India's Electric Two-Wheeler (E2W) market is gearing up for an electrifying journey with an astonishing Compound Annual Growth Rate (CAGR) of around 72% projected during the period 2021-2027. As the country faces the challenges of high initial costs and environmental concerns, significant government initiatives and a drop in battery prices are steering India towards an electric future.
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Electrifying Economic Drive
The transition to E2Ws was previously hindered by their high upfront costs compared to conventional two-wheelers. However, a ray of hope has emerged in the form of India's revamped Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME-II) scheme. With the recent boost in incentives for E2Ws, increasing from INR 10,000/kWh to INR 15,000/kWh, electric two-wheelers have become more accessible, narrowing the price gap between electric and conventional counterparts. The restructuring of the FAME-II initiative is vital in bringing down the price of E2Ws, making them a competitive choice for Indian consumers. This transformative journey is expected to surge ahead after 2023 when battery costs are projected to reach the milestone of US$100 per kWh (INR 7,625.25 per kWh).
Fueling the Electric Revolution
The rapid adoption of E2Ws in India is further fueled by rising fuel prices, creating a growing demand for cost-effective and environmentally friendly mobility solutions. The increasing investments from local battery manufacturers and an enhanced charging infrastructure are also contributing to this electrifying transition. Despite a slight dip in investments in 2021 due to pandemic-related delays, the electric two-wheeler industry is accelerating its investment plans. Notably, about 80% of this investment has been channeled into premium High-Speed E2Ws, indicating a promising shift in consumer preferences.
E-Scooters Leading the Charge
In the realm of E2Ws, E-Scooters and Mopeds have taken the lead, primarily dominating the market due to their cost-effectiveness and ease of use. However, innovation and technology advancements are driving an impending surge in demand for High-Speed E-Motorcycles, set to redefine India's urban mobility.
A Need for Speed
The speed dynamics in the E2W segment are also transforming. While Low-Speed E2Ws, typically E-Scooters and Mopeds, currently dominate the market with speeds up to 25 KMPH, High-Speed E2Ws, particularly E-Motorcycles, are set to dominate the roads by 2025. With a year-on-year growth of 47%, High-Speed E2Ws are witnessing a remarkable surge in popularity, offering not just clean mobility but greater performance on India's bustling streets.
Batteries: The Driving Force
In terms of technology, battery-powered E2Ws are currently in the driver's seat, with increasing demand due to falling battery prices. Electric bikes are becoming increasingly competitive in terms of operating costs, making them a viable choice for Indian consumers seeking an eco-friendly alternative to traditional gasoline-powered two-wheelers.
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From Consumer to Business
While the Business to Consumer (B2C) segment currently dominates the market, there is a growing shift towards Business to Business (B2B) adoption. Businesses are turning to E2Ws to revamp their fleets, capitalizing on better economics and environmental friendliness. This transition is expected to gain momentum during the forecast period.
South India Leading the Charge
In India's regional landscape, South India is emerging as a hotbed for E2W adoption. Encouraged by incentives under the FAME-II scheme and favorable state-level policies, the region is witnessing a surge in sales. The increased awareness and the demand for cost-efficient mobility solutions are propelling this change.
The E2W market in India is not just a mode of transportation but a significant step towards a sustainable and eco-conscious future. As major players like Hero Electric, Okinawa, Ather Energy, Ampere Vehicles, Revolt, PureEV, Ola Electric Mobility, Kinetic Green, Evolet, and TVS are powering this revolution, India is poised to redefine its streets and lead the world in sustainable urban mobility.
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