The electric motorcycle market is developing and this can be seen from a recent development at Hero electric. Hero Electric is all set to explore European markets with regard to electric motorcycles. The company plans to export e-motorbikes to European markets soon. Hero electric is going to showcase its electric motorcycles next month in Switzerland.
Mr.Sohinder Gill (CEO, Hero electric) said that the company is going to showcase its range of electric motorcycles in Switzerland coming February 17. Through this exhibition the company wants to gauge the response for the product and also whether there is inclination towards e-motorcycles or high powered e-scooters.
Hero Electric has developed e-motorcycles using the mix of home grown technology and technology from a Taiwanese company. Mr.Gill further said that these e-bikes will be manufactured in India but these bikes will not be introduced in Indian markets. Hero electric can produce 200-250 e-bikes per shift and is hardly utilizing any installed capacity to carter the needs of domestic markets.
Mr.Gill further said that the launch of their e-motorcycles in European markets is probably going to take a year’s time because the company is looking at tying at distributors there and also the homologation process (certification by the law of the country that the vehicle conforms to the safety and emission standard) will take some time.
Mr. Gill did not say a word as regards the price of the product in European markets is concerned. As far as the demand of e-bikes in the European markets is concerned, Gill was of the opinion that the demand could be initially as low as 5000 units a year but it will eventually increase as there is a demand in European markets for high power and grade ability in bikes.
Speaking on Indian Markets he said, petrol prices have gone sky high in recent past and that is increased the demand for electric bikes in the domestic markets as well. In fact he said that footfalls in their showrooms have increased by more than 200% in last two months. At last Mr.Gill said that he doesn’t see petrol prices coming down in the near future because the recent Egypt crisis has further pushed the prices of petrol. The Indian electric bike market is around 85000 units per annum and the major players in the e-bikes market are Hero Electric, Electrotherm and Ajanta Group.