Long-term investments in R&D of electric two-wheelers are expected to create robust growth opportunities in the India electric scooters and motorcycles market during the forecast period.
According to the latest Arizton's market research report, the India electric scooters and motorcycles market size to cross USD 750 million by 2025, growing at a CAGR of around 44% during the forecast period.
India Electric Scooters and Motorcycles Market Growth
Long-term investments in R&D of electric two-wheelers are expected to create robust growth opportunities in the India electric scooters and motorcycles market during the forecast period. The western part of India is expected to see significant growth in the electric two-wheeler market, based on the upcoming investments and expansion of distribution channels in the state by various companies. Although the established players dominate the market, the growth opportunities for other regional and local players also exist as they target the lower end-markets or cities by producing low-cost products. The growth of vendors also depends on their financial condition, which impacts technological advances and investment in various projects in the India electric scooters and motorcycles market.
The government of India and various State Governments are assisting the automobile industry to increase the production of electric two-wheelers. Many incentives have been offered to reduce the prices of electric two-wheelers through tax rebates and subsidies. To capture the India electric scooters and motorcycles markets and meet the demand expectations, Government support is mandatory to ease out the policies, especially for high-range vehicles. The Government is also looking forward to collaborating with upcoming innovators, entrepreneurs, and regulators of the India electric scooters and motorcycles market to develop new business models and a robust infrastructure around these EVs for its successful adoption.
- Market Size & Forecast by Revenue | 2019−2025
- Market Dynamics – Leading trends, growth drivers, restraints, and investment opportunities
- Segmentation – A detailed analysis by technology, battery, vehicle, voltage, speed, and geography
- Competitive Landscape – 22 company profiles (with products in the market) and 4 company profiles (with products in the pipeline)
India Electric Scooters and Motorcycles Market – Geography Analysis
With the increase in pollution, Northern India is planning to implement various policies to reduce pollution. Electric two-wheelers are the most efficient way in decreasing harmful emissions. The India electric scooters and motorcycles market is expected to have huge support from the Government with respect to the supply-side and demand-side, to compete against petrol-powered two-wheelers in the automobile market. The western part of India has a few major cities such as Pune, Mumbai, and others that have been known for their high purchasing power and open to newer environment-friendly vehicles. Many electric vehicles, including electric two-wheeler start-ups in India, have invested in the Western region.
The India electric scooters and motorcycles market is highly competitive with various regional and local players. Players operating in the market are focusing on developing innovative products and expanding their product portfolio by making huge investments in R&D. India electric scooters and motorcycles market vendors are competing on various factors such as brand, geographical presence, product portfolio, features, power consumption by the two-wheeler, and efficiency of the products developed. For instance, Hero MotoCorp, is one of the major vendors in the electric vehicle segment, especially for electric two-wheelers, which has also made sizeable strategic investments. Hero has acquired the electric two-wheeler manufacturer, Ather Energy, based out of Bengaluru, India, for approximately USD 5 million (INR 347 million).
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