Higher Gasoline Prices, Government Incentives, and High-End Research to Boost the India Electric Two-Wheeler Market Through FY2031

According to the Markets and Data Research report, “India Electric Two-Wheeler Market Assessment, By Region, Opportunities and Forecast, FY2017-FY2031F”, India electric two-wheeler market was estimated at USD 1.16 billion in FY2023, which is anticipated to reach USD 12.44 billion by FY2031, growing at a CAGR of 40.34% during the forecast period. India's electric two-wheeler market showcases robust growth, reflecting evolving consumer preferences and innovations in the battery technology.

India as an emerging economy and is adopting the latest automotive technologies. The adoption of electric vehicles is expected to increase owing to the rising prices of petrol and diesel. The demand for two-wheelers, in turn, is increasing with the government providing subsidies to end-users, making vehicles affordable and accessible. The rapidly expanding EV manufacturing sector involves the advanced production of EV cars, three-wheelers, and two-wheelers. These are linked to government offerings such as FAME II (Faster Adoption and Manufacture of EVs) scheme and separate state EV policies.

The government runs initiatives to limit vehicular pollution and launch schemes like Production-Linked Incentives (PLIs) to promote innovative ideas. In India, the transition toward electric mobility is crucial to mitigate the damaging effects that the country's growing car population have on the environment. Small self-propelled electric two-wheelers are powered by an inbuilt electric motor or a rechargeable battery. As they are inexpensive, lightweight, flexible, strong, and fuel-efficient, offering an environmentally benign alternative to other modes of transportation. New battery technology comprising solid-state batteries with small size, effective performance, and higher security dynamics are expected to transform the two-wheeler market in India. Another market trend involves the addition of electric scooter/motorcycle fleets with e-commerce, and food delivery brands that promote efficient and sustainable mobility solutions.

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Spread through 80 pages, the "India Electric Two-Wheeler Market" report includes an in-depth TOC, over five market data figures, latest market developments, key drivers and opportunities, and a thorough study of major company profiles. Moreover, the report offers strategic recommendations, pricing analysis, market share analysis, and value chain analysis in detail.

Key Takeaways:

• The EV two-wheeler market in India is likely to expand with a higher adoption rate, and new companies entering the market. The rising awareness among Indian citizens, lower maintenance, and affordable operation are considered major industry attributes.
• Higher economic activities with increased per capita income lead end-users to adopt new vehicles. Increased prices of fossil fuel are fuelling the market growth.
• The production incentives for manufacturers and subsidies for end-users are pushing the sales of electric two-wheelers in the region.
• An advanced feature such as higher acceleration, new battery technology, and sustainable mobility is projected to increase electric two-wheelers adoption in commercial logistics.

India electric two-wheeler market is segmented in the following categories:

By Vehicle Type: Electric Motorcycle, Electric Scooter

By Type of Battery: Lithium-ion, Lead Acid

By Battery Technology: Removable, Non-removable

By Distribution Channel: Original Equipment Manufacturers (OEMs), Dealers, and Distributors

By Region: North, South, West and Central, East

Based on battery type, lithium-ion battery holds the major share of the market. The high energy density of lithium-ion batteries is one of their main advantages. It indicates that they're equipped with the capacity to store a significant amount of energy in a compact and lightweight form. These properties make lithium-ion batteries suitable for use in electric scooters, which need a small, light power supply. Scooter lithium-ion batteries have the benefit of a long lifespan. Compared to conventional lead-acid batteries, these batteries may usually give hundreds or even thousands of charge cycles. It indicates that scooter lithium-ion batteries are an affordable choice for owners of electric scooters since they can deliver dependable performance for an extended length of time. Furthermore, fast charging with higher longevity is anticipated to fuel the segmental growth of lithium-ion batteries.

Major Companies Operating in India's Electric Two-Wheeler Market include:

·         Hero Electric Vehicles Pvt. Ltd.

·         Ola Electric Technologies Pvt. Ltd.

·         Okinawa Autotech Pvt. Ltd.

·         Ather Energy Pvt. Ltd.

·         Ampere Vehicles Pvt. Ltd.

·         PurEnergy Pvt. Ltd.

·         TVS Motor Company Ltd.

·         Revolt Intellicorp Pvt. Ltd.

·         Bending India Energy and Technology Pvt Ltd

·         Bajaj Auto Ltd.

Companies in India's electric two-wheeler market are actively involved in research and development (R&D) initiatives with the adoption of the latest battery technology. The companies work on the chassis, design, advanced functions, and fast charging. The companies experiment with advanced battery features such as swappable batteries, rechargeable portable batteries, infotainment systems, and other connectivity features.  Furthermore, companies collaborate to expand their supply chain and enhance the distribution channel.

In January 2024, Ather Energy Pvt. Ltd. launched its flagship electric scooter named Ather 450 Apex. With its stronger 7.0 kW/26 Nm motor, it can reach speeds of above 100 kmph. The peak speed of the 450X, on the contrary, was 90 kmph. Better acceleration is provided by the Apex, which can accelerate from a standstill to 40 kmph in just 2.9 seconds.

In January 2024, Hero Electric Vehicles Pvt. Ltd. is likely to introduce three electric scooters in mid, affordable, and B2B segments. These vehicles are likely to be in the market by the end of 2024.

“India Electric Two-Wheeler Market Assessment, 2017-2031F”, evaluates the future growth potential of India electric two-wheeler market and provides statistics and information on market size, structure, and future market growth. The report intends to provide innovative market intelligence and help decision-makers make investment decisions for their organizations more strategically. Moreover, the report identifies and examines the emerging trends along with key drivers, challenges, and opportunities in India electric two-wheeler market.

 

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