Indian electric scooter and motorcycle market reaching CAGR of 57.9% by 2027
In India, the demand for e-bikes has increased in recent years. The electric bike market in India is advancing due to rising consumer demands for electric two wheelers for fun and exciting activities, as well as the use of e-bikes in other sectors such as transportation and rentals. The country’s enormous population, combined with improved last-mile connectivity, is expected to enhance the e-bike market for the foreseeable future.
In the 12-month period (January-December) of 2021, overall sales of electric two-wheelers, including high-speed and low-speed models, climbed by 132 percent over the same time in 2020. The industry sold 2,33,971 units in 2019, compared to 1,00,736 units in 2020.
Many businesses selling EV scooters claim that the EV market would grow at a CAGR of 57.9% by 2027. The majority of the reasons are that an EV scooter may be purchased for the same price as a petrol scooter, and even if the Ev scooters are pricey, their operating costs are quite cheap when compared to a petrol scooter. EV scooters do not require any maintenance because they run entirely on electricity. These bikes are environmentally friendly, causing no pollution of the air or noise.
The infographic above shows why people are transitioning to electric scooters.
According to reports, India is the fourth highest CO2 emitter, with two-thirds of the pollution created by two-wheelers, which can be reduced with such alternatives. Furthermore, by 2030, the Indian government intends for more than 30% of all vehicles sold in the country to be electric vehicles. In order to reduce all of our country’s pollution. For this project, the government has also spent $30 billion on EV infrastructure across India, with a total of 1640 public EV chargers in use across the country’s major cities. India also intends to gradually reduce its oil import bills, which currently stand at a staggering 88 billion dollars and rising annually.
EV scooters are the future of transport with the presence of several startups and organizations such as Hero Cycles, GoZero, Being Human, Giant Bicycles Co. Ltd, and others, the India E-Bike industry is moderately fragmented. Improved battery tech, lightweight, increased investment in R&D initiatives, and other factors are driving the market. Major global e-bike companies are growing their market reach in India, and local companies are adding new models to the market to give a more comforting experience to customers. In addition, manufacturers are experimenting with new marketing methods to attract customers. All these factors indicates that India is becoming a potential market for electric scooters.