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

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

A Confluence of Factors Is Driving Transformational Growth by Addressing Challenges Related to Affordability, Infrastructure, and Consumer Awareness

RELEASE DATE
26-Aug-2024
REGION
South Asia, Middle East & North Africa
Deliverable Type
Market Research
Research Code: PFK3-01-00-00-00
SKU: AU_2024_944
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$4,950.00
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SKU
AU_2024_944

Indian Electric Two-Wheeler (e2W) Market, Forecast and Growth Opportunities, 2024–2030
Published on: 26-Aug-2024 | SKU: AU_2024_944

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The Indian electric two-wheeler (e2W) market has witnessed phenomenal growth over the past five years. Government policy initiatives including subsidies and tax breaks on e2Ws have incentivized purchases. However, with recent policy changes there has been a slowdown in the market, but the government aims to cultivate a self-sustaining EV ecosystem, with cost reductions leading to less reliance on subsidies, also creating a long-term opportunity for investors who can capitalize on advancements and growing demand.

Established two-wheeler OEMs have become competition for the new e2W entrants, creating a dynamic market with a wider range of choices and potentially faster technological advancements.

While Indian EV charging infrastructure continues to develop, the government and private players are investing in expansion of charging networks, with a focus on creating a robust ecosystem for E2Ws in the country.

This study analyzes the Indian e2W market, considering essential players attracting investments, the main business models, the impact of changes in government policies, shifts in market share over the past few years and the reasons behind them, stakeholder strategies, and growth opportunities.

Author: Shraddha Ramdas Manjrekar


Research Highlights

The Indian e2W Market: Forecast Sales in Volume

Indian Electric Two-Wheeler Forecast Unit Shipments

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.

 

Scope
Geographic CoverageIndia
Study PeriodFY 2019 - FY 2030
Base YearFY 2024
Forecast PeriodFY 2025 - FY 2030
Monetary UnitUS Dollars

 

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

  • Ola Electric Technologies Pvt Ltd
  • TVS Motor Company Ltd
  • Ather Energy Pvt Ltd
  • Bajaj Auto Ltd
  • Greaves Electric Mobility Pvt Ltd (Ampere)
  • Okinawa Autotech Pvt Ltd
  • Bgauss Auto Private Limited
  • Okaya Ev Pvt Ltd
  • Hero Electric Vehicles Pvt. Ltd
  • Hero Motocorp Ltd
  • Kinetic Green Energy & Power Solutions Ltd
  • Ultraviolette Automotive
  • Orxa Energies
  • Wardwizard Innovations & Mobility Limited
  • Lectrix Ev Pvt Ltd
  • Revolt Intellicorp Pvt Ltd
  • Pur Energy Pvt Ltd
  • Battre Electric Moblity Pvt Ltd
  • Klb Komaki Pvt Ltd
  • Quantum Energy Ltd.
  • Twenty-two Motors Pvt Ltd
  • Goreen E-mobility Pvt Ltd
  • Tork Motors Pvt Ltd
  • Ivoomi Innovation Pvt Ltd
  • Jitendra New Ev-tech Pvt. Ltd
  • Being India Energy And Technology Pvt Ltd
  • River EV
  • Simple Energy

 

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.

Indian Electric Two Wheeler Market Existing 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

 

Why Is It Increasingly Difficult to Grow?

The Strategic Imperative 8™

The Impact of the Top 3 Strategic Imperatives on the Indian Electric Two-Wheeler (e2W) Industry

Scope of Analysis

e2W Segmentation and Definition

Key Competitors

Growth Metrics

Forecast Assumptions

Forecasting Methodology

Growth Drivers

Growth Restraints

The Indian e2W Market: Key Takeaways

The Indian e2W Market: Snapshot

Roadmap of the Indian e2W Market

Overall Market Attractiveness for e2Ws in India

Market Outlook for Indian e2Ws

Key Parameters and Impact Analysis for e2Ws in India

Key Enablers of the Indian e2W Market

OEMs: e2W Sales Comparison

Customer Relevant e2W Specifications for Key Models in India

Comparative Analysis of Top Models from Key Players

India e2W Market: Displacement vs. Range

Top e2W OEM Based on Sales in FY 2024: Benchmarking

Key States’ e2W Growth

Key e2W OEMs and Their Investments Plans

Key e2W OEM’s Growth and Technology Matrix

Mapping the Features of Select e2W OEMs and Start-ups in India

Recent Partnerships Impacting the Market

Recent Partnerships Impacting the Market (continued)

Analysis on the Prospects and Challenges in the Indian e2W Market

Economic Overview: India

PESTLE Analysis of India and Its Impact on the e2W Market

Investment Attractiveness: India

India’s EV Policy Roadmap

New Governmental EV Policy: India

Key Government Regulations: e2W Incentives by State

Swapping Stations: Key State Government Initiatives

EV Policy Comparison for Key States

EV Policy Comparison for Key States: Consumer Incentives

EV Policy Comparison for Key States: Industry Stakeholder (Supplier) Incentives

The Indian e2W Market: Overview

Technology Trends for e2Ws in India

Technology Trends for e2Ws in India (continued)

The Indian e2W Market: Key Challenges

Indian e2WMarket: Comparative Analysis of TCO e2W vs. ICE

The Indian e2W Market: Historic Sales in Volume

The Indian e2W Market: Forecast Sales in Volume

Competitive Landscape of the e2W Market in India

Shift in the Market Share of the e2W Market

Investment Strategies by Legacy 2W Brands in India

Impact Analysis of Foreign e2W Brands Entering India

Impact Analysis of Foreign e2W Brands Entering India (continued)

The Indian e2W Market: OEM Sales

The Indian e2W Market: Market Share by OEM, FY 2022 and FY 2023

Price Impact Analysis: Subsidy Reductions on e2Ws

Price Impact Analysis: Subsidy Reductions on e2Ws (continued)

Main Participants Investing in Start-ups

Key Start-ups in the e2W Ecosystem in India Bagging Funding (2023–24)

Business Model Canvas for the e2W Market

Indian e2W Market: Existing EV Charging Stations

The Indian e2W Market: Select Battery-Swapping Solution Players

The Indian e2W Market: Select Fleet Operating Business Players

The Indian e2W Market: Select e2W Financing Players

The Indian e2W Market: Select e2W Financing Players (continued)

The Indian e2W Market: Select e2W Component Players

The Indian e2W Market: Select Battery Recycling Players

Customer Focus Strategies

Retailing Strategies

Pricing and Incentive Strategies for e2W Market Stakeholders

Product Development and Differentiation Strategies

Exploring New Revenue Stream Strategies

e2W Sales and Service Business Models

Charging Infrastructure Business Models

e2W Fleet Operator Business Models

Growth Opportunity 1: Localization of EV Components

Growth Opportunity 1: Localization of EV Components (continued)

Growth Opportunity 2: Diversification for Creating New Revenue Streams

Growth Opportunity 2: Diversification for Creating New Revenue Streams (continued)

Growth Opportunity 3: Battery Recycling

Growth Opportunity 3: Battery Recycling (continued)

Best Practices Recognition

Frost Radar

Benefits and Impacts of Growth Opportunities

Next Steps

List of Exhibits

Legal Disclaimer

List of Figures
  • e2W: Growth Metrics, India, FY 2024
  • e2W Market: Growth Drivers, India, FY 2025–FY 2030
  • e2W Market: Growth Restraints, India, FY 2025–FY 2030
  • e2W Market: Outlook, India, 2023
  • e2Ws: Key Parameters and Impact Analysis, India
  • Annual Sales Comparison by Top e2W OEMs: India, FY 2023 and FY 2024
  • FDI Inflows, India 2019–2022
  • FAME II Revised Scheme Outlay, 2024
  • Two-wheelers: Average Cost Comparison, Country, FY 2024
  • Two-wheelers: Average Annual Cost Comparison Breakdown by Major Consumables, Country, FY 2024
  • e2Ws: Annual Sales, India, FY 2018–2024
  • e2Ws: Annual Sales, India, FY 2025–2030
  • Start-ups Disrupting e2Ws: Key Participants, India, 2023
  • Indian e2W Financing Solution Providers, India, FY 2023
  • Indian e2W Financing Solution Providers, India, FY 2023
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The Indian electric two-wheeler (e2W) market has witnessed phenomenal growth over the past five years. Government policy initiatives including subsidies and tax breaks on e2Ws have incentivized purchases. However, with recent policy changes there has been a slowdown in the market, but the government aims to cultivate a self-sustaining EV ecosystem, with cost reductions leading to less reliance on subsidies, also creating a long-term opportunity for investors who can capitalize on advancements and growing demand. Established two-wheeler OEMs have become competition for the new e2W entrants, creating a dynamic market with a wider range of choices and potentially faster technological advancements. While Indian EV charging infrastructure continues to develop, the government and private players are investing in expansion of charging networks, with a focus on creating a robust ecosystem for E2Ws in the country. This study analyzes the Indian e2W market, considering essential players attracting investments, the main business models, the impact of changes in government policies, shifts in market share over the past few years and the reasons behind them, stakeholder strategies, and growth opportunities. Author: Shraddha Ramdas Manjrekar
More Information
Deliverable Type Market Research
Author Shradha Manjrekar
Industries Automotive
No Index No
Is Prebook No
List of Charts and Figures e2W: Growth Metrics, India, FY 2024~ e2W Market: Growth Drivers, India, FY 2025–FY 2030~ e2W Market: Growth Restraints, India, FY 2025–FY 2030~ e2W Market: Outlook, India, 2023~ e2Ws: Key Parameters and Impact Analysis, India~ Annual Sales Comparison by Top e2W OEMs: India, FY 2023 and FY 2024~ FDI Inflows, India 2019–2022~ FAME II Revised Scheme Outlay, 2024~ Two-wheelers: Average Cost Comparison, Country, FY 2024~ Two-wheelers: Average Annual Cost Comparison Breakdown by Major Consumables, Country, FY 2024~ e2Ws: Annual Sales, India, FY 2018–2024~ e2Ws: Annual Sales, India, FY 2025–2030~ Start-ups Disrupting e2Ws: Key Participants, India, 2023~ Indian e2W Financing Solution Providers, India, FY 2023~ Indian e2W Financing Solution Providers, India, FY 2023~
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WIP Number PFK3-01-00-00-00