India Electric Two Wheeler Market to Surpass $ 200 Million by 2023

Growing government support and initiatives, rising demand for cleaner vehicles and increasing concerns about surging air pollution levels to drive India electric two-wheeler market by 2023

According to TechSci Research report, “India Electric Two Wheeler Market By Vehicle Type, By Voltage Capacity, By Battery Type, By Motor Placement, Competition Forecast & Opportunities, 2013-2023”, electric two wheeler market in India is projected to reach $ 200 million by 2023. Increasing government support and initiatives aimed at encouraging the adoption of electric two wheelers, in addition to surging air pollution levels, rising number of research & developments efforts and growing inclination of consumers towards electric two wheelers are expected to have a huge positive impact on the electric two wheeler market in India over the next five years. Moreover, expanding product portfolio of the leading electric two wheeler manufacturers is expected to boost electric two wheeler sales in the country during the forecast period.  

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In 2017, electric scooter segment dominated the country’s electric two wheeler market with a 100% market share, on account of government support and several subsidies under its “FAME India” schemes, which support faster adoption of electric two wheelers in the country. Market anticipation about more favorable environment for the development of electric two wheelers industry under “FAME-II” is also expected to aid the electric two wheeler market in India in the coming years. Increasing number of electric two wheeler manufacturers such as Hero, YObykes, Lohia and Avon in India, and their rising focus on research & development to manufacture technologically advanced and affordable electric two wheelers, is further anticipated to drive the country’s electric two wheeler market over the course of next five years.

“Demand for electric two wheelers is growing at a robust pace in India, owing to increasing government support and rising consumer inclination towards electric two wheelers. Government is providing incentives and discounts on the purchase of electric two wheelers, on account of various environmental benefits associated with these vehicles. With increasing demand for electric two wheelers, size of electric two wheeler fleet is also expected to expand during the forecast period. Moreover, with many ongoing research & development projects, India electric two wheeler market is expected to register strong growth in the coming years.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

“India Electric Two Wheeler Market By Vehicle Type, By Voltage Capacity, By Battery Type, By Motor Placement, Competition Forecast & Opportunities, 2013-2023” has analyzed the potential of electric two wheeler market across the country, and provides statistics and information on market size, shares and trends. The report will suffice in providing the intending clients with cutting-edge market intelligence and help them in taking sound investment decisions. Besides, the report also identifies and analyzes emerging trends along with essential drivers and key challenges faced by the industry.

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