Homeauto News

    India's EV race: Who is winning and who is lagging in the two-wheeler segment?

    India's EV race: Who is winning and who is lagging in the two-wheeler segment?

    India's EV race: Who is winning and who is lagging in the two-wheeler segment?
    Profile image

    By CNBCTV18.com  IST (Published)

    Mini

    According to a study published by McKinsey, the demand for electric two-wheel vehicles in India is expected to reach around 8.2 to 9.2 million units by 2030.

    India has the largest two-wheeler market in the world, and this presents a humungous opportunity for manufacturers of electric bikes and scooters.

    According to a study published by McKinsey, the demand for electric two-wheel vehicles in India is expected to reach around 8.2 to 9.2 million units by 2030. "It is mainly driven by urbanisation and migration, favorable governmental policies, lowered prices, and increased consumer readiness for e-vehicles," the study said

    Since 2016, the electric two-wheeler segment has been growing at a compound annual growth rate (CAGR) of 62 percent.

    Also read:

    With such tremendous opportunities for growth, a lot of traditional two-wheeler market leaders like Hero, Bajaj and TVS have their own line of electric two-wheelers .

    HERO ELECTRIC

    It is the largest electric two-wheeler company in India, with 36 percent of the market share. It launched its first lithium-ion battery-based scooter in 2017 and has steadily grown since then. The company has a solid presence through its 600+ stores in more than 300 cities.

    OKINAWA

    The indigenous company has about 17 percent of the market share in FY21, but has plans to grow further. The company plans to invest Rs 70 crore to manufacture motors and controls for its vehicles in an upcoming unit in Alwar, Rajasthan. The plant will be capable of manufacturing 5 lakh units annually.

    AMPERE

    Focusing on low-range vehicles with seven models, Ampere currently has 14 percent of the market share. The low-range 2-wheeler with top speeds of less than 25 kmph makes for the majority of sales for this company and they even managed to sign a memorandum of understanding with the government of Tamil Nadu.

    TVS MOTOR

    When the company entered the market with the iQube scooter, the whole industry took notice of it. The iQube electric has a 4.4 kW electric motor, with a max torque capability of 140 Nm. The range of this scooter is 75 km per one charge. Despite having a decent scooter on the market, it currently hold only 2 percent of the market share. The high price and the lack of variants might be some of the causes.

    Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!
    arrow down

      Most Read

      Market Movers

      View All
      CompanyPriceChng%Chng