The Indian electric 2-wheeler market is saw a growth of 305% on 2021 figures. The market for two-wheel EVs grew from fewer than 2,000 vehicles in 2013 to more than 600,000 last year. Ola Electric, Okinawa Autotech, and Hero Electric have been the top three producers.
In 2022, EV sales accounted for 4% of total two-wheeler sales. According to Statista, demand for electric 2-wheeler in India might reach 8.2 million units per year. Remember that this is based on an expected 21 million units sold each year.
China, on the other hand, is expected to sell 45 million electric 2-wheelers by 2022. As a result, India (which has a somewhat greater population than China) has a long way to go.
During Covid, sales of electric bikes and scooters fell. E-scooters outsell e-motorcycles due to reduced upfront costs and the availability of more models on the market, giving customers plenty of alternatives. The fascination of the e-scooter, both as a toy and as a possible mode of transportation, is propelling its popularity.
EV adoption is driven by both the market and the government. The Indian government is supporting EV adoption through its FAME (Faster Adoption and Manufacturing of Electric Vehicles) 2 policy. FAME 2 also provides financial incentives for high-speed electric 2-wheelers. The electric two-wheeler business is booming, and with growth rates like this, it won’t be long before India’s major cities’ streets are quieter and the air is cleaner.
Reference- Autocar India, HT Auto, Rushlane, Statista