India Electric Two-Wheelers Market to Witness 44.0% CAGR During 2018 – 2024, Attaining the Fleet Size of 633.9 thousand units by 2024

Nov, 2018

The Indian electric two-wheeler market is predicted to grow at 44.0% CAGR during the forecast period with its fleet size reaching 633.9 thousand units by 2024. The Indian market is primarily driven by the as large population and supportive government regulations.

Increasing government initiatives, increasing urbanization are the key factors fueling the growth of the electric-two wheelers market in India. In 2018, Indian government confirmed subsidies for all type of electric vehicles. Faster Adoption and Manufacturing of (Hybrid &) Electric Vehicles II (FAMEII) scheme has been finalized in April this year. As per the scheme, the government will invest INR 5,500 crores (~ USD 784 million) in the next five years. The governing panel decided that the subsidiary will be provided for all kinds of electric vehicles including light electric vehicles.

Based on product, the market is categorized into e-scooters, e-bikes, e-motorcycles, and others. E-scooters hold the largest share in the Indian market, in terms of revenue as well as fleet size. E-motorcycles are anticipated to witness the fastest growth during the forecast period. E-motorbikes also called electric motorcycles are plug-in electric vehicles, that functions similar to a traditional motorcycle but make use of electricity in place of gasoline. The e-motorbikes have a slightly higher speed compared to e-bikes and e-scooters, which is generally more than 50km/hr.

On the basis of battery type, the market is segmented into sealed lead acid, Li-ion, and NiMH. Of all, sealed lead acid is the most common type of battery used in the electric two-wheelers in India. Lower prices are the primary reason behind the highest share of sealed lead acid battery in the Indian electric two-wheelers market.

On the basis of battery technology, the market is categorized into removable battery and non-removable battery. Of both the categories, non-removable batteries are majorly used in the market as it is convenient for electric two-wheelers to plugin and charge batteries instead of removing and charging indoors.

Based on voltage, the market is segmented into 24V, 36V, 48V, 60V, 72V. Of all, 48V electric two-wheeler holds the largest share in the Indian electric two-wheeler market, followed by 36V two-wheelers. Most of the e scooters run with a battery of 48V which provides it optimum power to perform better in the congested metropolitan cities of the country.

Market players in the Indian electric two-wheeler industry are launching new products and investing huge capital for capacity expansion in order to cater to rising demand. Ather Energy launched its flagship product Ather 450 electric scooters in Bengaluru. The Ather 450 has a top speed of 80km/hr and comes with 3.3kW BLDC motor.

Hero Electric Vehicles Pvt. Ltd., Okinawa Autotech Pvt. Ltd., Ather Energy, Spero Electric, Lohia Auto Industries, and Yadea Technology Group are some of the key players operating in the Indian electric two-wheelers market.

India Light Electric Vehicle Market Coverage 

Product Insight and Forecast 2014-2024

  • E-scooters
  • E-bikes
  • E-motorcycles
  • Others

Battery Type Insight and Forecast 2014-2024

  • Sealed Lead Acid
  • Li-ion
  • Ni-MH

Technology Insight and Forecast 2014-2024

  • Plugin
  • Battery

Voltage Insight and Forecast 2014-2024

  • 24V
  • 36V
  • 48V
  • 60V
  • 72V
India Electric Two-Wheelers Market to Witness 44.0% CAGR During 2018 – 2024, Attaining the Fleet Size of 633.9 thousand units by 2024