A report released by strategy consulting firm, Redseer Strategy Consultants, indicates that sales penetration of Electric Two Wheelers (E2W) is expected to increase by ~78% by 2030, on the back of government policies, technology, infrastructure and consumer acceptance.
The report suggests that the top reasons for choosing electric two-wheelers included better features (such as interactive dashboards, connectivity, and driving features), and superior economics (running cost and price). Other reasons included the fact that it is more environment-friendly, and offers better performance (instant acceleration) .
In comparison to ICE vehicles (Internal Combustion Engines), the cost-of-ownership for electric two wheelers is close to 20-70% less, with the cost savings increasing with increased usage.
“Interestingly, the negligible need for maintenance and minimal fuel costs is also attracting B2B players to explore Electric Two-Wheeler adoption as a clean mode of commercial operations. While over 150 E2W players exist, the market is dominated by the top 9 players” said Mukesh Kumar, Engagement Manager at Redseer Strategy Consultants. He further added, “Although emerging strongly, it is not without its challenges – long charging time and poor charging infrastructure are the two main pain points for both users and non-users. However, because of government incentives and growth in the segment, several startups along with government bodies are building a better charging infrastructure in India”.
India currently has ~3,000 EV charging stations, with ~6 charging stations available per 1000 EVs.
