Project Report For Electrical two-wheeler rental
Project report for Electrical two-wheeler rental is as follows.
India’s highways are dominated by two-wheelers. Most of us learned to ride a bicycle before progressing to a motorised two-wheeler. However, the bike-sharing industry — whether it’s for bicycles or scooters hasn’t had the same level of success as the cab-hailing industry. On account of the growing need to reduce air pollution levels across the country, the Indian electric two-wheeler market was valued at over $ 27 million in 2017 and is expected to rise at a CAGR of over 41% to reach $ 200 million by 2023. Government incentive programmes, a growing distributor and dealership network, rising online sales, and improving consumer affordability are all contributing to the growth of the industry.
Other significant variables that will enhance demand for electric two-wheelers in India include the availability of electric two-wheelers from leading vehicle manufacturers. Furthermore, increasing R&D activities are expected to result in a diverse product portfolio for electric two-wheelers, favourably impacting the country’s electric two-wheeler market during the projection period.
Market potential & Strategy
By 2025, the Indian market for electric scooters and motorbikes is expected to reach $617.7 million. The primary drivers driving the market’s growth are increased public awareness of pollution and increased government support in the form of subsidies. Electric scooters and motorbikes are propelled by an electric battery and emit no pollutants. Furthermore, these electric two-wheelers are almost noiseless and do not pollute the environment. Electric two-wheelers can navigate congested streets, charge from standard wall outlets, and feature a replaceable battery.
However, the percentage of electric motorcycles on the road is anticipated to rise in the future. By 2020, India will switch from the current BS-IV to the tougher Bharat Stage (BS)-VI emission standards, skipping the BS-V. In the coming years, such policies or measures to reduce pollution levels in the country will provide a favourable regulatory environment for the electric two-wheeler business. Emissions regulations would raise the cost of conventional automobiles, making electric vehicles more appealing. Furthermore, a favourable regulatory environment is projected to encourage the sale of electric vehicles in the future. During the projected period, the dockless category is expected to increase at the fastest rate. A smartphone application is used to find and unlock bikes in the system.
Because of the lower hardware requirements for securing and managing inventory, the broader geographical location, and user flexibility in picking up and dropping off bikes, dockless systems are more popular than station-based systems. In the last several years, many micro-mobility sharing players in China, Europe, and the United States—Mobike and ofo in China, Lime and JUMP in the United States, and Cityscoot in Europe—have begun to expand their dockless ride-sharing model internationally.
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