India Electric Scooters and Motorcycles Market Dynamics Trends, Segmentation, Forecast and Key Players are HERO ELECTRIC VEHICLES PVT LTD, Electrotherm (India) Limited, Lohia Auto, Okinawa

The Indian electric scooters and motorcycles market is expected to reach $698.3 million by 2025, registering CAGR of 36.3% during the forecast period. The major driving factors for the growth of the market are the rising concerns over greenhouse gas emissions leading to several government initiatives, and implementation of stringent emission regulations in coming years. In addition, the entry of new and established two-wheeler manufacturers coupled with launch of several new variants of electric scooter in expected to benefit the market, according to P&S Intelligence.

Insights into market segments
The market size for electric scooters have been higher compared to electric motorcycles market size till now. This is chiefly attributed to the factor such as low cost of electric scooters as compared to electric motorcycles, considerable number of electric scooter models in the market, and higher affordability than its motorcycle counterpart.
On the basis of battery type, the Indian electric scooters and motorcycles market is categorized into Sealed lead acid and Li-ion battery. Sealed lead acid batteries have been dominating the sales of electric two-wheelers in India due to their low price compared to Li-ion batteries. However, over the past few years, the global prices of Li-ion batteries have seen a significant decline, causing the segment to grow at a faster pace. Furthermore, the government support for Li-ion batteries based electric scooter under Faster Adoption and Manufacturing of (Hybrid &) Electric Vehicles (FAME II) is also expected to benefit the category in coming years.

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Availability of government subsidies and incentives acting as a major driver

The Indian government is supporting the electric vehicles market by providing subsidies on the purchase of electric cars and two-wheelers. Subsidies and regulatory environment can go a long way in pushing the sales of electric vehicles. Subsidies have also helped the market by making electric scooters and motorcycles more viable for the customer. Under FAME II scheme, the government introduced subsidy of up to $369 on purchase of electric scooters and motorcycles, based on the battery size, thereby making electric two-wheelers more affordable for customers, which further drives the growth of the Indian electric scooters and motorcycles market.

The gaining momentum of Li-ion powered two-wheelers is a key trend witnessed in the market

Uttar Pradesh was the largest electric scooters and motorcycles market in 2018
Geographically, Uttar Pradesh is the largest market of electric scooters and motorcycles in India. It is the most populated state in India, having population of more than 200 million in 2017. The state is the largest market for motorcycles and accounts for 15% of the total sales volumes, and the penetration of electric scooter and motorcycle is increasing in the state. In addition, rising women users specially in tier 2 and tier 3 cities is further leading to increased demand of electric scooter in the state. Major OEMs are focusing to increase their share by expanding dealer networks in the state. The other prominent market for electric scooters in India are Maharashtra, West Bengal, Gujarat, and Tamil Nadu.

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India electric scooters and motorcycles market competitive landscape
Some of the major players of the Indian electric scooters and motorcycles market are Hero Electric Vehicles Pvt. Ltd., Electrotherm (India) Ltd., Avon Cycles Ltd, Ampere Vehicles Pvt Ltd., LOHIA AUTO INDUSTRIES, Okinawa Autotech Pvt. Ltd., and others.

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This release was published on openPR.