India Electric Two Wheeler Market to Surpass $ 200 Million by 2023
Growing
government support and initiatives, rising demand for cleaner vehicles and
increasing concerns about surging air pollution levels to drive India electric
two-wheeler market by 2023
According to TechSci Research report, “India
Electric Two Wheeler Market
By Vehicle Type, By Voltage Capacity, By Battery Type, By Motor Placement,
Competition Forecast &
Opportunities, 2013-2023”, electric two wheeler market in India is
projected to reach $ 200 million by 2023. Increasing government support and initiatives
aimed at encouraging the adoption of electric two wheelers, in addition to
surging air pollution levels, rising number of research & developments
efforts and growing inclination of consumers towards electric two wheelers are
expected to have a huge positive impact on the electric two wheeler market in
India over the next five years. Moreover, expanding product portfolio of the
leading electric two wheeler manufacturers is expected to boost electric two wheeler
sales in the country during the forecast period.
In 2017, electric scooter segment dominated the country’s
electric two wheeler market with a 100% market share, on account of government
support and several subsidies under its “FAME India” schemes, which support
faster adoption of electric two wheelers in the country. Market anticipation about
more favorable environment for the development of electric two wheelers industry
under “FAME-II” is also expected to aid the electric two wheeler market in
India in the coming years. Increasing number of electric two wheeler
manufacturers such as Hero, YObykes, Lohia and Avon in India, and their rising
focus on research & development to manufacture technologically advanced and
affordable electric two wheelers, is further anticipated to drive the country’s
electric two wheeler market over the course of next five years.
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“Demand for electric two wheelers is growing at
a robust pace in India, owing to increasing government support and rising
consumer inclination towards electric two wheelers. Government is providing
incentives and discounts on the purchase of electric two wheelers, on account
of various environmental benefits associated with these vehicles. With
increasing demand for electric two wheelers, size of electric two wheeler fleet
is also expected to expand during the forecast period. Moreover, with many
ongoing research & development projects, India electric two wheeler market is
expected to register strong growth in the coming years.”, said Mr. Karan
Chechi, Research Director with TechSci Research, a research based global
management consulting firm.
“India Electric Two Wheeler Market By Vehicle Type, By Voltage Capacity, By Battery Type,
By Motor Placement, Competition Forecast & Opportunities, 2013-2023” has analyzed the potential of electric two wheeler market across the country,
and provides statistics and information on market size, shares and trends. The
report will suffice in providing the intending clients with cutting-edge market
intelligence and help them in taking sound investment decisions. Besides, the
report also identifies and analyzes emerging trends along with essential
drivers and key challenges faced by the industry.
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