India Electric Two-Wheeler Market Is Predicted To Grow At 45.0% CAGR During The Forecast Period With Its Fleet Size Reaching 635.9 Thousand Units By 2027.

The Indian electric two-wheeler market is predicted to grow at 45.0% CAGR during the forecast period with its fleet size reaching 635.9 thousand units by 2027. The Indian market is primarily driven by the as large population and supportive government regulations. Different products including e-scooters and e-bikes are majorly contributing to the electric two-wheeler market size in India. The market has witnessed significant demand for these products over the last few years with the increasing per capita income, increasing awareness for curbing vehicular emissions and the development of smart cities.

On the basis of battery technology, the market is categorized into removable battery and non-removable battery. Of both the categories, non-removable batteries are majorly used in the market as it is convenient for electric two-wheelers to plugin and charge batteries instead of removing and charging indoors.

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Based on voltage, the market is segmented into 24V, 36V, 48V, 60V, 72V. Of all, 48V electric two-wheeler holds the largest share in the Indian electric two-wheeler market, followed by 36V two-wheelers. Most of the e scooters run with a battery of 48V which provides it optimum power to perform better in the congested metropolitan cities of the country.

However, the high cost of the battery and thus of electric vehicles, and comparatively poor performance of electric vehicles for Indian roads when compared to conventional fuel operated vehicles are the major factors hindering the growth of the Indian electric two-wheelers market.

Market players in the Indian electric two-wheeler industry are investing huge capital for capacity expansion in order to cater to rising demand. In February 2018, Hero Electric announced to invest INR 700 crore (~USD 109 million) for capacity expansion in the coming three to four years. The company also reported that the funds for capacity increase and setting up of new plants will be raised through debt and equity.

Hero Electric Vehicles Pvt. Ltd., Okinawa Autotech Pvt. Ltd., Ather Energy, Spero Electric, Lohia Auto Industries, and Yadea Technology Group are some of the key players operating in the Indian electric two-wheelers market.

Source: VynZ Research