Rs.5bn being invested on 2,877 charging stations at 68 locations
Electric bikes have become a common mode of daily transport among urban office-goers and daily commuters, and as such its demand is expanding at a compound annual growth rate (CAGR) of ~48.75% during the FY 2023-FY 2027.
The sale of electric bikes is expected to reach 2,464,750 units in FY 2027, up from 231,338 units in FY 2022, says a report by ResearchAndMarkets released 20 Dec 2022.
In April 2015, Faster Adoption and Manufacturing of (Hybrid &) Electric Vehicles (FAME) was implemented by the Department of Heavy Industry in association with Society of Indian Automobile Manufacturers.
The second phase of FAME is to support approximately 7,000 e-buses, 500,000 e-3 wheelers, 55,000 e-4 wheeler passenger cars, and 1 million e-2 wheelers through subsidies.
The report pointed out that 2,877 charging stations are being constructed at 68 locations as part of the Fame India scheme’s second phase, which will cost Rs.5 billion.
Before the COVID-19 outbreak, the demand for electric bikes was high, mainly driven by policy measures introduced by the government to encourage electrification of vehicles and reduce pollution.
However, during the first lockdown period of April 2020-June 2020, the sale volume of electric bikes declined by almost 55%. After the lockdown was eased, the impacts of the COVID-19 situation is still an issue for the public transportation sector, as the production units struggled to function at full capacity.
The report featured:
Electrotherm (India) Limited
Wardwizard Innovations & Mobility Limited
Ampere Vehicles Private Limited
Ather Energy Private Limited
Hero Electric Vehicles Private Limited
NDS Eco Motors Private Limited
Okinawa Autotech Private Limited
Ola Electric Mobility Private Limited
Tork Motors Private Limited
Tunwal E-Bike India Private Limited. fiinews.com
