Executive Summary
EV Market in India
The two-wheeler industry accounts for 80% of total automobile sales in India. About 1% of this two-wheeler segment belongs to the electric two wheelers (E2W); which has a potential to grow at a CAGR of 84% from FY21 to FY26.
In FY 2021, the E2W market experienced a slump due to the disruptions related to the COVID-19 pandemic and thus sales were down by 5.37% overall. The share of HS E2Ws in the overall E2W sales went up to about 28% in FY 2021 as compared to 20% in FY 2020. Low Speed (LS) E2Ws however witnessed a decline in sales by around 17.9% YoY during the same period.
Stakeholders
Government and various independent organizations are working towards providing charging stations, battery swapping options to boost demand of electric two-wheelers.
Market Players
The key market leaders in electric two-wheeler space, Hero Electric and Okinawa, continued their dominance with a market share of over 53% for High Speed E2W in FY 2021.
Future of EV
The NITI Aayog has targeted 30% EV penetration in India by This is in alignment with the fact that about 40 crore customers would be in need of mobility solutions in India by 2030.
| Download the full report: |
|---|