Strengthening the Transition: India’s Electric Two-wheeler Market Aging
Like most Asian countries, India has a love of two-wheelers – motorcycles, mopeds, and scooters are an important feature of Indian roads and the humble bicycle in front of them. The idea of ??owning a two-wheeler has always been the initial aspiration of many Indians living in small towns and villages and a symbol of success for many.
But this ambition is accompanied by practicality. The Indian consumer wants the most economical option, not just the price; This extends to the fuel system. This is also the focal point for the electric mobility sector. Over the years, electric two-wheeler manufacturers have tried to match it with their products, but as more and more manufacturers diversify the product, things are slowly changing.
By 2020, the electric two-wheeler market segment is slowly diversifying. Today, consumers are spoiled for choice, in terms of price, style, performance, power, and convenience, are just like traditional vehicles. According to the PWC report, 7.6 lakh (0.76 million) electric vehicles were sold in the 19 fiscal years, mainly dominated by two-wheelers (16.4%) and three-wheelers (83%). The government is going the extra mile with the adoption of electric vehicles in the country, which is expected to reach the Indian electric vehicle market by 28 million units by 2030.
According to Inc42’s Electric Vehicle Market LoTlook Report 2020’s Data Labs, India’s two-wheeler market share is nearly 20%, with three-wheelers leading 70%. As municipal corporations increasingly adopt electric rickshaws or three-wheelers, two-wheelers have become a focal point in the consumer market.
The two-wheeler market in India is projected to grow by 7.33% to 24.89 million units by 2024. This is up from 21.19 million in 2019. Over 1842 million data labs were exposed. Gasoline sells two-wheelers annually. The traditional two-wheeler market in India is still at an early stage, as there is no structural data available to estimate the exact market size, although traditional vehicles seem to continue to sell like hotcakes.