Market Size of Indian E-Bike Rental Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 6.84 Million |
| Market Size (2029) | USD 11.88 Million |
| CAGR (2024 - 2029) | 12.10 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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India Electric Bike Rental Market Analysis
The Indian E-Bike Rental Market size is estimated at USD 6.84 million in 2024, and is expected to reach USD 11.88 million by 2029, growing at a CAGR of 12.10% during the forecast period (2024-2029).
EV rental services, particularly for two-wheelers, have seen a significant rise in India in recent years due to various factors, including the growing awareness about the benefits of EVs, the increasing availability of charging infrastructure, and the government’s push toward the adoption of electric vehicles.
The electric two-wheeler market grew from 2,000 vehicles in 2013 to over 600,000 per year in 2022. EV sales added up to 4% of overall two-wheeler sales in 2022.
Due to the growing need to reduce emissions worldwide, the demand for replacing existing fuel-based transportation with electric mobility is increasing. India is still in the very early stages of adopting EVs, which can be a huge market for e-bike rental companies. As most people are now aware of traffic congestion and pollution, India is looking toward a cleaner mode of transportation to tackle the situation.
Government initiatives like the reduction of taxes on EVs and the establishment of charging infrastructure attract investments in electric mobility and related services.
For instance, in July 2023, the Ministry of Goa made it a mandate to register rental electric bikes for tourists by 2024.
The availability of charging infrastructure has improved significantly in recent years, making it easier for people to use EVs for longer distances. Many companies are providing EV rental services and focusing on developing charging infrastructures.
For example, in August 2023, EvolveX, an early-stage program founded by We Founder Circle, announced its recent investment in NIKOL EV. Emerging as a standout startup from EvolveX’s Cohort 3, NIKOL EV launched in August 2021. It is set to revolutionize India’s electric vehicle (EV) industry with its innovative approach to EV charging infrastructure.
Such abovementioned factors may have a positive impact on the market.
