INDIA: The world continues to see the gaining importance of bicycles as a sector, with Europe holding more than 50% of the total global e-cycle market. Increasingly, Indians are beginning to understand the value proposition of cycles and e-cycles and are willing to switch from their existing modes of commute. This is a positive sign for the sector given that around 20 Mn bicycles are made and sold in the country.
With the upcoming Union Budget 2023-24, we are hoping for the inclusion of cycles and e-cycles in the existing schemes and policies such as PLI and FAME-II, that would help transform the bicycle industry in the country. There is huge potential within India for the cycling industry and taking adequate measures such as providing subsidies and lowering interest rates on the purchase of an e-cycle would help in increasing adoption, contributing to the socio-economic needs of the consumer.
As a nation, we are already one of the largest push-cycle makers in the world, having the capacity, talent, and intention to exponentially increase manufacturing, by making globally competitive and technologically advanced e-cycles. With severe supply chain disruptions globally; this is our opportunity to take the pole position in supplying e-cycles to the world.
