Electric Two-wheeler: India Market Outlook

In the last few years, India has shown considerable progress in the electric two-wheeler (E2W) space with serious players entering the market such as TVS, Bajaj, and Hero. From FY2016 till FY2020, the E2W market in India has grown by a CAGR of 62%. Also, more than US$600 million of investments have been raised by various E2W startup companies in the last two years.

The FY2020 sales of electric two-wheelers stood at 152,000 units, which is a marginal increase of 20% over the previous year. This year, the COVID-19 global pandemic situation has led to complete supply chain disruption in the EV space and brought an extended halt to the manufacturing in India for three months. The industry would take a few months to be back on track after the start of full-scale operations, with sales getting back to normal, not before late 2020.

As per JMK Research estimates, this market is likely to grow from 1,52,000 units in FY2020 to about 34,50,000 lakh units by FY2025 (CAGR of 87%). The growth engine of the E2W market will be fuelled by various drivers, of which strong governmental push and affordability would play key roles.

A significant disruption in E2W space is anticipated after 2024, with battery prices expected to be below US$100/ kWh. This price is seen as the inflection point around which EVs will start to reach price parity with the Internal Combustion Engine (ICE) vehicles.

The report analyses the current electric two-wheeler (E2W) scenario in India including, policy initiatives, current market size, projections for the next five years, investments in the sector, key market drivers, challenges, new product models available, market share of key players, detailed profiles of leading 10 Indian E2W players.

As part of the report, JMK Research & Analytics also conducted its first “E2W CXO Survey” where 12 leading players have participated. The findings of the survey are covered in this report. The purpose of this survey is to highlight the key issues grappling the sector, understand the impact of government policies, and gauge future expectations of the Indian E2W industry.

Click here to download the full report

Table of Contents

1. Introduction

2. Policy Scenario

3. Key Market Drivers

4. Electric Two-Wheelers market size: India

5. Key investments in the E2W space

6. New Product Launches

7. Pan India Network of Leading Players

8. Market share of High-speed E2Ws in India

9. Challenges

10. E2W CXO Survey

11. Key Players profiles

-Ather

-Hero Electric

-Okinawa

-Ampere

-Tork

-YoBykes

-Revolt

-PureEV

-Batt:RE

-Evolet