Harley-Davidson has unveiled its first-ever electric bicycle inspired by the brand's very first motorcycle from 1903.

The new business called 'Serial 1 Cycle Company' started as a project within the motorcycle manufacturer's product development center.

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"The formation of Serial 1 allows Harley-Davidson to play a key role in this mobility revolution while allowing Serial 1 to focus exclusively on the e-bicycle customer and deliver an unmatched riding experience rooted in freedom and adventure," Aaron Frank, Brand Director for Serial 1 Cycle Company, said in a statement on Tuesday.

The electric bicycle will come with white tires, leather saddle, hand grips, and sleek black frame. Twitter

In terms of design, the bicycle will come with white tires, a leather saddle, handgrips, and a sleek black frame.

The company plans to bring its first line of electric bicycle products to the market in spring 2021.

The price of the electric bicycle is yet to be announced.

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According to the company, the global bicycle market was estimated to be over $15 billion in 2019 and projected to grow at an annual rate of more than 6 percent from 2020 to 2025.

In addition, BMW is making electric bikes and motorcycles, Audi is manufacturing electric mountain bikes, Mercedes-Benz unveiled an electric scooter, Ford acquired e-scooter startup Spin, and Jeep recently unveiled a high-powered electric mountain bike. (IANS)