Electric two-wheelers, as compared to their powered by gasoline counterparts, are more efficient & environmentally friendly thanks to their electric motors. These vehicles, often known as electric motorbikes or e-scooters, use rechargeable batteries to power their electric motors. The demand for sustainable transportation options, as well as growing awareness of environmental issues, are pushing the transition to electric two-wheelers. Because these automobiles produce no tailpipe emissions while driving, they contribute to the reduction of air pollution and greenhouse gas emissions. Furthermore, electric two-wheelers typically provide consumers with a significant financial benefit due to cheaper maintenance and energy costs.
India Electric Two-Wheeler Market Driving Factors and Challenges
Drivers:- The Indian market for electric two-wheelers is expanding thanks to a number of significant factors. First, a move toward greener and more sustainable modes of transportation has been spurred by growing environmental consciousness and worries about air pollution. The use of electric two-wheelers is further encouraged by government programs and incentives, such as tax breaks and subsidies, which make them a desirable alternative for both producers and users. The market is expanding as a result of growing fuel prices and the focus on reducing reliance on fossil fuels, since electric two-wheelers are an affordable and energy-efficient alternative. Technological developments, such as advances in battery technology, have improved the functionality and range of electric two-wheelers, allaying practicality and convenience concerns.
Challenges:- There are several challenges that the Indian market for electric two-wheelers must overcome before they can be widely accepted. A key obstacle is the lack of appropriate charging infrastructure in the country. Due to the scarcity of charging facilities, particularly in rural areas, potential owners of electric two-wheelers who are concerned about range anxiety face a hurdle. Resolving this issue will require a substantial investment in growing the charging network in order to guarantee easy and universal access. Another challenge is the relatively higher initial cost of electric two-wheelers compared to their conventional counterparts. Even though the total cost of ownership is often lower due to lower operating and maintenance expenses, many potential buyers are still turned off by the initial purchase price, even in a region like India where affordability is key.
Impact of COVID-19 on India Electric Two-Wheeler Market
The COVID-19 epidemic has had a major effect on India's market for electric two-wheelers. The lockdowns and restrictions imposed to stem the virus's spread had an effect on the manufacture and availability of electric two-wheelers. The production processes, supplier chains, and overall corporate operations were all affected by these actions. The economic instability and financial troubles caused by the epidemic also had an impact on consumer behavior, which hindered the adoption of electric vehicles, especially two-wheelers. In addition, expenditure on urgent needs and necessities was prioritized during the pandemic, drawing focus away from discretionary purchases like electric cars. Budgets and priorities had to be reevaluated due to the pandemic's economic effects, which influenced customers' propensity to spend money on comparatively newer technologies like electric two-wheelers.
India Electric Two-Wheeler Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players are; OLA Electric, TVS, Ather Energy, Bajaj, Ampere Greaves, Okinawa, Hero Electric, BGauss, Others.
India Electric Two-Wheeler Market Segmentation:
By Type: Based on the Type, India Electric Two-Wheeler Market is segmented as; Electric Motorcycles, Electric Scooters.
By Battery Type: Based on the Battery Type, India Electric Two-Wheeler Market is segmented as; Sealed Lead Acid, Li-ion, Others.
By Voltage: Based on the Voltage, India Electric Two-Wheeler Market is segmented as; 36V, 24V, 48V, More than 48V.
By Region: This research also includes data for Eastern Region, Western Region, Norther Region, Southern Region.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.