11-Aug-2023
In recent years, the global automotive industry has witnessed a transformative shift towards sustainable and eco-friendly modes of transportation. In India, the electric vehicle (EV) industry is rapidly gaining momentum, and electric two-wheelers have emerged as a focal point in this transition, with various reports and experts highlighting their potential to revolutionize urban mobility. In this blog, we will discuss an overview of the Indian Electric Two-Wheeler market and analyze the current trends, opportunities, and growth in the current market.
The electric two-wheeler market in India is growing rapidly, with sales expected to reach 10 million units by 2030. This growth is being driven by a number of factors, including government incentives, rising fuel prices, and increasing environmental awareness.
In the first half of FY2022, electric two-wheeler sales in India grew by 260% to 4.6 lakh units. This growth was led by the increasing popularity of electric scooters, which accounted for 85% of all electric two-wheeler sales as per India Trade Data.
Source: https://www.ibef.org/
The government of India is playing a major role in promoting the growth of the electric two-wheeler market. In 2019, the government launched the FAME-II scheme, which provides subsidies for the purchase of electric vehicles. The government has also announced plans to build a nationwide network of charging stations for electric vehicles.
Rising fuel prices are also driving the growth of the electric two-wheeler market. The price of petrol and diesel has been rising steadily in recent years, making electric vehicles a more affordable option for many consumers.
The growth of the electric two-wheeler market is good news for the environment and the Indian economy. Electric vehicles are a cleaner and more sustainable form of transportation, and they can help reduce India's dependence on imported oil. The growth of the electric two-wheeler market is also creating new jobs and opportunities in the manufacturing and service sectors.
Source: JMK Research
The export of electric scooters from India has been growing rapidly in recent years. Based on Electric two wheeler export data, India exported 1.4 million electric scooters valued at $1.2 billion in 2022.
The top export destinations for Indian electric scooters are the United States, Nepal, and France. The United States is the largest market for Indian electric scooters, accounting for over 40% of exports. Nepal and France are also major markets, accounting for 20% and 10% of exports, respectively, as per Electric bike Scooter export data.
Here are some additional statistics about the electric scooter export market from India:
The top 3 exporting companies of electric scooters from India are Hero Electric, Okinawa Autotech, and Ampere Electric.
The most popular models of electric scooters exported from India are the Hero Electric Optima, the Okinawa Praise, and the Ampere Zeal.
The growth of the electric scooter export market from India is expected to continue in the coming years. The Indian government has set a target of having 30% of all new vehicles sold in India be electric by 2030. This target is expected to drive further growth in the electric scooter export market.
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Here are some of the key trends that are shaping the growth of the electric two-wheeler market in India:
Increasing government support: The government of India is providing a number of incentives for the purchase of electric vehicles, including subsidies, tax breaks, and access to low-interest loans. This support is helping to make electric vehicles more affordable and accessible to consumers.
Rising fuel prices: The price of petrol and diesel has been rising steadily in recent years, making electric vehicles a more affordable option for many consumers.
Increasing environmental awareness: Consumers are becoming more aware of the environmental impact of their transportation choices. Electric vehicles produce zero emissions, which is a major advantage in a country like India, where air pollution is a major problem.
Improved technology: Electric two-wheelers are becoming more technologically advanced, with longer ranges, faster charging times, and more features. They are now more appealing to customers as a result.
Growing competition: The electric two-wheeler market is becoming increasingly competitive, with new players entering the market and existing players expanding their offerings. This is driving innovation and helping to bring down prices.
Also Read: How to export electric vehicles from India
The future of electric two-wheelers depends on technological advancements and innovation. Bisinfotech emphasizes that the industry is witnessing a paradigm shift in terms of battery technology, charging infrastructure, and vehicle design.
Lithium-ion batteries have emerged as the preferred energy storage solution, offering higher energy density and longer ranges. Moreover, the development of fast-charging stations across urban areas is addressing the challenge of range anxiety, making EVs a more convenient option for daily commuting. Read More about Lithium-ion batteries.
In recent years, there have been a number of innovations in battery technology for E2Ws. These include:
Solid-state batteries: Solid-state batteries use a solid electrolyte instead of a liquid electrolyte, which makes them safer, more efficient, and more durable. Solid-state batteries are still in the development stage, but they have the potential to revolutionize the E2W market.
Graphene batteries: Graphene batteries are made from graphene, a material that is very strong and lightweight. Graphene batteries offer a higher energy density than lithium-ion batteries, which means they can store more energy in a smaller space. Graphene batteries are also more efficient, so they can travel further on a single charge.
Nanotechnology: Nanotechnology is being used to develop new battery materials that are more efficient and durable. It can also be used to improve the performance of existing battery materials.
Dedicated parking spaces in apartments, workplaces, and other buildings, as well as dedicated charging stations for individuals driving EVs or fleet owners.
Apartment buildings, corporate offices, communities, commercial centers, educational institutions, and public buildings all offer shared charging for a limited number of EV drivers.
Public spaces, on-street parking, charging stations, gas stations, roads, and metro stations all have open access to EV users.
Source: https://www.ibef.org/
The Indian government has been providing a number of incentives to promote the adoption of electric vehicles, including tax breaks, subsidies, and access to charging infrastructure. These incentives have made electric vehicles more affordable and accessible to consumers, which has led to increased demand.
Government support has played a pivotal role in propelling the electric two-wheeler industry forward. The Times of India highlights the efforts of the Indian government to promote electric mobility through initiatives like the Faster Adoption and Manufacturing of Electric Vehicles (FAME) scheme. These initiatives provide financial incentives and subsidies to manufacturers and consumers, effectively reducing the upfront costs of electric two-wheelers.
One of the key drivers behind the shift to electric two-wheelers is the positive impact on the environment. Traditional ICE vehicles contribute significantly to air pollution and greenhouse gas emissions. Electric two-wheelers, on the other hand, produce zero tailpipe emissions, making them an eco-friendly alternative.
The EV market provides OEMs with an immense amount of opportunity to create affordable vehicle goods for India and the rest of the world. According to research, OEMs can add 5.7% more value to each EV by 2030. In order to assist OEMs in creating the EV ecosystem, the Indian government is promoting the indigenization of the supply chain through the Atma Nirbhar plan.
Source: https://bolt.earth/
Although the technology is still in its early stages and is becoming more widely recognized every day, the repair and maintenance infrastructure is still quite small when compared to ICE vehicles. One of the key factors contributing to this problem is the shortage of trained individuals in EV maintenance.
Source: https://e-vehicleinfo.com/
While the future looks promising, the electric two-wheeler industry still faces several challenges. The initial cost of acquisition remains a deterrent for some consumers, despite government incentives. Additionally, the charging infrastructure needs further expansion to accommodate the growing EV market. However, as technology advances and economies of scale kick in, these challenges are expected to diminish.
In conclusion, the Indian market for electric two-wheelers is ready for a revolution that has immense potential for the development of urban transportation. With rising sales, government support, technological innovation, and a heightened focus on environmental sustainability, electric two-wheelers are poised to reshape India's transportation landscape. As we move forward, collaborations between government bodies, manufacturers, and consumers will play a pivotal role in accelerating the adoption of electric two-wheelers and driving India towards a greener and more sustainable future.
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