It has been three years since India became the largest manufacturer of two-wheeler bikes, leaving China behind. China’s slowdown in this sector can also be attributed to the ban of traditional motorcycles in many of its urban areas. It has stepped up the production of electric two wheelers, as have many other countries, particularly in the first world.
India, however, is still at a nascent stage in this segment. Nevertheless, the growth rate of the electric scooter in India looks encouraging. At the beginning of this year, an estimated 1.5 lakh electric two-wheeler bikes plied on Indian roads.
The mindset
Like most Asian nations, two-wheelers are exceedingly popular in India. It is aspirational for the youth and early jobbers while continuing to remain a convenient mode of transport in the rural hinterland. Indians are also finicky about the economy of their transportation, and two-wheeler bikes fit the bill perfectly. Bikes are also high on the style quotient and costs next to nothing when bought with a two wheeler loan. Just check your monthly installments value using two wheeler loan EMI calculator and bring home your new ride.
Electric two-wheeler bikes presently form only a small section of this market. However, its sales have been increasing rapidly, with the numbers doubling between 2017 and 2018. Apart from the usual highlights of bikes, an electric two-wheeler also boasts of being eco-friendly. This boosts its growth prospects, particularly in the urban market.
Projections
The growth projections of electric two-wheeler bikes in India are quite positive. Last year, 16.4% of all electric vehicles sold in India were two-wheeler bikes. Notably, three-wheeler vehicles are the most popular in India’s electric vehicle industry. The government is pushing towards exponential growth in the sale of electric two-wheeler bikes in the years to come. It plans to introduce 28 million electric vehicles on Indian roads by 2030. Niti Aayog estimates that electric two-wheeler bikes will occupy 80% of the market by the same year.
The vision of a cleaner environment and a sustainable future is the obvious merit of electric vehicles. Adding to it are better vehicle efficiency, battery performance, preventive maintenance and low running cost that bike makers are improving upon.
Buoyed by these developments, the electric two-wheeler vehicle segment is expected to be a $200 million market by 2023. Between 2019-2025, the electric two-wheeler market in India is expected to maintain a compounded annual growth rate of 44%. This could mean a reasonable number of electric scooter in India in less than a decade!
Availability
Among the prominent players, two-wheeler giant Hero manufactures electric two-wheeler vehicles under its brand, Hero Electric. Ather, Ampere, Revolt, Okinawa are also active electric two-wheeler makers, bidding to come up with the best electric scooty in India and the flashiest e-bikes too.
Generally, the electric two-wheeler bikes available in India offer a range of 50-150 kilometers for 4-5 hours of charging time. These two-wheeler vehicles offer a top speed of 70-100 km/hour.
These vehicles are, therefore, a sound alternative to conventional two-wheeler bikes. With two wheeler loan, scooting around town without leaving a carbon footprint is no longer a distant dream.
