India E2W Market: Current Analysis and Forecast (2021-2027)


Emphasis on Vehicle Type (E-Scooter/Moped, E-Motorcycle); Speed (Low Speed E2W, High Speed E2W); Technology (Battery E2W, Plug-in E2W); End-User (Business to Consumer (B2C), Business to Business (B2B)); Regions









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Research Methodology

Report Description


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. High initial cost is one of the major barriers for the adoption of electric vehicle in India. However, the recent restructuring of the FAME-II scheme by the Indian government along with incentives for E2Ws (which has been increased from INR 10,000/kWh to INR 15,000/kWh) is expected to drive the demand and adoption of electric vehicle including E2Ws in India. The FAME-II initiative have brought down the price of E2W closer to the prices of ICE-2 wheelers. Furthermore, adoption of E2W is expected to witness significant disruption post 2023, once the cost of battery decline to US$100/ kWh (INR 7,625.25/kWh). Adoption of E2W is further expected to be driven by the rising fuel prices, declining battery prices and growth in investments from the local battery manufacturers. Investment in the E2W space witness a decline in FY2021, compared to FY2020, owing to the COVID pandemic, which witnessed delayed investment plans from numerous organizations. Investment in FY 2021 from the E2W OEMs was majorly done for premium HS E2W, accounting for almost 80% of the total investment in the E2W space in India

Central Policies for the Electric Vehicle in India

Insights Presented in the Report

“Amongst Vehicle Type, E-Scooter/Moped segment dominates the market in 2020”

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.

“Amongst Speed, High Speed E2W segment to witness significant growth”

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. Sale of high speed E2Ws witnessed a Y-o-Y growth of 47%, with 41,048 units sold in FY2021, compared to 27,787 units sold in FY2020.


“Amongst Technology, Battery E2W dominated the market in 2020”

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.

“Amongst End-Users, E2W to witness increased adoption from Business to Business (B2B) end-user”

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.

“South India to witness high adoption of E2W during the forecast period”

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. 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. 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.


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  • The study includes market sizing and forecasting analysis validated by authenticated key industry experts
  • The report presents a quick review of overall industry performance at one glance
  • The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments
  • Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry
  • The study comprehensively covers the market across different segments
  • Deep dive regional level analysis of the industry

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1.1.Market Definitions
1.3.Stake Holders
1.4.Currency used in Report
2.1.Research Process of the India E2W Market
2.2.Research Methodology of the India E2W Market
2.3.Forecasting Method
2.4.Respondent Profile
2.5.Main Objective of the India E2W Market Study


7.1.Low Speed E2W
7.2.High Speed E2W
9.1.Business to Consumer (B2C)
9.2.Business to Business (B2B)
10.1.North India
10.2.East India
10.3.West India
10.4.South India
11.1.Market Drivers
11.2.Market Challenges
11.3.Impact Analysis
14.1.Demand Side Analysis
14.2.Supply Side Analysis
15.1.Competitive Landscape
 15.1.1.Company Shares, By Revenue
16.1.Hero Electric
16.3.Ather Energy
16.4.Ampere Vehicles
16.7.Ola Electric Mobility
16.8.Kinetic Green

Research Methodology

Analyzing the historical market, estimation of the current market, and forecasting the future of the India E2W market were the three major steps undertaken to create and analyze the demand and sales of E2W in India. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were conducted, with industry experts across the value chain of the industry. Post assumption and validation of market numbers through primary interviews, we employed a bottom-up approach to forecast the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments the industry pertains to. Detailed methodology is explained below.

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Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detailed secondary study was conducted to obtain the historical market size of the India E2W through company internal sources such as annual report & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the India E2W, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments included in the report are vehicle type, speed, technology, end-users. Further regional level analyses were conducted to evaluate the overall demand of E2W in India.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size. Further, we conducted factor analysis using dependent and independent variables such as growing government initiative for the adoption of electric vehicle in India, reducing price of EV to match its ICE counterpart etc. Historical trends and their year-on-year impact on the market size and share was analyzed. Demand and supply side scenario was also thoroughly studied.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the Market, and market shares of the segments and company. All the required percentage split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.


Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., bottom-up approach was applied to arrive at the market forecast to 2027 for different segments and subsegments across the major Indian regions. The research methodology adopted to estimate the market size encompasses:

  • The industry’s market size, in terms of Volume (units ‘000) and the demand of E2W across India
  • All percentage shares, splits, and breakdowns of market segments and sub-segments
  • Key players in the India E2W Market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market.

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, and Regional Head, Country Head, etc.) across India. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

Data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers of each segment and sub-segment of the India E2W market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of vehicle type, speed, technology, end-users, and region.


The main objective of the India E2W Market Study

The current & future market trends of the India E2W Market are pinpointed in the study. Investors can gain strategic insights to base their discretion for investments from the qualitative and quantitative analysis performed in the study. Current and future market trends would determine the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:

  • Analyze the current and forecast market size of India E2W in terms of Volume. Also, analyze the current and forecast market size of different segments and sub-segments
  • Segments in the study include vehicle type, speed, technology, end-user, and Regions
  • Analyze the customer and competitor behaviors pertaining to the industry
  • Major regions analyzed in the report include India (North India, East India, West India, South India). Define and analyze the competitive landscape of the India E2W sector and the growth strategies adopted by the market players to sustain in the fast-growing market

Deep dive regional level analysis of the industry

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