Low demand
Electric cycles are finding more traction in markets like Europe, the US, China and Japan than in India. This is because of the lack of incentives available to both the manufacturers and buyers. In India, the demand for E-cycles is below par considering the high acquisition cost of over Rs 30,000.
Need more attention
The cycle industry is kept out of key government schemes like the production-linked incentive (PLI) policy or FAME-II, an industry expert said. At a time when the government is focussing on clean mobility and looking for ways to promote EVs in the country, the e-cycle segment calls for more attention. Tax benefits along with inclusion in FAME-II can boost e-cycle sales and give a fillip to its production in the country.
