Market Definition
The India Electric 2W (two-wheeler) and 3W (three-wheeler) Vehicles IoT market encompasses the integration of Internet of Things (IoT) technology in electric vehicles (EVs) for enhanced connectivity, performance, and safety. This market includes a range of smart solutions such as real-time tracking, battery monitoring, predictive maintenance, vehicle diagnostics, and telematics services tailored to the specific needs of electric two- and three-wheelers in India’s rapidly growing EV ecosystem.
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Market Outlook
The India Electric 2W and 3W Vehicles IoT market is expected to witness significant growth as the adoption of electric vehicles accelerates across the country. With government incentives, rising fuel prices, and increased awareness of environmental sustainability, there is a growing shift towards electric two- and three-wheelers in India. These vehicles are primarily used for personal mobility and commercial purposes, including last-mile delivery services, making IoT integration essential for efficient operations and fleet management.
The Internet of Things (IoT) has emerged as a transformative technology in the EV market, offering enhanced control, monitoring, and automation features for electric vehicles. IoT-powered solutions allow for real-time vehicle tracking, battery health monitoring, remote diagnostics, and maintenance scheduling. This connectivity ensures better performance, reduces downtime, and extends the lifespan of EVs, all of which are crucial in India’s evolving electric mobility landscape.
A major driver of the India Electric 2W and 3W Vehicles IoT market is the government’s push for electrification of the transportation sector. Under initiatives like the Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME) scheme, the Indian government has set ambitious targets to increase the adoption of electric vehicles. The rising demand for clean and affordable mobility solutions, particularly in congested urban areas, is pushing OEMs and fleet operators to embrace IoT technologies to improve operational efficiency.
In addition to the government push, the growing e-commerce and logistics sectors in India are boosting demand for electric two- and three-wheelers equipped with IoT capabilities. These vehicles, used for last-mile deliveries, benefit from IoT-enabled fleet management systems, which allow for route optimization, real-time tracking, and driver behavior monitoring. This not only improves operational efficiency but also reduces costs and enhances customer satisfaction.
Despite its promising growth potential, the India Electric 2W and 3W Vehicles IoT market faces certain challenges. High initial costs associated with IoT hardware and integration into EVs may pose a barrier for small-scale fleet operators. Additionally, concerns regarding data privacy and security, as well as the need for reliable connectivity infrastructure, are key issues that must be addressed to ensure the seamless functioning of IoT systems in electric vehicles.
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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 Vehicles IoT market based on application and vehicle type.
India Electric 2W and 3W Vehicles IoT Market by Application
Based on application, it is segmented into infotainment, fleet management, predictive maintenance, vehicle security, automatic driver assistance system, and traffic management. The fleet management segment is expected to have the largest India Electric 2W and 3W Vehicles IoT market share in 2022.
The application of IoT in the automobile industry has significantly advanced fleet management. Today’s electric 2-wheelers and 3-wheelers have sensors for position monitoring and other purposes. A cloud application stores the sensory data gathered from a sizable fleet of such vehicles. Next, this data is transformed visually after being analyzed by various analytics features. This information is simple for a fleet operator to monitor the many fleet-related parameters.
Some of the benefits that an IoT infused fleet management system offer to a fleet manager are:
- Real-time location monitoring of the fleet
- Weight/Volume tracking of cargo that the fleet is carrying
- Trucks’ performance statistics like fuel and mileage
- Tracking traffic conditions on the road
- Route management
- Time and Driver management
India Electric 2W and 3W Vehicles IoT Market by Vehicle Type
Based on vehicle type, it is bifurcated into electric 2-wheelers, electric 3-wheelers. The electric 2-wheelers segment is expected to dominate the market during the forecast period.
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.
Moreover, with the scooter-sharing revolution of 2018, IoT was introduced into bikes and scooters. There is a tremendous demand for e-bikes, especially as the technology required to make them widely available becomes more affordable and widely available. E-bikes are also becoming more common in public and private use, from one-time bike rentals and delivery drivers to private ownership, as the technology underlying them becomes more accessible and inexpensive. Security measures are required in each capacity to keep track of these bikes, and IoT has shown to be a successful method.
Major Players
The key players studied in the India Electric 2W and 3W Vehicles IoT market are Texas Instruments Incorporated, NXP Semiconductors N.V., Intel Corporation, TomTom International BV, Cisco Systems, Inc., Microsoft Corporation, IBM Corporation, Google LLC, AT&T, and Robert Bosch GmbH.
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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
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