India’s electric vehicle (EV) industry is witnessing significant growth, and one segment that is particularly gaining traction is electric two-wheelers. As consumers become increasingly environmentally conscious and the government continues to incentivize electric vehicle adoption, electric two-wheelers are emerging as a popular and affordable mode of transportation in India.
According to a report by the Society of Manufacturers of Electric Vehicles (SMEV), the sale of electric two-wheelers in India rose over two-and-half-fold to 8,46,976 units in 2022-23 This growth is expected to continue as more companies enter the market and consumers become more familiar with electric two-wheelers.
One of the key reasons for the growing popularity of electric two-wheelers in India is their affordability. Electric two-wheelers are significantly cheaper to operate and maintain than their gasoline-powered counterparts. They also offer lower operating costs, as electricity is cheaper than gasoline. This makes electric two-wheelers an attractive option for many Indian consumers, particularly those in urban areas who are looking for a cost-effective and environmentally friendly way to commute.
Another reason for the growth of electric two-wheelers in India is the government’s push to incentivize electric vehicle adoption. In 2019, the government announced the Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME-II) scheme, which offers subsidies to manufacturers of electric vehicles. Under the scheme, consumers are also eligible for incentives of up to Rs 15,000 ($205 USD) for purchasing electric two-wheelers.
As more companies enter the market, consumers have a wider range of options when it comes to electric two-wheelers. Leading Indian automakers such as Hero Electric, Bajaj Auto, and TVS Motor have all entered the electric two-wheeler market, along with newer companies such as Ather Energy and Okinawa Autotech. These companies are introducing innovative designs and features, such as longer battery life, faster charging times, and digital displays.
However, the growth of electric two-wheelers in India is not without its challenges. One of the biggest obstacles is the lack of charging infrastructure in the country. While the government has announced plans to set up charging stations across India, progress has been slow, and this is hindering the widespread adoption of electric vehicles.
Overall, electric two-wheelers are emerging as a significant segment in India’s electric vehicle industry, offering consumers an affordable, environmentally friendly, and convenient mode of transportation. With the government’s push to incentivize electric vehicle adoption and the entry of more companies in the market, the future looks promising for electric two-wheelers in India.