Indian Electric Two-Wheeler (e2W) Market, Forecast and Growth Opportunities, 2024–2030

Research Highlights

The Indian e2W Market: Forecast Sales in Volume

The Indian e2W market has tremendous growth potential with a focus on innovation, affordability, and infrastructure development by market stakeholders.

Building robust domestic supply chains or strategic partnerships will mitigate potential disruptions while staying agile and adaptive to evolving market dynamics will be vital to success.

Research Scope

• To study the Indian e2W market.
• To identify and analyze the leading e2W original equipment manufacturers (OEMs) in India.
• To understand significant trends in the Indian e2W market.
• To capture essential players attracting investments in India’s e2W market.
• To identify and analyze OEMs by types.
• To identify 3 primary growth opportunities in the Indian e2W market.
• To understand the focus on investments, government support, and start-up scenarios of e2Ws in the country.
• To analyze the main business models in the Indian e2W market.
• To analyze essential players in e2W battery-swapping technology, e2W motor manufacturing, battery cell suppliers, and charging infrastructure.
• To forecast Indian e2W unit sales from FY 2025 to FY 2030.

Indian e2W Analysis Segmentation Focus & Definitions

Electric Moped (eMoped)

• The eMoped falls under the L1e-B vehicle category.
• These e2Ws have a motor power output of <4 kilowatts (kW) with a top speed of <45 km per hour (kmph), equivalent to an internal combustion engine (ICE) 2W with <50 cubic capacity.

Electric Scooter (eScooter)

• The eScooter falls under the L3e-A1 category.
• These e2Ws have a motor power output between 4 kW and 11 kW.

Electric Motorcycle (eMotorcycle)

• The eMotorcycle falls under the L3e-A2 and L3e-A3 categories.
• These e2Ws have a motor power output of >4 kW.

Indian e2W Market Key Competitors

Indian e2W Market Growth Drivers

1. Government Push for Electric Vehicle (EV) Policy Revisions
2. Increasing Investments
3. Developing Charging Infrastructure
4. Availability of Varied Options
5. Increasing Smartphone Penetration
6. Availability of Ownership/Leasing Options

Indian e2W Market Growth Restraints

1. Perceived EV Range Anxiety
2. Higher Production Cost
3. Inadequate Local Battery Manufacturers
4. Lower Penetration of Dealer and Distributor Network for New Entrants
5. Absence of Rural Awareness and Lack of Road Infrastructure

Key Takeaways

MARKET SNAPSHOT

India's e2W market is experiencing a boom, with penetration reaching above 5.3% in FY 2024. Sales are experiencing phenomenal growth, with high-speed eScooters leading the charge and indicating a consumer shift toward cleaner, more efficient, and more powerful electric options.

GOVERNMENT REGULATIONS

The Indian government actively supports e2W adoption through schemes such as FAME-II and the Electric Mobility Promotion Scheme (EMPS) 2024 that provide subsidies and incentives to manufacturers and buyers. The Indian government aims for a massive 80% e2W market share by 2030.

COMPETITIVE ENVIRONMENT

Established players, such as Hero MotoCorp, Bajaj, and TVS, have joined new entrants, such as Ather Energy and Ola Electric, creating a dynamic market with diverse product offerings. This competitive environment is driving innovation in battery technology, range, and features, leading to a wider variety of e2Ws for consumers.

CHARGING INFRASTRUCTURE

Charging infrastructure remains a significant hurdle for e2W adoption, especially in Tier III and Tier IV cities. The government and private players, such as Sun Mobility, Battery Smart, Gogoro, and Ather Grid, are investing in expanding charging networks and Battery-as-a-Service (BaaS) to create a robust e2W ecosystem.

MARKET TRENDS

Embedded telematics, removable batteries, fast charging, and touchscreen displays are some of the most rapidly evolving trends in India’s e2W market. Together, these features create a more connected, convenient, and user-friendly e2W experience, accelerating e2W adoption and contributing to a more sustainable future.

Indian e2W Market: Existing EV Charging Stations

As of Feb 2024, India had 12,146 public electric vehicle (EV) charging stations.

Strategic Focus Areas for e2W Stakeholders in 2024

• Customer Focus Strategies (Target Audience Strategies)
• Retailing Strategies
• Pricing and Incentive Strategies for e2W Market Stakeholders
• Product Development and Differentiation Strategies
• Exploring New Revenue Stream Strategies

India e2W Stakeholder: Business Models

• e2W Sales and Service Business Models
• Charging Infrastructure Business Models
• e2W Fleet Operator Business Models