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LightSpeed to outrun decades old leading two wheeler manufacturers

There has been a significant rise in the sales of bicycles, wherewith the introduction of an electric bicycle, there has been no turning back. As lockdown was in effect, and no vehicles were allowed on roads, many domestic electric bicycle makers like LightSpeednot only got recognition but also saw a huge shift in demand for electric bicycles.

LightSpeed, is ideologically compatible with PM Modi’sAatmanirbhar Bharat Abhiyan, and has taken the country by storm with it’s ‘Value for Money’ electric bicycles in the wake of global pandemic. Where many motorcycle manufacturers like Hero, KTM, and more have also entered this market segment of bicycle manufacturing, they are struggling creating a base in the market, compared to the domestic manufacturers, which are the first preference of buyers. This trend has inspired many startups as well, as according to the EV policy launched by the state government, the aim of the govt was to ensure 25% of newly registered electric vehicles across the cities by 2024, which is 0.2% only, today.

Buyers this time do not seem to rely on the leading brands anymore, & are preferring recently grown startups, which saw about 300% growth in inquiries amid the lockdown. The sales figures witnessed a record 200% hike in the months after the lockdown, and have shown no signs of decline. There was a shockingly major uptake from non metro & smaller towns, while the demand in metropolitan cities was lower than expected in the months of June, July & August.

In the big picture, it is evident that the circumstances caused by Covid, played a major role in boosting the demand of electric bicycles, which came out as a blessing in disguise for the industry. As the demand of electric bicycles has not witnessed any decline yet, according to industry experts, these bicycles are estimated to play a major role in contributing significantly to the Indian GDP in the near future.

According to RahilRupawala, founder & CEO of LightSpeed, “the electric bicycles are what India needs to have a pollution free public transport system. With electric bicycles, one can easily cover 15-20 kilometers of distance, which once was not possible without the fuel consumption that came with it. With times changing we are heading towards becoming a smart country, where electric bikes are going to play a crucial role not only by making the country pollution free but also, by making people healthy. We are determined towards making affordable electric bicycles, so more people can switch to them.”

(With inputs from RahilRupawala, CEO & Founder of LightSpeed)

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