India Electric Two-Wheeler Market is forecast to grow at a CAGR of 40.34% during the forecast period between FY2024-FY2031 and was valued at USD 1.16 billion in FY2023.
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India Electric Two-Wheeler Market is forecast to grow at a CAGR of 40.34% during the forecast period between FY2024-FY2031 and was valued at USD 1.16 billion in FY2023. Being one of the largest two-wheeler marketplaces in the world, India’s electric two-wheeler market is driven by rising environmental concerns among consumers, government schemes offering rebates and subsidies on usage of electric vehicles to promote reduced carbon emissions.
A shift towards electric mobility has become essential in India to control the adverse environmental impacts which is being caused by the increasing vehicles on the road. Electric two-wheelers are small, self-propelled vehicles that run on either a rechargeable battery or an integrated electric motor. They are an environmentally friendly replacement to other forms of transportation since they are lightweight, adaptable, durable, affordable, fuel-efficient, and fuel-efficient. The compact electric two-wheelers are becoming more popular since they make it possible to travel short distances faster and avoid traffic bottlenecks.
Environmental Consciousness coupled with Social Influence
Fossil fuels like, diesel, petrol and natural gas are used for transportation, carbon dioxide (CO2) is released into the atmosphere, compromising both human health and the environment. Electric vehicle (EV) production and promotion are significant steps in this approach. They lead to less noise pollution, zero carbon emission, better air quality, and overall fuel savings. Indian population is becoming highly conscious of the environmental concerns and switching to eco-friendly modes of transport, including electric two-wheelers. Moreover, India being a highly social nation, influence from peer, family members, celebrities and social media adds to the adoption preferences of buyers in the country.
Government scheme
By providing subsidies for the purchase of electric vehicles, the government of India is helping the industry grow at a faster pace. In line with this, these incentives have increased the consumer acceptability of battery-powered scooters and motorbikes. Tax deductions, purchase reimbursements, and financial incentives are some supportive initiatives for EV buyers. As a result, the government is offering subsidies through the FAME II (Faster Adoption and Manufacture of EV’s) scheme and separate state EV policies to encourage the adoption of electric vehicles more quickly.
Impact of COVID-19 on India Electric Two-Wheeler Market
The pandemic had an impact on the public's health and initiated an economic crisis globally. The pandemic had a significant impact on production and the supply chain. Due to restrictions the Indian government imposed on imports coming from China, the supply of lithium-ion batteries was affected, which led to stagnating sales of electric two-wheelers. All automobiles’ sectors, including factories, showrooms, and workshops, were closed, resulting in a massive drop in overall production and sales of automobiles. In addition to taking opportunity of the demand, two-wheeler EV manufacturers are now expecting an increase in sales following the lockdown, claiming that their vehicles are now more cost-effective and acceptable for commuting within cities.
Report Scope
“India Electric Two-Wheeler Market Assessment, Opportunities and Forecast, 2017-2031F,” is a comprehensive report by Markets and Data, providing in-depth analysis and assessment of the current state of business in the electric two-wheeler market in India, industry dynamics and challenges. The report includes market size, segmental shares, growth trends, COVID-19, opportunities and forecasts (2024-2031). Additionally, the report profiles the leading players in the industry mentioning their respective market share, business model, competitive intelligence, etc.
Report Attribute |
Details |
Base Year of Analysis |
FY2023 |
Historical Period |
FY2017-FY2022 |
Forecast Period |
FY2024-FY2031 |
Market Size in FY2023 |
USD 1.16 billion |
Projected Growth Rate |
CAGR of 40.34% from 2024-2031 |
Revenue forecast in FY2031 |
USD 12.44 billion |
Units |
Revenue in USD and Volume in Units |
Segments Covered |
By Vehicle Type By Type of Battery By Battery Technology Type By Distribution Channel |
Regions Covered |
Top 5 |
Key Companies Profiled |
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., Benling India Energy and Technology Pvt Ltd, Bajaj Auto Ltd. |
Customization Scope |
15% free report customization with purchase. |
Pricing and Purchase Options |
Avail the customized purchase options to fulfil your precise research needs. |
Delivery Format |
PDF and excel through email |
In this report, India Electric Two-Wheeler Market has been segmented into following categories:
1. India Electric Two-Wheeler Market, By Vehicle Type
1.1. Electric Motorcycle
1.2. Electric Scooter
2. India Electric Two-Wheeler Market, By Type of Battery
2.1. Lithium ion
2.2. Lead acid
3. India Electric Two-Wheeler Market, By Battery Technology Type
3.1. Removable
3.2. Non-Removable
4. India Electric Two-Wheeler Market, By Distribution Channel
4.1. Original Equipment Manufacturers (OEMs)
4.2. Dealers and Distributors
5. India Electric Two-Wheeler Market, By Region
5.1. North
5.2. South
5.3. West and Central
5.4. East
Key Player Landscape and Outlook
Factors such as intensified competition, rising demand for two-wheeler, environmental sustainability, and globalization result in major challenges for vehicle production to sustain in the industry. Wide range of companies are involved in the development and manufacturing of Electric Vehicles to stay ahead of the competition and are making significant investments in R&D projects to introduce new products and increase production capabilities.
When Ola Electric launched its Electric two-wheelers, it immediately rose to the top of the list of the most popular Electric vehicle brands in India. Ola Electric, which is supported by several well-known investors, delivers electric automobiles to clients' houses instead of through conventional dealerships. In 2022, Hero Electric, India's first producer of electric two-wheelers, sold more than 100 thousand e-scooters and aims to sell over five million electric vehicles in coming three years.
Key Players Operating in India Electric Two-Wheeler Market
· 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.
· Benling India Energy and Technology Pvt Ltd
· Bajaj Auto Ltd.
If you can't find what you're searching for or have any custom requirements for India Electric Two-Wheeler Market, you may approach our team at info@marketsandata.com
Table Of Content
1. Product Overview
2. Research Methodology
3. Impact of Covid-19 on India Electric Two-Wheeler Market
4. Executive Summary
5. Voice of Customer
5.1. Brand Awareness and Loyalty
5.2. Brand Satisfaction
5.3. Factors Considered in Purchase Decision
5.4. Medium of Purchase
5.5. Frequency of Purchase
5.6. Understanding of Channel Retail
5.7. Recommendations and Suggestions
6. India Electric Vehicle Market Outlook, FY2016-FY2030
6.1. Market Size & Forecast
6.1.1. By Value
6.1.2. By Volume
6.2. Market Share and Forecast
6.2.1. By Vehicle type
6.2.1.1. Electric Motorcycle
6.2.1.2. Electric Scooter
6.2.2. By Battery type
6.2.2.1. Lithium ion
6.2.2.2. Lead acid
6.2.3. By Battery Technology type
6.2.3.1. Removable
6.2.3.2. Non-Removable
6.2.4. By Distribution Channel
6.2.4.1. Original Equipment Manufacturers (OEMs)
6.2.4.2. Dealers and Distributors
6.2.5. By Region
6.2.5.1. North
6.2.5.2. South
6.2.5.3. West and Central
6.2.5.4. East
7. India Electric Two-Wheeler Market Mapping, 2021
7.1. By Vehicle type
7.2. By Battery type
7.3. By Battery Technology type
7.4. By Distribution Channel
7.5. By Region
8. Price Point Analysis for Key Five Market Leaders
9. Case Studies (Best Practices Adopted by India Electric Two-Wheeler Market Players, Up to Three)
10. Macro-Business Environmental Scope
10.1. Value Chain analysis
10.2. Demand Supply Analysis
10.3. PESTEL Analysis
10.3.1. Political Factors
10.3.2. Economic Factors
10.3.3. Social Factors
10.3.4. Environmental Factors
10.3.5. Legal Factors & Regulatory Policies
10.4. Business Environment Analysis
10.4.1. Supplier Power
10.4.2. Buyer Power
10.4.3. Substitution Threat
10.4.4. Threat from New Entrant
10.4.5. Competitive Rivalry
11. Market Dynamics
11.1. Trends and Developments
11.2. Growth Drivers
11.3. Pertaining Challenges
12. Key Players Landscape
12.1. Competition Matrix of Market Leaders
12.2. Market Revenue Analysis of Market Leaders (in %, 2022)
12.3. Mergers & Acquisitions/ Joint Ventures (If Applicable)
12.4. SWOT Analysis (For Five Market Players)
13. Key Players Outlook
13.1. Hero Electric Vehicles Pvt. Ltd.
13.1.1. Company Details
13.1.2. Key Management Personnel
13.1.3. Products & Services
13.1.4. Financials (As reported)
13.1.5. Key Market Focus & Geographical Presence
13.1.6. Recent Developments
13.2. Ola Electric Technologies Pvt. Ltd.
13.3. Okinawa Autotech Pvt. Ltd.
13.4. Ather Energy Pvt. Ltd.
13.5. Ampere Vehicles Pvt. Ltd.
13.6. PurEnergy Pvt. Ltd.
13.7. TVS Motor Company Ltd.
13.8. Revolt Intellicorp Pvt. Ltd.
13.9. Benling India Energy and Technology Pvt Ltd
13.10. Bajaj Auto Ltd.
*Companies mentioned above DO NOT hold any order as per market share and can be changed as per information available during research work.
14. Strategic Recommendations
15. About Us & Disclaimer
List of Figures
Figure 1. India Electric Two-Wheeler Market, By Value, In USD Billion, FY2017 - 2031F
Figure 2. India Electric Two-Wheeler Market, By Volume, In Thousand Units, FY2017 - 2031F
Figure 3. India Electric Two-Wheeler Market Share, By Vehicle Type, In USD Billion, FY2017 - 2031F
Figure 4. India Electric Two-Wheeler Market Share, By Vehicle Type, In Thousand Units, FY2017 - 2031F
Figure 5. India Electric Two-Wheeler Market Share, By Battery Type, In USD Billion, FY2017 - 2031F
List of Tables
Table 1. Pricing Analysis of Products from Key Players
Table 2. Competition Matrix of Top 5 Market Leaders
Table 3. Mergers & Acquisitions/ Joint Ventures (If Applicable)
Table 4. About Us - Regions and Countries Where We Have Executed Client Projects
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