Press release
India Electric Scooters and Motorcycles Market To Touch USD 6,161 Million by 2030
Batteries are responsible for 50%-60% of the total cost of the electric vehicles. Furthermore, the prices of Li-ion batteries have decreased considerably over the last decade at a rate of about 30% annually.
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The decrease will continue at a rate of about 10% annually in the years to come, making these automobiles increasingly affordable for the masses.
Furthermore, manufacturers will introduce numerous electric motorcycle models in the future, therefore benefiting the industry in the motorcycles category in the years to come.
48V batteries are the most-prevalent power source, with more than 80% share in the recent past. Scooters with 48V batteries are a rational buy when we look at the range, cost-effectiveness, and safety, which is the reason the category will remain dominant in the years to come.
Furthermore, with the increasing demand for higher speeds and longer driving ranges, the electric two-wheelers with 60V batteries share will rise in the years to come.
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As stated by the TOI, UP has 255,700 e- vehicles registered, the highest in any state.
The Union government is supporting the EV industry by offering subsidies on the acquisition of these kinds of vehicles. These subsidies have basically made battery-powered scooters and motorcycles more feasible for the customers. Few of the supportive initiatives are purchase rebates, tax exemptions, and financial incentives to EV buyers.
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