According to a report by TechSci Research titled "India Electric Two-Wheeler Market - Industry Size, Share, Trends, Competition, Opportunity and Forecast, 2018-2028F," the India electric two-wheeler market is expected to reach USD 1,028.04 million with a CAGR of 29.07% by 2028. This growth can be attributed to the increasing adoption and technological advancements in electric vehicles in the country. The rise of electric two-wheelers in India is driven by the growth in per capita income, resulting in increased purchasing power, and concerns over rising pollution levels caused by internal combustion engine (ICE) vehicles. The government's provision of subsidies under FAME II and state EV policies further promotes the rapid acceptance of electric two-wheelers nationwide. Leading companies and emerging players are also focusing on research and development to introduce advanced technology and features at an affordable price range, attracting more customers and driving sales of electric two-wheelers. Electric vehicles offer India the opportunity to reduce air pollution, carbon emissions, and dependence on oil. Compared to ICE vehicles, electric two-wheelers require less maintenance and have lower operating costs due to their fewer moving parts.
Several factors contribute to the growth of electric two-wheeler sales in India, including the high cost of fossil fuels, increased preference for personal mobility, the availability of alternative options, improved charging infrastructure, EV financing options, and incentives provided under government schemes. However, the growth of the electric two-wheeler market in India is hindered by the lack of charging infrastructure, low awareness, and high initial costs. The COVID-19 pandemic had a significant impact on public health and the global economy, leading to disruptions in production and the supply chain. The shortage of auto components during the pandemic affected the production of two-wheelers. Additionally, the higher cost of electric vehicles compared to traditional cars has made Indian vehicle buyers cautious about investing in EVs or two-wheelers, unless they demonstrate significant benefits such as fuel savings and tax rebates. Charging durations of EV batteries, which are longer compared to the quicker refueling times of ICE vehicles, is also a common concern. However, the market is witnessing increased investment and collaboration to improve the range of electric two-wheelers while maintaining affordability, aiming for zero emissions and green energy. The sales of electric two-wheelers have shown growth in 2022, and it is projected to grow at a CAGR of 27.62% in terms of volume through 2028.
The India Electric Two-Wheeler Market can be segmented based on vehicle type, battery type, voltage capacity, battery capacity, range, region, and company. Currently, the electric scooter/moped segment dominates the market with the majority of market share. However, the motorcycle segment is expected to grow at a CAGR of 47.72% by 2028. Lithium-ion battery holds more than 90% of the total market share due to the presence of emerging players offering advanced technology with zero emissions, high battery capacity, and overall performance. This trend is expected to continue in the coming years. The 48-59 v category dominates in terms of voltage capacity, accounting for nearly 70% of the total India electric two-wheeler market share. This is primarily to keep electric two-wheeler prices competitive and affordable for the Indian market. In terms of battery capacity, the <2 KWh segment leads the market, followed by the 2-2.5 KWh segment. The 50-100 km segment holds the highest share in terms of vehicle range per charge, followed by the 101-150 km segment.
Some of the major companies operating in India Electric Two-Wheeler Market include:
- Hero Electric Vehicles Pvt. Ltd.
- Okinawa Autotech Pvt. Ltd.
- Greaves Electric Mobility Pvt. Ltd.
- Ather Energy Pvt. Ltd.
- PuREnergy Pvt. Ltd.
- Ola Electric Technologies Pvt. Ltd
- TVS Motor Company
- Revolt Intellicorp Pvt. Ltd.
- Bajaj Auto Ltd.
- Benling India Energy & Technology Pvt Ltd.
“Many companies are investing in advanced technological research and development, which increases performance per charge, decreases charging time, and improves infrastructure for charging stations, making electric two-wheelers more acceptable to people.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“India Electric Two-Wheeler Market By Vehicle Type (Scooter/Moped, Motorcycle), By Battery Type (Lithium-Ion, Lead Acid), By Voltage Capacity (48-59 V, 60-72 V, 73-96 V), By Battery Capacity (<2 KWh, 2-2.5 KWh, >2.5 KWh), By Range (<50 km, 50-100 km, 101-150 km, >150 km) By Region, Competition, Forecast & Opportunities, 2028” has evaluated the future growth potential of India Electric Two-Wheeler Market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the India Electric Two-Wheeler Market.
Browse more than 24 market data Figures spread through 70 Pages and an in-depth TOC on "India Electric Two-Wheeler Market"- https://www.techsciresearch.com/report/india-electric-two-wheeler-market/1668.html
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