022, Giant Bicycles, one of the world's largest bicycle manufacturers, unveiled its Stormguard E+ SUV e-bike. This model features a RideDash Evo display that allows users to monitor speed and heart rate, as well as receive email and message notifications. Designed for rugged terrains, the Giant Stormguard E+ SUV e-bike is equipped with a full suspension system offering 100 mm of travel at both the front and rear. Additionally, it is powered by the SyncDrive Pro 2 motor, developed in collaboration with Yamaha, providing a robust and efficient ride experience.