The India Electric 2W and 3W Vehicle Market was valued at US$ 1.78 billion in 2022 and it is anticipated to grow up to US$ 119.66 billion by 2032, at a CAGR of 48.48% during the forecast period.
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An electric two-wheeler, known as an E-2-wheeler, is an all-electric vehicle. It comprises an electric scooter, motorbike, moped, bike, and bicycle. It has no engine and doesn’t operate on gasoline, diesel, or compressed natural gas. Instead, it runs and is powered entirely by electricity. Typically, it features a rechargeable battery to power the 2-wheeler and store electric energy. Hence, a 2-wheeler powered solely by electricity is called an E-2-wheeler, E-scooter, or E-Motorcycle. In essence, a two-power wheeler comes from two places: a battery and an alternator. The battery’s job is to store energy; when the engine is turned off, it retains the voltage level specified and keeps the electrical system operational. But, when the engine is started, the alternator generates power. Several electrical equipment is powered by it, charging the battery.
Electric three-wheelers are powered by electricity and have batteries with a longer lifespan and high-torque motors. Tricycles are three-wheelers with a single front wheel and two rear wheels; a tadpole is a three-wheeler with two front wheels and one back wheel. Electric three-wheelers are used more often in various industries, including passenger transportation within cities and the delivery of products and services. Electric three-wheelers, especially e-rickshaws, have become increasingly popular in India in the past few years. Three-wheeled vehicles are quite popular. Thus the adoption of electric vehicles is typically seen as the low-hanging fruit in this market category. Three-wheelers are promoted as an economical option for short- to medium-distance public transportation.
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Market Drivers and Trends
Since the FAME India initiative was implemented, the E-2W market in India has been steadily expanding. The market is now dominated by low and medium-speed E-2W (up to 40 kmph) using standard lead acid batteries since their upfront costs are comparable to those of ICE vehicles. Second, the high-speed lithium-ion battery market is also quietly gaining traction. Sales of high-speed E2Ws are anticipated to rise significantly over the next two years as more businesses obtained FAME-2 certification in 2020. Future demand for high-quality two-wheelers that can compete with ICE vehicles in terms of cost and performance is driven by the segment’s exponential expansion. Furthermore, the high-speed segment is anticipated to achieve parity by 2024–25 without additional government support in the form of subsidies. That could be considered the ongoing decline in the price of lithium-ion batteries, power electronics, and advancements in EV technologies and considered a turning moment for the explosive expansion of this market in the nation. According to industry estimates, lead acid technology will no longer be available in E-2W batteries over the next five years.
The low-speed E-3W market in India has expanded incredibly quickly across the nation. There are more than 600 registered players in the category, according to ICAT. In addition to the recognized OEMs, the grey e-rickshaw business has developed quickly across the nation, especially in West Bengal, Bihar, and the Delhi NCR. According to industry estimates, unorganized players are responsible for 60% of the e-rickshaws now on the road. Industry experts predict that the e-rickshaw business will increase significantly in the next years due to the opening of several new markets last year, including Raipur, Indore, Bhopal, Orissa, and others. Moreover, it is anticipated that the South and North East markets will open in the future years. Lead acid batteries continue to rule the industry regarding technology thanks to good after-sale support. Manufacturers, however, have begun to choose lithium-ion batteries. According to ICAT, lithium-ion batteries are used in 80% to 90% of the newer versions that have been tested and certified.
Hence, the demand for electric 2W and 3W vehicles in India will increase due to above mention factors.
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India Electric 2W and 3W Vehicle Market Segmentation
By Vehicle Type
- Electric 2-Wheeler Vehicle
- Electric Scooters
- Electric Motorcycles
- Electric 3-Wheeler Vehicle
- Passenger Carriers
- Load Carriers
By Battery Type
- Lithium-Ion
- Lead Acid
- Solid State
By Battery Capacity
- Less than 3 kW
- 3 to 7 kW
- Above 7 kW
By Range
- Less than 100 kms
- 100 to 150 kms
- Above 150 kms
Major Players in the India Electric 2W and 3W Vehicle Market
The key players studied in the India Electric 2W and 3W Vehicle market are Hero Electric Vehicles Pvt. Ltd., Bajaj Auto Limited, Mahindra & Mahindra Limited, Okinawa Autotech International Private Limited, Greaves Electric Mobility Private Limited (Ampere), TVS Motor Company, Ather Energy Private Limited, Revolt Intellicorp Private Limited, Ola Electric Mobility Pvt Ltd, Piaggio Vehicles Pvt. Ltd., Kinetic Green Energy & Power Solutions Ltd., Lohia Auto, Atul Auto Limited, Euler Motors Private Limited, PuR Energy Private Limited (PURE EV).
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