A Bicycle, is a human-powered, pedal-driven, single-track vehicle, having two wheels attached to a frame, one behind the other. Bicycles are one of the oldest forms of transportation. Even today millions of people travel by bicycle daily to their work, college, universities and distant places. The cycle rickshaw is a small-scale local means of transport; it is also known by a variety of other names such as bike taxi, velotaxi, pedicab, bikecab, cyclo, beca, becak, trisikad, or trishaw. A Cycle Rickshaw is often hailed as environment-friendly and an inexpensive mode of transportation.
The Indian bicycle industry, the second largest in the world, produces around 10 to 14 mn units annually. China leads with a production of over 50 mn units. The total world market is estimated at close to 100 mn units. The bicycle market in India is expected to register a CAGR of more than 8% in terms of value during the forecasted period of 2016-17 to 2021-22. There are guesstimates that close to 1 million cycle rickshaws ply on the Indian roads carrying about 3-4 billion passengers-km/year. In some cities they are the major means of transport. They provide employment to about 700,000 rickshaw pullers, are very maneuverable and are completely non-polluting and hence environmentally friendly means of transport. Thus, as an entrepreneur this project offers an exciting opportunity to you.
Few Indian major players are as under
- Atlas Cycles (Sonepat) Ltd.
- Avon Cycles Ltd.
- Cycle Corporation Of India Ltd.
- Deepak International Ltd.
- Dewan Steels Ltd.
- Eastman Industries Ltd.