The
Indian electric scooters and motorcycles market is predicted to generate
a revenue of $698.3 million by 2025, progressing at a 36.3% CAGR during the
forecast period. The increasing concerns toward greenhouse gas emissions (GHG),
leading to various government initiatives and the formulation of strict emission
regulations, are some of the key factors responsible for the growth of the
market. In addition, the entrance of new and existence of established
manufacturers, as well as the introduction of various new variants of electric
scooters, are projected to augment the market growth during the forecast
period.
Based
on battery type, the Indian Electric Bike market is
bifurcated into lithium-ion (Li-ion) and sealed lead acid (SLA). Of these, the
sealed lead acid battery bifurcation led the market of two-wheelers in India in
terms of sales volume. This is attributed to the fact that SLA batteries are
comparatively lower priced than Li-ion batteries. However, in recent years,
Li-ion batteries costs have fallen rapidly, helping the segment grow at a significant
pace.
Additionally,
government support for Li-ion battery-based electric scooters under the Faster
Adoption and Manufacturing of (Hybrid and) Electric Vehicles (FAME II) scheme is
also predicted to benefit the category during the forecast period. The Indian
government is strengthening the electric vehicles market by offering subsidies
on their purchase. These subsidies have also aided the Indian electric
scooters and motorcycles market by making electric two-wheelers more affordable
for customers.
Under
the Fame II scheme, the government has introduced a subsidy of up to $369 on
the purchase of electric two-wheelers, on the basis of battery size. This is making
electric two-wheelers more reasonable for customers, which is further driving
the growth of the Indian electric scooters and motorcycles market. In
India, while the majority of the electric scooters and motorcycles are powered by
SLA batteries, the share of Li-ion batteries is predicted to surge owing to their
reducing prices and more benefits compared to lead acid ones.
Each
SLA battery consists of 10–20 kg of lead, which is an extremely toxic
substance. The sealed lead acid batteries have a lower density than the Li-ion
batteries, making the latter efficient and lighter. In addition, Li-ion
batteries have a longer life span (over 2,000 charge cycles) than SLA batteries
(maximum 400 charges). Furthermore, during the forecast period, the decreasing price
of Li-ion batteries is expected to help increase their consumption in the Indian
electric scooters and motorcycles market. Hero Electric Vehicles Pvt. Ltd.,
Lohia Auto Industries, and Electrotherm (India) Ltd. are some of the key
players operating in the market.
INDIA
ELECTRIC SCOOTERS AND MOTORCYCLES MARKET SEGMENTATION
Market
Segmentation by Product
·
Scooter
·
Motorcycle
Market
Segmentation by Battery Type
·
Sealed Lead Acid
·
Li-Ion
Market
Segmentation by Voltage
·
36 V
·
48 V
·
60 V
·
72 V
Market
Segmentation by Technology
·
Removable
·
Non-Removable
Market
Segmentation by Maximum Speed
·
<25 Km/h
·
25–50 Km/h
·
>50 Km/h
Market
Segmentation by Power
·
<1 kW
·
>1 kW
Market
Segmentation by Charging Time
·
<4 h
·
4–6 h
·
>6 h
Market
Segmentation by State
·
Uttar Pradesh
·
Maharashtra
·
West Bengal
·
Gujarat
·
Tamil Nadu
·
Delhi
·
Rajasthan
·
Karnataka
·
Haryana
·
Madhya Pradesh
·
Others
