India electric two-wheeler market is anticipated
to grow at a CAGR of 29.07% during the forecast period to reach USD1,028.04 million by 2028. Anticipated
growth in the market can be attributed to increasing initiatives toward green
energy coupled with central and state subsidies. Rapidly increasing development
of charging stations, road infrastructure and increase in battery capacity will
lead to the growth of India electric two-wheeler market in the upcoming years.
India has recognized the
need to bring down pollution levels produced by automobiles. Thus, the
government of India is speeding up the acceptance of electric two-wheelers in the market by
providing various central and state subsidies. Electric two-wheelers do not
have an internal combustion engine. Instead, they have rechargeable battery, which
in many cases is removable. India electric two-wheeler market is majorly
divided into scooter/moped and motorcycle, and it is dominated by the
scooter/moped segment (non-registered low speed electric two-wheelers are not
considered). A considerable number of electric two-wheeler manufacturers are
financing greatly in the research and development sector to develop a more
efficient battery with additional performance per charge with lesser charging
time. Furthermore, factors such as ease of travel, comfort, efficiency, low
operating cost, etc., have increased the demand for electric two-wheelers.
The COVID-19 outbreak made an
impact on public health and led to economic crisis across the world. Production
and supply chain was severely impacted by the pandemic. The supply of
lithium-ion batteries got disturbed due to restrictions imposed by the
government of India on shipments coming from China, resulting in stagnant sales
of electric two-wheelers compared to the year 2020. According to the Society of
Manufacturers of Electric Vehicles (SMEV), the government is taking initiatives
for faster adoption of electric vehicles. Due to the lockdown imposed by the
government to prevent the spread of COVID-19, almost all the automotive sectors,
including factories, showrooms and workshops, were closed, witnessing a monumental
decline in overall production and overall sales of automobiles, although sales
of electric two-wheelers have increased due to their rise in popularity among
young generation.
Government Initiatives and
Environmental Consciousness
In recent
years, a shift towards green energy and advanced lithium-ion-based electric
two-wheelers has been noticed. Despite the increase in demand and sales of
electric two-wheelers, there are several factors which restrict the growth of
the segment. As per a study, current prices of electric two-wheelers are higher
than their ICE counterpart with similar performance. Accordingly, for faster adoption
of electric vehicles government is providing subsidies under the FAME II scheme
and independent state EV policies. Other factors include increasing supply of
essential components, declining battery cell prices in conflict with rising
fossil fuel prices, public awareness, and acceptability.
Reduction in Cost
of Ownership
Electric
vehicles can contribute to the reduction in air pollution, carbon emission and
oil dependency in India. Due to fewer moving parts compared to ICE vehicles,
electric two-wheeler requires less maintenance service cost and overall, less
running cost. Also, electric two-wheelers provide a better performance range
per charge compared to the same amount of fuel in ICE vehicles. Electric
two-wheeler manufacturers, along with emerging players, are increasing the
competition while reducing the cost of ownership in the market with their
technologically advanced products, which is expected to aid the growth even
further in upcoming years. In India, around 50% of the middle-class population
considers intra-city travel for their daily need while keeping minimal cost.
A Shift towards
Advanced Technology
In this
technological era, constant innovation and technological advancement are
driving the automotive sector. Advancement in automotive technologies brings
artificial intelligence, more comfort, and advanced features such as brake
assistance, anti-theft system, reverse driving for parking assistance etc.,
high-capacity travel range, less charging time, less maintenance, reduced
complexity, and efficiency to the vehicle. The adoption of lithium-ion battery
is increasing as it provides more reliable features compared to lead acid
battery.
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Market Segmentation
India Electric Two-Wheeler market is segmented on the basis of
vehicle type, battery type, voltage capacity, battery capacity, range, region
and company. Based on vehicle type, the market is segmented into scooter/moped,
motorcycle, by battery type into lead acid, lithium-ion, by voltage capacity
into 48-59V, 60-72V, 73-96V by battery capacity into <2 KWh, 2-2.5 KWh,
>2.5 KWh, by range into <50 km, 50-100 km, 101-150 km, >150 km. The
Scooter/Moped segment majorly dominates the India Electric Two-Wheeler Market
based on vehicle type, as there are a wide range of electric scooters/moped
available to customers with less overall cost than motorcycles. Based on
battery type, the Lithium-Ion battery segment dominates the segment as they
have higher effective capacity and less charging time than lead-acid batteries.
Company Profiles
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 Ltd., Revolt Intellicorp Private Limited, Bajaj Auto Ltd., etc. are
among the major market players in India electric two-wheeler market.
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Attribute
|
Details
|
|
Market
Size Value in 2022
|
USD
255.16 Million
|
|
Revenue
Forecast in 2028
|
USD 1,028.04 Million
|
|
Growth
Rate
|
29.07%
|
|
Base
Year
|
2022
|
|
Historical
Years
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2018 –
2021
|
|
Estimated
Year
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2023
|
|
Forecast
Period
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2024F
– 2028F
|
|
Quantitative
Units
|
Revenue in Thousand
Units & USD Million and CAGR for 2018-2022 and 2023E-2028F
|
|
Report
Coverage
|
Revenue
forecast, company share, competitive landscape, growth factors, and trends
|
|
Segments
Covered
|
·
Vehicle Type
·
Battery Type
·
Voltage Capacity
·
Battery Capacity
·
Range
·
Region
·
Company
|
|
Country
Scope
|
·
North India, West India, South India, East India.
|
|
Key
Companies Profiled
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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 Ltd., Revolt Intellicorp Pvt. Ltd., Benling India Energy and Technology
Pvt. Ltd., Bajaj Auto Ltd.
|
|
Customization
Scope
|
10%
free report customization with purchase. Addition or alteration to country,
regional & segment scope.
|
|
Pricing
and Purchase Options
|
Avail
customized purchase options to meet your exact research needs. Explore purchase options
|
|
Delivery
Format
|
PDF and Excel through
Email (We can also provide the editable version of the report in PPT/pdf format
on special request)
|
Report Scope:
In this report, India electric two-wheeler market has been segmented into following
categories, in addition to the industry trends which have also been detailed
below:
- India Electric Two-Wheeler Market, By Vehicle Type:
- India Electric Two-Wheeler Market, By Battery Type:
- India Electric Two-Wheeler Market, By Voltage Capacity:
- India Electric Two-Wheeler Market, By Battery Capacity:
- <2 KWh
- 2-2.5 KWh
- >2.5 KWh
- India Electric Two-Wheeler Market, By Range:
- 50-100 km
- 101-150 km
- >150 km
- <50 km
- India Electric Two-Wheeler Market, By Region:
- South India
- West India
- North India
- East India
Competitive Landscape
Company
Profiles: Detailed
analysis of the major companies present in India electric two-wheeler market.
Available Customizations:
With the given market data, TechSci
Research offers customizations according to a company’s specific needs. The
following customization options are available for the report:
Company Information
- Detailed analysis and profiling of additional market players (up to
five).