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The Electric Two-Wheeler Market in India Is Expected to Grow at a CAGR of Over 44% During the Period 2019-2025

published: 2020-04-21 12:00

The electric two-wheeler market in India is emerging on account of increased government policies supporting battery-powered vehicles, the growing awareness toward the environment, increasing petrol prices, and stringent emission norms.

Image by K. Kliche from Pixabay

The Government of India has taken numerous initiatives to boost the sale of electric vehicles (EV), including two-wheelers. In 2013, with the launch of the National Electric Mobility Mission Plan 2020, which aims to boost the adoption and manufacturing of EV in India (FAME India), around 90% of the vehicles that availed incentives, were battery-powered two-wheelers. Similarly, in the Union budget 2019, the government had framed several policies and announced rebates on battery-powered vehicles. Hence, the remission to customers on interest to buy battery-powered vehicles is expected to increase adoption and demand for battery-powered scooters and motorcycles.

Another important driver contributing to the growth and adoption of EV, especially scooters and motorcycles, is the growing awareness of greenhouse gas emissions and environmental pollutions. Electric vehicles have the potential to reduce dependence on crude oil. India is witnessing a rise in environmental consciousness, thereby driving government agencies to take initiatives to curb the practices that are increasing environmental risks. Therefore, the cost-effectiveness of EVs due to government incentives and long-term fuel savings along with environmental friendliness are key factors increasing the purchase of electric vehicles in India.

The following factors are likely to contribute to the growth of the electric two-wheeler market in India during the forecast period:

• Government-Industry Collaboration

• Increase in Affordability

• Increase in Government Initiatives

• Growth in Environmental Awareness

The study considers the present scenario of the electric two-wheeler market and its market dynamics for the period 2019-2025. It covers a detailed overview of several market growth enablers, restraints, and trends. The study offers both the demand and supply aspects of the market. It profiles and examines leading companies and other prominent companies operating in the market.

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