India Electric Two-Wheeler Industry to Witness Massive Growth Ahead P&S Intelligence
NEW YORK, Dec. 1, 2020 /PRNewswire/ -- The sales volume of the Indian electric two-wheeler industry is expected to massively increase from 152.0 thousand units in 2019 to 1,080.5 thousand units in 2025, at a 57.9% CAGR between 2020 and 2025. As per IQAir, India was home to 21of the 30 most polluted cities in the world in 2019, a fact which is mirrored by the World Health Organization (WHO)'s findings that out of the 20 most polluted cities in the world, 14 were in India in 2018.
As a result of the surging pollution, the national government has launched stringent policies to curb vehicular emissions. In particular, the jump from Bharat Stage V (BSV) to BSVI emission standards is expected to benefit the Indian electric scooter and motorcycle market, by raising the prices of petrol-driven two-wheelers by 7–15%. From 1st April, 2020 onward, automakers are only allowed to sell BSVI-compliant vehicles in the nation, which is driving the push toward electric variants.
The electric scooter and motorcycle market in India has been severely hit by the COVID-19 pandemic, which has led to zero demand for two-wheelers, in general. Apart from the nationwide lockdown, which has resulted in the shutdown of manufacturing plants, even the supply of electric vehicle (EV) components from China has been hampered. Additionally, the forecast for a grim financial future by the International Monetary Fund (IMF) is discouraging investors from funding electric two-wheeler manufacturers.
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In the years to come, the motorcycle bifurcation, on the basis of product, is predicted to witness rapid advance in the Indian electric scooter and motorcycle market, with the launching of several models by automakers. Due to the increasing demand for higher power, speed, and driving range from electric two-wheelers, the uptake of motorcycles will grow.
The sealed lead–acid (SLA) bifurcation, based on battery type, will continue dominating the electric scooter and motorcycle market of India in the coming years. This is because these batteries are cost-effective and easily available and the demand for low-speed electric two-wheelers is expected to remain substantially high.
Till 2025, the 72 V category, under segmentation by voltage, would experience the highest volume CAGR in the Indian electric scooter and motorcycle market, of 80.5%. This would be a result of the better mileage and performance that these batteries impart to vehicles.