Project report for Electrical two wheeler rental
The project report for Electrical two wheeler rental is as follows:
Two-wheelers rule India’s roads. Most of us have grown up riding first a bicycle and then a motorised two-wheeler. Yet the bike-sharing business — be it bicycles or scooters — have not seen the kind of success that the cab-hailing ones have. India electric two wheeler market stood at around $ 27 million in 2017 and is forecast to grow at a CAGR of over 41% to reach $ 200 million by 2023, on account of growing need to curb air pollution levels across the country. Government incentive schemes, growing distributor & dealership network, rising online sales, and increasing affordability of electric two wheelers being provided by leading automobile manufacturers are some of the other key factors that would boost demand for electric two wheelers in India. Moreover, growing research & development activities are likely to result in a wide product portfolio for electric two wheelers, thereby positively influencing the country’s electric two wheeler market during the forecast period.
Product / Services & process
Electric bike rental business
Market potential & Strategy
India electric scooters and motorcycles market is projected to reach $617.7 million by 2025. Increasing pollution awareness among people and increasing government support in the form of subsidies are the key factors driving the growth of the market. Electric scooters and motorcycles use electric battery for propulsion and do not produce any emissions. Moreover, these electric two-wheelers are virtually silent and do not cause noise pollution. Electric two-wheelers can manoeuvre through congested streets; can be charged from traditional wall outlets and can have a removable battery , however, the share of electric motorcycles is expected to grow in future. India would follow tough emission norms Bharat Stage (BS)-VI, from the current BS-IV, by 2020, skipping the BS-V. Such policies or initiatives to curb pollution levels in the country promises a positive regulatory environment for electric two-wheelers industry in coming years. Stringent emission norms would increase the prices of conventional vehicles making the electric vehicles more viable to opt. Moreover, a positive regulatory environment is expected in future to support the sale of electric vehicles.