India Electric Two Wheeler Market to Witness 25% CAGR through 2026
Growing consumer interest
towards environmentally friendly vehicles coupled with consumer friendly
electric vehicle adoption policy is fueling India electric two-wheeler market
According to
TechSci Research report, “India
Electric Two-Wheeler Market By
Vehicle Type, By Battery Capacity, By Battery Type, Competition, Forecast &
Opportunities, FY2016 - FY2026F”, India electric two-wheeler market stood
around 152 thousand units in FY 2020 and the market is forecast to grow at a CAGR
of more than 25% during FY 2021 – FY 2026. Growth in the country’s electric
two-wheeler market is led by rising concerns about vehicular pollution and
increasing government support through several initiatives and schemes such as
FAME India scheme, which supports faster adoption of electric two-wheelers across
the country. Additionally,
increasing R&D focus by leading companies to develop technologically
advanced products to attract consumers towards electric two-wheelers in an
affordable price range is further anticipated to boost sales of electric two-wheelers
across the country during the forecast period. However, lack of technical
awareness and high procurement cost is hampering the growth of electric
two-wheeler market in India.
Browse over 36 market
data Figures spread through 80 Pages and an in-depth TOC on "India Electric Two-Wheeler Market"
India electric two-wheeler
market is segmented based on battery type, vehicle type, by voltage capacity,
by region. In terms of battery type, the market is segmented into Lithium-Ion
and Lead Acid. In recent times, Lead Acid battery has been dominating the
market and the segment will continue to dominate the market during the forecast
period as well. However, the share of Li-ion battery is expected to rise at a
swift pace owing to their high energy density, lower power loss and government
launch of FAME II policy, which supports the use of Lithium-Ion battery in
electric two-wheeler.
On the basis of vehicle type,
electric two-wheelers market is broadly segmented into two categories, namely
scooter and motorcycle. In FY 2020, scooters dominated the country’s electric
two-wheeler market with more than 95% market share. It is expected that scooter
segment will continue its dominance in India electric two-wheeler market during
forecast period as well. The main factors boosting adoption of electric scooters
in India include benefits on price, design and registration procedure and low
maintenance cost as compared to motorcycles and petrol fueled scooters.
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On the basis of voltage
capacity, the market is segregated into 48-59V, 60-72V, 73-96V, Above 96V. As
of FY 2020, the market is largely dominated by 48-59V, but it is expected that
due to the growing demand for performance oriented electric scooters and
electric motorcycles in near future the market will be dominated by 60-72V by
FY 2026. In terms of regional analysis, the market can be segmented into North,
West, South and East. Among these regions, North region dominates India
electric two-wheeler market with more than 30% value share in FY 2020, followed
by the country’s West region. Hero Electric, Okinawa Autotech Pvt. Ltd, Ampere
Vehicles, Electrotherm India (YO Bikes), among others are some of the leading
electric two-wheeler manufacturers across the country.
“Demand for
electric two-wheelers in India has been growing over the past few years, owing
to the constant efforts by the government to emphasize on the need for clean
vehicles due to deteriorating air quality. To support its efforts, the
government has been providing incentives on purchase of electric two-wheelers,
owing to various environmental benefits associated with such vehicles.
Moreover, with an increasing number of consumers aligning towards electric
two-wheelers, coupled with many ongoing research and development projects in
pipeline by the major players for developing highly efficient electric two
wheelers, the sales of electric two-wheelers are projected to grow at a robust
pace in India 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
Battery Capacity, By Battery Type, Competition, Forecast & Opportunities,
FY2016 - FY2026F” 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 India electric
two-wheeler market.
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