Tech advances fueling e-bike market
Business Report :
The popularity of electric motorbikes in Bangladesh is surging, driven by a combination of environmental awareness, economic practicality, and increasing technological advancements.
Since the Bangladesh Road Transport Authority (BRTA) introduced a policy for registering electric vehicles in 2020, the adoption of electric two-wheelers has skyrocketed.
The most significant spike in demand was observed in 2022, right when the economy started to gain momentum after the pandemic. More consumers have turned towards eco-friendly alternatives to traditional fuel-powered vehicles.
Rising demand and market growth
Electric motorbikes offer a compelling alternative to fossil fuel-powered bikes, primarily due to their cost-effectiveness and environmental benefits. For instance, the Takyon electric bike, produced by Walton Digi-Tech Industries Ltd, costs only 10-15 paisa per kilometer to operate, a stark contrast to the higher fuel costs associated with conventional motorbikes.
The market for electric motorbikes in Bangladesh has grown rapidly in recent years. According to media reports, just six or seven years ago, only about 10 electric motorbikes were sold each month. On Monday, that number has increased to over 50 units monthly, reflecting the growing acceptance of these vehicles among Bangladeshi consumers. Similarly, the sale of electric bikes that run on three wheels has also seen a significant rise, from three units a month to up to seven units.
This growing demand is part of a broader global trend. According to a report by research firm Next Move Strategy Consulting, the global electric motorbike market was valued at $45.75 billion in 2021 and is projected to reach $109.53 billion by 2030, with an annual growth rate of 10.21%.
Key players in the market
Several companies are capitalizing on the rising demand for electric motorbikes in Bangladesh. Walton, a leading local electronics conglomerate, has taken significant steps in this direction. In late 2022, Walton launched Bangladesh’s first locally manufactured electric bike under the brand name Takyon. The company has an annual production capacity of 250,000 units, underscoring its commitment to the burgeoning electric vehicle market.