Project Report For Electric Bike
Introduction
Project report for Electric Bike is as follows.
The India Electronic Bike market is worth USD 1.02 million in 2020, but it’s anticipated to grow to USD 2.08 million by 2026, with a CAGR of 12.69 percent throughout that time. (2021-2026).
In India, the COVID-19 pandamic has led in lower electronic bike orders. In 2020, the market will earn USD 1.02 million in revenue, down from USD 1.70 million in 2019. Lockdowns and an economic downturn in India contributed to lower sales.
Aside from growing user demand for electric bikes for fun and adventurous purposes, the use of e-bikes in all other areas like logistics and rentals is boosting the electric bike market in India forward.
The nation’s massive population, combined with improving last-mile logistics, is projected to give the e-bike market a boost throughout the projected time.
In India, the e-bike business is largely in its infancy, with several local firms offering a diverse variety of models. The expensive cost of e-bikes on the market, may stifle expansion. Customers choose scooters above e-bikes since the average cost of an e-bike in India is like a standard scooter.
Consumers’ choice for alternative means of transportation, as well as a lack of bicycle lanes and infrastructure in India, may limit market growth throughout the predicted period.
Market potential & Strategy
E-bikes, particularly pedelecs, are proven to become the future’s best form of transportation. They’re also a wonderful method of transportation, particularly for leisure activities, because they mix the enjoyment of riding with the convenience of a car. Moreover, such bikes enable customers to go across tough terrains that would normally be tough to traverse without the assistance of an electric motor. E-bikes are becoming increasingly famous in India as a result of these events.
Considering that 2Â wheelers contribute up to 75% of India’s traffic pollution, e-bikes could be a very environmentally beneficial option for the country’s vast two-wheeler population.
In India, the market for electric bike has risen in recent years. Unfortunately, like most sectors, the e-bike has seen a drop during and after the COVID-19 epidemic, owing to total shutdown of manufacturing facilities, rigorous COVID standards to be implemented during producing, and interruption of supply chains, among many other factors.
Electric motorcycles are now being sold in India by a slew of start-ups. Manufacturers are aiming to extend their operations to target markets as popularity of electric bike has grown across the country in recent years. Leading international manufacturers have also joined the Indian market in order to meet rising demand.