The Electric Vehicle industry in India
Woohoo!! The valuation of the Electric Vehicles industry in India is estimated to touch $150 billion by 2030 at the rate of 90% compounded annual growth rate (CAGR).Fancied with this statement? The current market game suggests that EV sales account for barely 1.4% of total vehicle sales in India during 21-22. However, India's shift to shared, electric and connected mobility could help the country save nearly one giga-tonne of carbon dioxide emissions by 2030.
The EV market is expected to grow exponentially in the coming years, particularly Ecycles.
India, home to the world’s largest number of two-wheeler buyers, has grown exponentially crisscrossing various hues and colors of imperatives.
The Indian two-wheeler market will hit 4.5 million-5 million by 2025, accounting for 25%-30% of the total market, accounting for 25%-30% of the total market, and nine million by 2030.
In the last five years, electric two-wheeler sales have surged from about 25000 units to 143000 units in FY21 despite the covid impact, this speaks volumes about the success of Electric vehicles in the Indian market.
The falling battery prices have inadvertently helped the rates of electric bikes go for a spin as electric bike prices are becoming very much popular and efficient for indie buyers, the petrol counterparts are now falling onto the same terms according to their operating costs. Electric two-wheelers in India are likely to achieve price parity with their petrol counterparts as early as 2027, according to a study done by International Council on Clean Transportation (ICCT).
Electric scooters or Mopeds are definitely spearheading the E-revolution in India since the roadblocks for scooters are fewer. They are lighter as compared to cars, meaning they can use less powerful and cheaper batteries. Also, the scooters can be charged quickly and more easily, often using the existing plug points in homes. The price of these e-scooters is also at par with the petrol-powered models.
With Hero Electric and several start-ups including Twenty Two Motors, Okinawa, and Ather Energy selling electric scooters already, two-wheeler companies are carrying the baton.
The India ebike market is moderately fragmented, with the presence of a number of startups and companies such as Svitch, Hero Cycles, GoZero, Being Human, and Giant Bicycles Co. Ltd. The market is highly driven by factors like advanced battery technology, lightweight materials, growing investment in R&D projects, etc.
To provide a more convenient experience to customers, global ebike manufacturers like Aventon are expanding their market reach in India, and local companies are introducing new models in the market.
The recent market and industry trends definitely herald a new beginning. And it's Electric.