India Electric Two-Wheeler Market: Size, Growth, Opportunities, and Forecast to 2028
Introduction
The landscape of the electric vehicle (EV) industry in
India has witnessed remarkable growth in recent years. According to the TechSci
Research report titled “India Electric Two-Wheeler Market - Industry Size,
Share, Trends, Competition, Opportunity and Forecast, 2018- 2028F,” the market
for electric two-wheelers is poised to reach USD 1,028.04 million by 2028,
exhibiting a robust Compound Annual Growth Rate (CAGR) of 29.07%. This
significant expansion is attributed to the burgeoning adoption of electric vehicles
driven by technological advancements and heightened environmental concerns.
Definition of Electric Two-Wheeler
An electric two-wheeler refers to a vehicle propelled by
an electric motor and powered by rechargeable batteries. These vehicles,
comprising electric scooters and motorcycles, offer zero-emission
transportation solutions, contributing to the reduction of air pollution and
reliance on conventional fossil fuels.
Browse more than 24 market data Figures spread
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Two-Wheeler Market" - https://www.techsciresearch.com/report/india-electric-two-wheeler-market/1668.html
Factors Driving the Growth of India's Electric
Two-Wheeler Market
- Rapid Adoption and Technological Advancements: The
exponential growth in the electric vehicle sector is primarily driven by
the rapid adoption of EVs coupled with continuous technological
advancements, enhancing the appeal and efficiency of electric
two-wheelers.
- Economic Factors and Environmental Concerns: Increasing
per capita income and concerns over escalating pollution levels caused by
Internal Combustion Engine (ICE) vehicles propel the demand for electric
two-wheelers. The government's implementation of subsidies under FAME II
and state EV policies further accelerates the acceptance of these
vehicles.
- Research and Development Initiatives: Leading
companies and emerging players in the industry are focusing extensively on
research and development to introduce advanced technologies and features
while maintaining an affordable price range. This strategy aims to attract
more customers, consequently boosting sales.
- Environmental Benefits and Lower Operating Costs: Electric
two-wheelers offer environmental benefits by reducing air pollution and
carbon emissions. Moreover, they require less maintenance and have lower
overall operating costs compared to ICE vehicles due to their fewer moving
parts.
- Government Incentives and Enhanced Infrastructure: Incentives
provided under government schemes, along with the development of an
enhanced charging infrastructure and EV financing options, contribute
significantly to the growth of electric two-wheeler sales in India.
Benefits of the Research Report
- Market Size and Growth Projection: The report offers insights into
the current market size and forecasts the growth trajectory, aiding
stakeholders in strategic decision-making.
- Market Segmentation Insights: Detailed segmentation based on
vehicle type, battery type, voltage capacity, battery capacity, and range
provides a comprehensive understanding of specific market segments and
their growth patterns.
- Trends and Consumer Preferences: Understanding trends and
consumer preferences within the electric two-wheeler market assists
stakeholders in aligning their strategies to meet evolving consumer
demands.
- Technological Advancements and Industry Players: The report
sheds light on technological advancements and initiatives undertaken by
industry players, crucial for staying competitive and innovative in the
market.
- Challenges and Market Constraints: Identifying challenges such as
the lack of charging infrastructure, awareness, and high initial costs
helps stakeholders navigate potential hurdles and devise mitigation
strategies.
Market Segmentation and Trends
- Vehicle Type Segmentation: Electric scooters/mopeds dominate the market
presently, but the motorcycle segment is anticipated to grow substantially
by 2028.
- Battery Type and Voltage Capacity: Lithium-ion batteries and the
48-59 V category lead the market, offering high performance, zero-emission
features, and competitive pricing.
- Battery Capacity and Range: Segments with battery capacities below 2 KWh and a
range of 50-100 km command the market share, indicating affordability and
practicality for Indian consumers.
Challenges Hindering Market Growth
Despite the promising prospects, challenges persist,
hindering the rapid growth of the electric two-wheeler market in India:
- Lack of Charging Infrastructure: Inadequate charging
infrastructure impedes widespread adoption, limiting the feasibility and
convenience of electric two-wheelers.
- Low Awareness and High Initial Costs: Limited
awareness among consumers regarding EV benefits, coupled with relatively
higher initial costs, acts as a barrier to adoption.
- Impact of COVID-19 Pandemic: The global economic crisis
triggered by the pandemic disrupted production and supply chains,
affecting the two-wheeler industry, thereby posing challenges for electric
two-wheeler manufacturers.
Future Outlook
The market for electric two-wheelers in India portrays a
promising trajectory despite existing challenges. Investment and collaboration
efforts are escalating, aiming for zero emissions and green energy. The recent
surge in sales, coupled with a projected CAGR of 27.62% through 2028 in terms
of volume, indicate a positive outlook for the industry.
India's electric two-wheeler market showcases immense
potential, driven by a convergence of factors such as technological
advancements, environmental consciousness, and government initiatives. While
challenges persist, the market is witnessing substantial growth, offering
lucrative opportunities for stakeholders. The comprehensive analysis provided
by the research report serves as a guide for industry players and policymakers,
facilitating informed decision-making and strategies that align with the evolving
dynamics of the electric two-wheeler market.
Customers can also request for 10% free customization on
this report.
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.
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