Over 100 Electric Bike Makers Set to Enter Pakistani Market

Jawad

12 Dec 2023

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Over 100 Electric Bike Makers Set to Enter Pakistani Market

The electric vehicle (EV) market is on the brink of a substantial expansion, set to welcome over 100 electric bike assemblers by mid-2024. This surge is fueled by the increasing appeal of EVs across diverse demographics, including women, students, and the elderly, driven by rising petrol costs, spare parts expenses, and repair services amid inflation.

According to Muhammad Sabir Sheikh, Chief Coordinator of the Electric Two Wheelers Manufacturing Group, these assemblers are poised to revolutionize the local market, potentially overshadowing traditional petrol-powered motorbikes. In a market survey, Sheikh noted a shift in consumer preferences toward EV bikes, which are increasingly viewed as more attractive and feature-rich alternatives to their petrol counterparts.

The future of the EV bike market appears to hinge on the sale of original design models, with converted EV bikes expected to phase out. Sheikh highlighted the potential for price reductions in EV bikes with government support and a depreciating US dollar, potentially enhancing their market dominance over Japanese and Chinese petrol bikes.

EV bikes, priced between Rs. 100,000 and Rs. 360,000, are gaining popularity among a diverse group, including women, university students, and daily commuters. These bikes offer substantial savings on fuel and maintenance costs, ranging between Rs. 10,000 and Rs. 15,000 per month. The market is witnessing healthy competition with the entry of leading Chinese companies and local brands such as Yadea, Eiffel Industries (Road Prince), Metro, Evee, Road Star, Benling, Crown Group, Aima, New Asia Ramza, Tailg, Union Star, and Hi-Speed.

Ashfaq Hussain Awan, Sales Manager for a Punjab-based EV bike assembler, acknowledged the initial challenges faced by the industry, especially during the Covid-19 pandemic, high petrol prices, and poor experiences with substandard EV bikes. However, the introduction of reputable Chinese and local brands has restored customer trust, leading to increased purchases by women and girls, who traditionally avoided bikes in the country.

In Lahore, Hamza Asad, the business head of another EV bike assembler, highlighted technological advancements in their electric scooters, transitioning from 72V 20Ah lead dry batteries to improved 60V 23Ah Graphene batteries, which are safer and more reliable than lithium ones.

Approximately 138 new EV bike assemblers are currently monitoring the market, awaiting more political and economic stability before making their entry. The number of assemblers is expected to exceed 200 by 2024, signaling a significant shift in the transportation landscape of the country.

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