100+ E-Bikes Ready to Hit Local Market
Buckle up as over 100 assemblers of e-bikes are set to flood the Pakistani market, heralding a new era in transportation. This surge comes at a time when electric vehicles (EVs) are gaining immense popularity, especially among women, girls, university students, and the elderly. The driving force behind this shift? Soaring petrol prices, outrageous spare parts rates, and escalating repair costs due to inflation.
E-Bikes and Pakistani Consumer
Muhammad Sabir Sheikh, Chief Coordinator of the Electric Two Wheelers Manufacturing Group, anticipates the arrival of these assemblers in mid-2024. He notes a significant shift in consumer preferences, with more riders opting for EV bikes over traditional petrol versions. The declining interest in petrol bikes is attributed to their decreasing sales, as customers divert their attention to the allure of EVs.
The Delay
The influx of assemblers has experienced a delay, attributed to the winter season in Punjab and China. However, the enthusiasm among customers remains palpable, with a preference for the latest EV models boasting exciting features.
Original Design EV Bikes
Muhammad Sabir Sheikh emphasizes that only original design EV bikes will dominate the market, foreseeing the disappearance of converted EV bikes. He believes that with government support and a potential depreciation of the US dollar, EV bike prices could witness a decline, further solidifying their position in the market.
EV bike prices currently range from Rs. 100,000 to Rs. 360,000, attracting a diverse consumer base, including girls, women, university students, elderly individuals, and daily commuters. Leading Chinese companies and local brands such as Yadea, Eiffel Industries, Metro, Evee, and more are intensifying the competition with attractive offerings.
The industry faced challenges in its early days, with substandard materials and spare parts leading to a poor customer experience. However, the market has evolved, with reputable Chinese companies and local brands gaining trust. Approximately 25% to 30% of women and girls are now opting for EV bikes, contributing to a changing trend.
With over 138 new EV bike assemblers adopting a wait-and-see approach, the market is poised for expansion, potentially reaching over 200 assemblers by 2024. This growth depends on the political and economic stability of the country.
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