Market Definition
The India Electric 2W and 3W Vehicle Market encompasses the production, distribution, and adoption of electric two-wheelers (2W) and three-wheelers (3W) in the Indian market. These vehicles are powered by electric motors and batteries, offering a cleaner and more sustainable alternative to traditional internal combustion engine vehicles. Electric 2Ws and 3Ws are gaining popularity in India due to factors such as increasing urbanization, pollution concerns, government incentives, and advancements in electric vehicle technology.
Market Outlook
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.
The India Electric 2W and 3W Vehicle Market is experiencing rapid growth and expansion, driven by factors such as government initiatives to promote electric mobility, rising fuel costs, increasing awareness of environmental issues, and improvements in battery technology and charging infrastructure. As India seeks to reduce its dependence on fossil fuels and mitigate air pollution in major cities, there is a growing momentum towards electrification of the transportation sector, particularly in the two-wheeler and three-wheeler segments.
One of the key drivers propelling the growth of the India Electric 2W and 3W Vehicle Market is the government’s push towards electric mobility through various incentives, subsidies, and policy initiatives. Programs such as the Faster Adoption and Manufacturing of Electric Vehicles (FAME) scheme provide financial incentives and subsidies for the purchase of electric vehicles and support infrastructure development for charging stations and battery swapping facilities. Additionally, state governments are offering additional incentives such as registration fee waivers, road tax exemptions, and preferential parking for electric vehicles, driving adoption and market growth.
Moreover, the India Electric 2W and 3W Vehicle Market is benefiting from advancements in battery technology and declining costs of lithium-ion batteries, which are enabling manufacturers to produce electric vehicles with longer range, higher performance, and lower prices. Improvements in battery energy density, charging speeds, and cycle life are addressing concerns over range anxiety and charging infrastructure, making electric 2Ws and 3Ws more practical and attractive for consumers. Additionally, advancements in electric motor technology, lightweight materials, and vehicle design are driving improvements in vehicle efficiency, reliability, and safety, further accelerating market growth and adoption.
Furthermore, the India Electric 2W and 3W Vehicle Market is poised for continued growth as manufacturers introduce a wide range of electric models and variants tailored to the needs and preferences of Indian consumers. From electric scooters and motorcycles for urban commuting to electric rickshaws and delivery vehicles for last-mile transportation and logistics, there is a growing variety of electric 2Ws and 3Ws available in the market to cater to different segments and applications. Additionally, the emergence of electric mobility startups, ride-hailing services, and shared mobility platforms is driving awareness and adoption of electric vehicles among consumers and fleet operators, further fueling market growth and innovation.
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Research Objectives
- Estimates and forecast the overall market size for the total market, across product, service type, type, end-user, and region
- Detailed information and key takeaways on qualitative and quantitative trends, dynamics, business framework, competitive landscape, and company profiling
- Identify factors influencing market growth and challenges, opportunities, drivers and restraints
- Identify factors that could limit company participation in identified international markets to help properly calibrate market share expectations and growth rates
- Trace and evaluate key development strategies like acquisitions, product launches, mergers, collaborations, business expansions, agreements, partnerships, and R&D activities
- Thoroughly analyze smaller market segments strategically, focusing on their potential, individual patterns of growth, and impact on the overall market
- To thoroughly outline the competitive landscape within the market, including an assessment of business and corporate strategies, aimed at monitoring and dissecting competitive advancements.
- Identify the primary market participants, based on their business objectives, regional footprint, product offerings, and strategic initiatives
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Market Segmentation
The report analyses the India Electric 2W and 3W Vehicle market based on vehicle type, battery type, battery capacity, range, and region.
India Electric 2W and 3W Vehicle Market by Vehicle Type
Based on vehicle type, it is bifurcated into electric 2-wheeler vehicle and electric 3-wheeler vehicle. The electric 2 wheeler vehicle segment is expected to have the largest India Electric 2W and 3W Vehicle market share in 2022. Further, electric 2-wheeler vehicle segment is bifurcated into electric scooters and electric motorcycles. Similarly, electric 3-wheeler vehicle segment is bifurcated into passenger carriers and load carriers.
Sales of electric two-wheelers increased by 305% from 2021 levels. According to a February 2023 article by CleanTechnica, the markets for two-wheel EVs have increased from fewer than 2,000 vehicles in 2013 to over 600,000 per year per year in 2022. Hero Electric, Okinawa Autotech, and Ola Electric have been the top 3 producers. According to a CleanTechnica report from February 2023, EV sales made about 4% of total two-wheeler sales in 2022. The Indian government’s measures to improve e-mobility in the nation are what are driving all of this growth.
During the COVID-19 outbreak, sales of electric bikes and scooters decreased. Nevertheless, in the second half of 2020, the market swiftly rebounded, and demand is now rising quickly. Together with cost reductions and lower operational expenses, other market-driving considerations include noise and air pollution in large cities.
Via its FAME (Faster Adoption and Manufacture of Electric Vehicles) 2 policy, the Indian government promotes the use of EVs. Even battery switching is planned by the Indian Finance Minister for his FY 22 budget. Both the market and the government are driving EV adoption. The manufacturing of components is becoming localised, which lowers costs. Moreover, FAME 2 provides financial aid for fast electric two-wheelers.
As a result, the Indian market for electric two-wheelers is booming. With growth rates this high, it won’t be long until some of India’s major cities have calmer streets and better air.
India Electric 2W and 3W Vehicle Market by Battery Type
Based on battery type, it is segmented into lithium-ion, lead acid, and solid state. The lithium-ion segment is expected to dominate the market during the forecast period.
Given that India is anticipated to overtake China as the third-largest automotive market by 2026 and that lithium-ion batteries (LiBs) are in such high demand (80%) from the automotive sector for electric vehicles (EVs), LiB production need immediate attention. In addition, the Central Electricity Authority (CEA) estimates that 34 gigawatts (GW)/136 gigawatt-hours (GWh) of battery storage are required in order to add 450 GW of renewable energy in India by 2030, in addition to the Government of India’s target of 30% of new vehicle sales being electric by that time. India is so primed to emerge as a significant LiB user.
It also offers several advantages, such as a smaller size compared to large lead acid batteries. Compared to lead acid batteries, lithium-ion batteries have a longer service life (1000–4000 cycles) (500-1000 cycles). increased charging speed in comparison to lead acid batteries. Some batteries memorise the lowered life cycle after repeated charging and discharging, so the following time the battery is charged, it will have a much shorter functioning life. 0.35 to 2.5% self-discharging rate as opposed to lead acid batteries’ 5% self-discharging rate. As a result, producers of electric 2W and 3W vehicles in India favour lithium-ion batteries.
India Electric 2W and 3W Vehicle Market by Battery Capacity
Based on battery capacity, it is segmented into less than 3 kW, 3 to 7 kW, and above 7 kW. The 3 to 7 kW segment is expected to be the largest segment in the India Electric 2W and 3W Vehicle market in 2022.
The battery capacity for high-speed e-2Ws and e-3Ws is in the range of 3 to 7 kWh. According to figures issued by the Society of Manufacturers of Electric Vehicles (SMEV) in 2021, the high-speed e-2Ws, which can reach speeds of more than 25 km/h and require a full license, had a 425% rise.
The electricity user receive when charging vehicles straight into a wall socket is used by these most basic chargers.
India Electric 2W and 3W Vehicle Market by Range
Based on range, it is segmented into less than 100 kms, 100 to 150 kms, and above 150 kms. The 100 to 150 kms segment is expected to dominate the market during the forecast period.
Top bikes/scooters for tag electric scooter bike with Range 100 to 150 km are Ola Electric, Okinawa Praise Pro, Hero Electric Photon 48V, Avera Retrosa, Yamaha EC 05, and Revolt RV300.
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Major Players
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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Research Scope
- Scope – Highlights, Trends, Insights. Attractiveness, Forecast
- Market Sizing – Product Type, End User, Offering Type, Technology, Region, Country, Others
- Market Dynamics – Market Segmentation, Demand and Supply, Bargaining Power of Buyers and Sellers, Drivers, Restraints, Opportunities, Threat Analysis, Impact Analysis, Porters 5 Forces, Ansoff Analysis, Supply Chain
- Business Framework – Case Studies, Regulatory Landscape, Pricing, Policies and Regulations, New Product Launches. M&As, Recent Developments
- Competitive Landscape – Market Share Analysis, Market Leaders, Emerging Players, Vendor Benchmarking, Developmental Strategy Benchmarking, PESTLE Analysis, Value Chain Analysis
- Company Profiles – Overview, Business Segments, Business Performance, Product Offering, Key Developmental Strategies, SWOT Analysis
- Market Size in 2022 – $1.78 Billion
- Market Size in 2032 – $119.66 Billion
- CAGR % – 48.48%
- Historic Period – 2016 – 2021
- Forecast Period – 2023 – 2032
- Base Year – 2022
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