India Electric Two-Wheeler Market to Grow at 29.07% CAGR in terms of value by 2028
Increasing demand for zero emission vehicles and
technological innovation drives the India electric two-wheeler market through 2028.
According
to TechSci Research report, “India Electric
Two-Wheeler Market - Industry Size, Share, Trends, Competition, Opportunity and
Forecast, 2018- 2028F”, India electric two-wheeler
market is anticipated to reach USD 1,028.04 million at a CAGR of 29.07% by 2028
because of rapidly increasing adoptability and technological advancements in electric
vehicles. The growth of electric two-wheelers in the country is primarily due
to an increase in per capita income resulting in purchasing power as well as
concerns over rising pollution levels generated by ICE vehicles. Also, the
government provides subsidies under FAME II along with state EV policies for
rapid acceptance of electric two-wheeler throughout the country. Additionally,
increasing focus on research and development by leading companies as well as
many emerging players to develop advanced technology and features while keeping
an affordable price range is anticipated to attract more customers, which will
result in increasing sales of electric two-wheelers. Electric vehicles can help India reduce air pollution, carbon
emissions, and reliance on oil. Electric two-wheelers require less maintenance
and service and overall lower operating costs than ICE vehicles because they
have fewer moving parts. In addition, other important elements driving the
growth of electric two-wheeler sales include the high cost of fossil fuels,
growing preference for personal mobility, an increase in alternatives, enhanced
charging infrastructure, EV financing options, and incentives under government
schemes. However, the lack of charging infrastructure, lack of awareness, and
the high initial cost is hampering the growth of the electric two-wheeler market
in India. The COVID-19 pandemic had an effect on public health and sparked a
global economic crisis. The pandemic had a significant impact on production and
the supply chain. During the pandemic, the production of two-wheeler was
impacted due to a shortage of auto components. On the contrary, electric
vehicles cost between 35 and 50 percent more than traditional cars. Indian
vehicle buyers will be hesitant to invest money in EVs or two wheelers until
they demonstrate considerable benefits in terms of fuel savings and tax
rebates. Another common reason given for the adoption of EVs is the lengthy
charging durations of EV batteries compared to the quicker refueling times of
ICE vehicles. Even yet, to improve its range while maintaining affordability,
the market is seeing more investment and cooperation as it strives for zero
emissions and green energy. The sales of electric two-wheeler have increased in
2022, and it is expected to grow by CAGR of 27.62% through 2028 in terms of
volume.
Browse more than 24 market data Figures spread through 70 Pages and
an in-depth TOC on "India Electric Two-Wheeler Market"
India electric two-wheeler market can be segmented on
the basis of vehicle type, battery type, voltage capacity, battery capacity,
range, region and company. On the basis of vehicle type, currently, electric
scooter/moped segment dominates the India electric two-wheeler market with a
majority of market share. However, the motorcycle segment is expected to grow
at 47.72% CAGR by 2028. On the basis of battery type, Lithium-ion battery
dominates the India electric two-wheeler market with more than 90% of the total
market share due to many emerging players with their advanced technology, which
offers zero-emission, high battery capacity and high overall performance. It
has been forecast that the same trend will continue in forthcoming years. On
the basis of voltage capacity, the 48-59 v category dominates with nearly 70%
of the total India electric two-wheeler market share. This is mainly to keep
prices of electric two-wheelers competitive and affordable as per the Indian
market. On the basis of battery capacity, the <2 KWh segment is leading the
market, followed by the 2-2.5 KWh segment. On the basis of vehicle range per
charge, the 50-100 km segment gets the highest share, 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.
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“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.
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