The bicycle industry gears up for a growth momentum as the world decides to cycle more often.
Vehicular emissions contribute approximately 27% in the Air pollution. Thus one of the possible ways of reduction of Air pollution and hence enahcing the life expectancy is adoption of an alternate mode of transport- Bicycles/E-Bikes.”It’s socially oriented, it’s fun, and it gets you outside and exercising,” says Dr. Clare Safran-Norton, a physical therapist at Harvard-affiliated Brigham and Women’s Hospital on Cycling in the article“The top 5 benefits of cycling in Harvard Health Letter”..
Air pollution has moved up from the 5th to the 4th leading risk factor for death globally in 2019 as per the report: Status of Global Air 2020. There is broad scientific consensus that long-term exposures to air pollution contribute to increased risk of illness and death from ischemic heart disease, lung cancer, chronic obstructive pulmonary disease (COPD), lower-respiratory infections (e.g., pneumonia), stroke, type 2 diabetes, and, more recently, adverse birth outcomes, and that the public health burden from these exposures is much larger than that from short-term exposures.The impact of air pollution is not limited to health but extends to agriculture and the general well-being of humans, floral and faunal population.
The enahnced health awareness generated due to the ongoing pandemic has further stressed the need of exercise and what better mode of transport could be then Cycle
The high adoption of Bicycles and E-bikes depends on the creation of adequate demand and fulfillment of the demand by the industry. This requires a favourable ecosystem for the manufactuirng of Bicycels and E-Bikes as per the demand generated. India is one of the pioneer nations in the production of Bicyles. India ranks 2nd in the World’s Bicycle production with annual production of 15.5 Million Bicycles per year.
The State of Punjab ranks number 1 in India’s total bicycle production contributing more than 75% in bicycle production and 90% in bicycle components’ production. The State houses leading Cycle manufacturers of India- Hero Cycles Limited, Avon and Ti Cycles. The State has the presence of complete value chain of bicycle segment. The strengthened ecosystem has also shown its mettle in the exports. Punjab ranks 1 in exports of bicycle and bicycle components with a share of around 80% in exports from India.
The global bicycle market is expected to reach an estimated $34.9 billion by 2022 and is forecast to grow at a CAGR of 2.7% from 2017 to 2022 . The growth potential is said to arise from segments such as e-bikes, road, mountain terrain bike (MTB), and children’s bicycles. The major drivers of growth for this market are: increasing fitness consciousness among people; environmental concerns; traffic congestion, and government programmes to promote cycling.
In order to enhance the global competitiveness of the sector, the Govt. of Punjab has come out with several supportive measures. The Industrial and Business Development Policy 2017 provisions lucrative incentives such as Net GST reimbursment, Employment subsidy with no domicile restrcitions etc. Further, in order to strengthen the ancilliary units, the state has demarcated special incentives for technological upgradation, enhancing market outreach etc.
The Govt. of Punjab is coming up with pre approved industrial park-Hi Tech valley, Ludhiana having State of the art infrastructure and excellent connectivity for domestic and international markets. The Industrial Park has been earmarked for manufactuirng of advanced mobility. India’s leading Cycle Mnaufacturer is coming up as mother unit along with its ancilliaries for manufacturing of E-Bikes and high-end bicycles.
The triangular collobaorative efforts of the Governement, the Industry and the public will help in combating the ill effects of the pollution with adoption of cleaner mode of transportation.
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