Electric Bikes Market Revenue by Manufacturers, Production The electric bikes market in India is estimated to reach a value of INR 17.43 Bn by FY 2024, from INR 2.92 Bn in FY 2019, expanding at a compound annual growth rate CAGR of ~42.95% during the FY 2020-FY 2024 period. Electric bikes have already set a prominent footprint in the states of Uttar Pradesh, West Bengal, Gujarat, Tamil Nadu and Maharashtra. With further development in charging infrastructures, the adoption of electric bikes is likely to increase in other parts of the country as well.
Access Full Report with TOC @ https://www.planetmarketreports.com/reports/electric-bikesmarket-in-india-2019 Market Insight Electric two wheelers are poised to be the game-changer for the two-wheeler industry. Although electric bikes comprised a minimal share ~0.6% of the total two-wheeler sales in India in FY 2019, its sales with respect to the previous year have increased by about 129%. This growth can be attributed to the government s initiatives towards the electrification of bikes. Other factors that have influenced the adoption of electric bikes are rising concern over air pollution and the lower ownership and maintenance costs of electric bikes. The cost of running electric bikes is about INR 10 for 70 Km, whereas the same distance can be covered by a conventional counterpart at a minimum cost of INR 102. Government Initiatives In February 2018, the governments policy think tank, Niti Aayog proposed and mandated the electrification of all two wheelers with a displacement capacity of below 150 cc by March 2025. With the policy mandate, the automobile