Electric Two-Wheeler Sales in India to Grow at 23% until FY 2023 - TechSci Research

 

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According to TechSci Research report, "India Electric Two-Wheeler Market By Vehicle Type, By Battery Capacity, By Battery Type, Competition Forecast & Opportunities, FY2013-FY2023", the market for electric two-wheelers in India is projected to witness a CAGR of 23% during FY2018 - FY 2023. Growth in the country's electric two-wheeler market is led by rising concerns about vehicular pollution and increasing government support with several initiatives directed towards promoting the use of electric two-wheelers across the country. Additionally, increasing R&D focus by leading companies to develop technologically advanced products and growing inclination of consumers towards electric two-wheelers is further anticipated to boost sales of electric two-wheelers across the country during the forecast period.

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Based on vehicle type, electric two-wheelers market is broadly segmented into two categories, namely scooter and motorcycle. In FY 2017, scooters dominated the country's electric two-wheeler market with 100% market share. Rising adoption of electric two-wheelers can be attributed to increasing government support through several subsidies under its FAME India scheme, which supports faster adoption of electric two-wheelers in the country. Among regions, North region dominates India electric two-wheeler market with the region accounting for nearly half of the sales of electric two-wheelers in the country in FY 2017. On the basis of battery type, lead battery dominated the market in FY 2017 and is expected to continue dominating during the forecast period as well. However, the share of Li-ion battery is expected to rise at a swift pace owing to their high energy density and lower power loss. Hero Electric Vehicles Pvt. Ltd. is the market leader in India electric two-wheeler market, predominantly on account of the company's strong dealer and distribution network across the country.

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"Demand for electric two-wheelers in India has grown over the past few years, owing to the constant efforts by the government to emphasize on the need for clean vehicles due to deteriorating air quality. To support its efforts, the government has been providing incentives on purchase of electric two-wheelers, owing to various environmental benefits associated with this vehicle segment. Moreover, with an increasing number of consumers aligning towards electric two-wheelers coupled with many ongoing research and development projects in pipeline by the major players, the unit sales of electric two-wheelers are projected to grow at a robust pace in the coming years", said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
"India Electric Two-Wheeler Market By Vehicle Type, By Battery Capacity, By Battery Type, Competition Forecast & Opportunities, FY2013-FY2023" has analyzed the potential of electric two-wheelers market across the country, and provides statistics and information on market sizes, shares and trends. The report will suffice in providing the intending clients with cutting-edge market intelligence and help them in taking sound investment decisions. Besides, the report also identifies and analyzes emerging trends along with essential drivers and key challenges faced by India electric two-wheeler market.

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TechSci Research is a leading global market research firm publishing premium market research reports. Serving 700 global clients with more than 600 premium market research studies, TechSci Research is serving clients across 11 different industrial verticals. TechSci Research specializes in research-based consulting assignments in high growth and emerging markets, leading technologies and niche applications. Our workforce of more than 100 fulltime Analysts and Consultants employing innovative research solutions and tracking global and country specific high growth markets helps TechSci clients to lead rather than follow market trends.

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