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Electric Bike Benefits & Challenges

By Finserv MARKETS - Dec 24,2019
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Electric Bike Benefits & Challenges

Advancements in the technology and Internet of Things have improved our lives for good. Whether it is a significant breakthrough in medicines, renewable energy sources, or ideas to keep us active and live longer – we simply cannot live without technology. One of these changes is an electric bike.

But the question is, is it all worth the hype?

The electric bike, which is also famously known as an e-bike, is one of the biggest adoptions of green transportation. E-bikes use rechargeable batteries or fuel cells that allow you to travel up to 25 km/h to 45 km/h. Overall, they are cost-efficient, energy-efficient, and emission-free transportation, further having physical and health benefits.

In this article, we will be discussing the benefits of e-bike and the challenges it faces in the market. Let us begin!

Benefits of Electric Bike

  1. Cut Back On Expenses

Switching to the electric bike will save you a lot of money in the long run. With the rise in petrol and diesel costs in India, riding a motorcycle for daily commute will surely have an impact on your budget. E-bikes come with affordable batteries which can last up to 30 to 80 kilometers, depending on your commute.

  1. Nature-Friendly

Climate change is real, and we all need to play our parts wisely to improve the conditions. E-bikes emit lower pollution compared to that of motorcycles and cars. You can thus contribute towards savings our planet by switching to e-bikes instead of petrol or diesel vehicles. The energy used by e-bikes is of an average 100-150 watts.

  1. Wide Range Of Designs

A lot of automobile companies in India are marketing electric bikes. They have come up with a wide range of designs to accommodate your needs. So, if you cannot find a perfect one for you just yet, rest assured as there will be one pretty soon.

Challenges Faced By Electric Bike

The challenges faced by electric vehicles in India range from systematic issues to consumer mindset. No matter what it is, it all has a cumulative effect on the future of the electric bikes.

Some of the challenges faced by E-bikes are as follows –

  1. Inadequate Charging Infrastructure

In 2018, India reportedly had 650 charging stations. We also have less affordable renewable resources which means that charging e-bikes might put a toll on the coal-powered electricity grid. Moreover, there is a lack of private parking spaces which hindered the adoption of electric bikes across the country. According to research conducted by Maruti Suzuki, over 60% of people in India do not have a safe parking space.

  1. High Price of Electric Bikes

The average price range for electric bikes in India is between INR 70,000 to INR 1.25 Lakh which is comparatively high to the price range of ICE bikes. Thus, making a good value proposition immediately in the market will be a huge challenge and is difficult to achieve unless the costs come down.

  1. Range Anxiety Among Customers

Range anxiety comes into the picture because most people still believe that electric bikes are incapable of taking them to their destination. This issue is again linked to the lack of charging infrastructure in our county. So, while other vehicles can be refueled at the gas station, such a regularized infrastructure is still not available for e-bikes.

A Final Thought

Whether you choose to buy an electric bike or not, we believe that two-wheeler is the most common mode of transport in India. It is one of the valuable assets and safeguarding it with appropriate bike insurance is equally essential.

A lot of people consider purchasing comprehensive insurance as it provides extensive coverage to your vehicle. You can also opt for zero depreciation insurance along with your basic policy to enhance its benefits. Understanding comprehensive vs zero depreciation insurance will help you make an informed decision.

If you are looking for reliable two-wheeler insurance, get in touch with us at Finserv MARKETS. With Bajaj Allianz two wheeler insurance available on Finserv MARKETS, you can benefit from features like 24×7 roadside assistance, cashless claims, extensive coverage, and so much more.

So, don’t wait. Get your bike insured with us, right away!

Finserv MARKETS, a subsidiary of Bajaj Finserv, is a one-stop digital marketplace that has been created for consumers on the go. It offers 500+ financial and lifestyle products, all at one place. At Finserv MARKETS, we understand that every individual is different. And that’s why we have invested in creating a proposition – Offers You Value. A value proposition that ensures you get offers which are tailor made for you. We also offer an amazing product range and unique set of online offers across Loans, Insurance, Investment, Payments and an exclusive EMI store. Be it in helping you achieve your financial life goals or offering you the latest gadgets, we strive to offer what you are looking for. From simple and fast loan application processes to seamless and hassle-free claim-settlements, from no cost EMIs to 4 hours product delivery, we works towards fulfilling all your personal and financial needs. What’s more! Now enjoy the same benefits in just one click with our Finserv MARKETS App.

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Bajaj Finserv Direct Limited ("BFDL"), erstwhile Bajaj Financial Holdings Limited is a registered corporate agent of Bajaj Allianz Life Insurance Company Limited and Bajaj Allianz General Insurance Company Limited under the IRDAI composite registration number CA0551 valid till 10-Apr-2021. BFDL also renders services to Bajaj Finance Limited (‘BFL’) and Bajaj Housing Finance Limited (‘BHFL’) (referred hereinafter as ‘Lending Partner’) in sourcing of customers, providing preliminary credit support activities, fulfilment services and post-acquisition customer services related to lending business. Registered Office: Bajaj Auto Limited Complex, Mumbai – Pune Road, Akurdi, Pune – 411 035 CIN: U65923PN2014PLC150522