Incentives offered under the FAME-II scheme and waiving off registration fees and road tax among major Indian states to drive the sale of E2W in India!
- Vikas Kumar
- December 30, 2021
- AUTOMOTIVE, NEWS
- India E2W Market Growth, India E2W Market News, India E2W Market share, India E2W Market size, India E2W Market Trend
- 0 Comments
India E2W is expected to witness CAGR growth of around 72% during the forecast period 2021-2027 to reach a sales volume of 3,675.8 thousand units by 2027. Sale of overall E2W has witnessed a strong government push over the last two years to increase EV penetration in India. The push can be credited to the incentives offered under the FAME-II scheme and waiving off registration fees and road tax among major Indian states. Apart from the central- and state-level policy measures and increasing consumer awareness, the increasing growth in sales post lockdown were driven mainly due to the rising fuel prices, declining cost of E2W owing to decreasing cost of battery, among others.
For a detailed analysis of the market drivers browse through https://univdatos.com/report/india-e2w-market/
In Maharashtra, from December 2020 to March 2021, registrations for high speed E2W increased by 94.16%, compared to registrations for ICE 2-wheelers declining by 18.4% during the same period. Also, during the same time petrol price increase from INR 89.16/liter to INR 97.57/liter. Furthermore, due to the implementation of the BS6 Emission norms, the prices of many ICE 2-wheelers have increased, compared to the prices for E2W approved under the FAME-II scheme have decreased with the introduction of new restructured norms. In electric vehicle, battery constitute more than 40% of the total cost. Currently, Indian EV OEMs rely on Chinese imports to meet their battery demands. Hence, decline in battery prices from US$1,160/ kWh (INR 88,452.90/kWh) in 2010 to US$137/ kWh (INR 10,446.59/kWh) in 2020 in the international market is the key driver for adoption of electric vehicle in India. Costs of battery is further expected to fall to US$100 (INR 7,625.25) by 2023, and to US$58 (INR 4,422.65) by 2030, this would be possible due to increasing scale economics.
For a detailed analysis of the Covid-19 Impact on the market browse through https://univdatos.com/get-a-free-sample-form-php/?product_id=13045
Based on Vehicle Type, the India E2W Market is segmented into E-Scooter/Moped and E-Motorcycle. Currently, majority of the Indian E2W market is dominated by low-speed E-Scooter/Moped. However, with advancement in technology and innovation from the automotive OEMs demand for high-speed E-Motorcycle is expected to witness tremendous growth during the forecast period. Based on Speed, the India E2W Market is bifurcated into Low Speed E2W, High Speed E2W. Currently, Low Speed E2W in the form of E-Scooter/Moped with speed up to 25 KMPH dominates the market, however, by 2025 demand for High Speed E2W in the form of E-Motorcycle is expected to skyrocket.
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Based on Technology, the India E2W Market is bifurcated into Battery E2W and Plug-in E2W. Currently, demand for battery E2W is more compared to Plug-in E2W. With falling battery prices, electric bike prices are becoming comparable to their petrol counterparts in terms of operating cost. As per a study conducted by International Council on Clean Transportation (ICCT), E2W in India are likely to achieve price parity with their petrol counterparts as early as 2027. Based on End-User, the India E2W Market is bifurcated into Business to Consumer (B2C), Business to Business (B2B). In the current scenario Business to Consumer (B2C) segment of the market dominate the market. However, increasing demand of E2W from businesses to shift their fleet to E2Ws to leverage the better economics would help the Business to Business (B2B) segment to witness high growth during the forecast period.
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For a better understanding of the demand of E2W in India, the market is analyzed for major regions including India (North India, East India, West India, South India). South India to witness increased adoption of E2W in India during the forecast period. Apart from the central- and state-level policy measures and increasing consumer awareness, the increasing growth in sales post lockdown were driven mainly due to the rising fuel prices, declining cost of E2W owing to decreasing cost of battery, among others. Some of the major players operating in the market include Hero Electric, Okinawa, Ather Energy, Ampere Vehicles, Revolt, PureEV, Ola Electric Mobility, Kinetic Green, Evolet, TVS.
India E2W Market Segmentation
Market Insight, by Vehicle Type
- E-Scooter/Moped
- E-Motorcycle
Market Insight, by Speed
- Low Speed E2W
- High Speed E2W
Market Insight, by Technology
- Battery
- Plug-in
Market Insight, by End-User
- Business to Consumer (B2C)
- Business to Business (B2B)
Market Insight, by Region
- India E2W Market
- North India
- East India
- West India
- South India
Top Company Profiles
- Hero Electric
- Okinawa
- Ather Energy
- Ampere Vehicles
- Revolt
- PureEV
- Ola Electric Mobility
- Kinetic Green
- Evolet
- TVS
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