India Electric Two-Wheeler Market: Horizon 2028 - Opportunities and Challenges Insights - TechSci ResearchPosted by Kumar on October 25th, 2023 The Indian electric two-wheeler market, as outlined in TechSci Research's report "India Electric Two-Wheeler Market - Industry Size, Share, Trends, Competition, Opportunity, and Forecast, 2018-2028F," is on a rapid trajectory of growth. With an anticipated market value of USD 1,028.04 million by 2028 and a Compound Annual Growth Rate (CAGR) of 29.07%, this analysis unveils the various facets of this dynamic market. It emphasizes the key trends, projections, and the driving factors behind its remarkable expansion. Factors Driving the Indian Electric Two-Wheeler Market Adoptability and Technological Advancements The burgeoning Indian electric two-wheeler market is a consequence of the rapidly increasing adoption and the relentless advancement of electric vehicles. These vehicles have captured the imagination of Indian consumers, who are drawn to their eco-friendliness and cost-efficiency. Income and Pollution Concerns The growth of electric two-wheelers in India is propelled by the rising per capita income, which translates into greater purchasing power. Simultaneously, concerns over escalating pollution levels stemming from Internal Combustion Engine (ICE) vehicles have driven consumers to embrace cleaner, electric alternatives. Government Subsidies and Policies The government's proactive role in promoting electric two-wheelers cannot be understated. Subsidies under the Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME II) scheme, coupled with state-level Electric Vehicle (EV) policies, have accelerated the acceptance of electric two-wheelers across the nation. Browse more than 24 market data Figures spread through 70 Pages and an in-depth TOC on "India Electric Two-Wheeler Market" -https://www.techsciresearch.com/report/india-electric-two-wheeler-market/1668.html Research and Development Leading companies and emerging players alike are focusing on research and development to refine their electric two-wheeler offerings. These efforts are geared toward enhancing technology and features while maintaining affordability, a strategy that is expected to attract a broader customer base and drive higher sales. Environmental Benefits Electric two-wheelers contribute significantly to India's efforts to reduce air pollution, carbon emissions, and its reliance on oil. Their lower maintenance requirements and reduced operating costs, resulting from having fewer moving parts, make them an attractive and eco-conscious choice. Challenges and Hurdles Despite the electric two-wheeler market's robust growth, several challenges persist. These include the lack of charging infrastructure, limited awareness, and the initial high cost of electric two-wheelers. Addressing these challenges will be crucial to furthering market penetration. Impact of the COVID-19 Pandemic The COVID-19 pandemic had far-reaching effects, impacting public health and catalyzing a global economic crisis. In the context of the electric two-wheeler market, production and supply chains were significantly affected, primarily due to shortages of auto components. Consumer Hesitancy Another barrier to the adoption of electric two-wheelers is the higher upfront cost when compared to traditional ICE vehicles. Indian consumers are cautious about investing in electric vehicles until they can clearly demonstrate considerable benefits in terms of fuel savings and tax incentives. Charging Infrastructure and Convenience The extended charging durations of electric vehicle batteries, compared to the quicker refueling times of ICE vehicles, are often cited as a hindrance to electric two-wheeler adoption. However, substantial investments and collaboration are ongoing to improve range and affordability in the market, aiming for zero emissions and green energy. Sales Growth The sales of electric two-wheelers saw a notable increase in 2022, and the growth is projected to continue, with a CAGR of 27.62% through 2028 in terms of volume. Segmentation of the Indian Electric Two-Wheeler Market Vehicle Type The market can be categorized based on vehicle type. Currently, electric scooters/mopeds dominate the market, holding the majority of the market share. However, the motorcycle segment is expected to grow at an impressive CAGR of 47.72% by 2028. Battery Type Lithium-ion batteries are the dominant choice, claiming over 90% of the market share. This preference is a result of the advanced technology offered by emerging players, which provides zero emissions, high battery capacity, and superior overall performance. This trend is projected to continue in the coming years. Voltage Capacity The 48-59V category holds nearly 70% of the total Indian electric two-wheeler market share. This is a strategic choice to maintain competitive and affordable prices in line with Indian market expectations. Battery Capacity The <2 KWh segment leads the market, followed by the 2-2.5 KWh segment, indicating a preference for more compact and energy-efficient solutions. Vehicle Range per Charge The 50-100 km segment claims the highest share, followed closely by the 101-150 km segment. These segments align with the needs of urban and suburban commuters, who typically require moderate ranges between charges. Some of the major companies operating in India Electric Two-Wheeler Market include:
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“Many companies are investing in advanced technological research and development, which increases performance per charge, decreases charging time, and improves infrastructure for charging stations, making electric two-wheelers more acceptable to people.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm. “India Electric Two-Wheeler Market By Vehicle Type (Scooter/Moped, Motorcycle), By Battery Type (Lithium-Ion, Lead Acid), By Voltage Capacity (48-59 V, 60-72 V, 73-96 V), By Battery Capacity (<2 KWh, 2-2.5 KWh, >2.5 KWh), By Range (<50 km, 50-100 km, 101-150 km, >150 km) By Region, Competition, Forecast & Opportunities, 2028” 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 the India Electric Two-Wheeler Market. Who Will Benefit from This Report?
The Indian electric two-wheeler market is in the midst of extraordinary growth, offering diverse opportunities for a multitude of stakeholders. This report serves as an invaluable resource for comprehending the market's various dimensions, making it an essential tool for those engaging with or seeking insights into this burgeoning sector. Download Free Sample Report - https://www.techsciresearch.com/sample-report.aspx?cid=1668
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