인도의 전기이륜차(e2W) 시장 : 예측 및 성장 기회(2024-2030년)

A Confluence of Factors Is Driving Transformational Growth by Addressing Challenges Related to Affordability, Infrastructure, and Consumer Awareness

The Indian electric two-wheeler (e2W) market has witnessed phenomenal growth over the past five years. Government policy initiatives including subsidies and tax breaks on e2Ws have incentivized purchases. However, with recent policy changes there has been a slowdown in the market, but the government aims to cultivate a self-sustaining EV ecosystem, with cost reductions leading to less reliance on subsidies, also creating a long-term opportunity for investors who can capitalize on advancements and growing demand.

Established two-wheeler OEMs have become competition for the new e2W entrants, creating a dynamic market with a wider range of choices and potentially faster technological advancements.

While Indian EV charging infrastructure continues to develop, the government and private players are investing in expansion of charging networks, with a focus on creating a robust ecosystem for E2Ws in the country.

This study analyzes the Indian e2W market, considering essential players attracting investments, the main business models, the impact of changes in government policies, shifts in market share over the past few years and the reasons behind them, stakeholder strategies, and growth opportunities.

Research Highlights

The Indian e2W Market: Forecast Sales in Volume

The Indian e2W market has tremendous growth potential with a focus on innovation, affordability, and infrastructure development by market stakeholders.

Building robust domestic supply chains or strategic partnerships will mitigate potential disruptions while staying agile and adaptive to evolving market dynamics will be vital to success.

Research Scope

• To study the Indian e2W market.
• To identify and analyze the leading e2W original equipment manufacturers (OEMs) in India.
• To understand significant trends in the Indian e2W market.
• To capture essential players attracting investments in India’s e2W market.
• To identify and analyze OEMs by types.
• To identify 3 primary growth opportunities in the Indian e2W market.
• To understand the focus on investments, government support, and start-up scenarios of e2Ws in the country.
• To analyze the main business models in the Indian e2W market.
• To analyze essential players in e2W battery-swapping technology, e2W motor manufacturing, battery cell suppliers, and charging infrastructure.
• To forecast Indian e2W unit sales from FY 2025 to FY 2030.

Scope

Geographic Coverage

India

Study Period

FY 2019 - FY 2030

Base Year

FY 2024

Forecast Period

FY 2025 - FY 2030

Monetary Unit

US Dollars

Indian e2W Analysis Segmentation Focus & Definitions

Electric Moped (eMoped)

• The eMoped falls under the L1e-B vehicle category.
• These e2Ws have a motor power output of <4 kilowatts (kW) with a top speed of <45 km per hour (kmph), equivalent to an internal combustion engine (ICE) 2W with <50 cubic capacity.

Electric Scooter (eScooter)

• The eScooter falls under the L3e-A1 category.
• These e2Ws have a motor power output between 4 kW and 11 kW.

Electric Motorcycle (eMotorcycle)

• The eMotorcycle falls under the L3e-A2 and L3e-A3 categories.
• These e2Ws have a motor power output of >4 kW.

Indian e2W Market Key Competitors

• Ola Electric Technologies Pvt Ltd
• TVS Motor Company Ltd
• Ather Energy Pvt Ltd
• Bajaj Auto Ltd
• Greaves Electric Mobility Pvt Ltd (Ampere)
• Okinawa Autotech Pvt Ltd
• Bgauss Auto Private Limited
• Okaya Ev Pvt Ltd
• Hero Electric Vehicles Pvt. Ltd
• Hero Motocorp Ltd
• Kinetic Green Energy & Power Solutions Ltd
• Ultraviolette Automotive
• Orxa Energies
• Wardwizard Innovations & Mobility Limited
• Lectrix Ev Pvt Ltd
• Revolt Intellicorp Pvt Ltd
• Pur Energy Pvt Ltd
• Battre Electric Moblity Pvt Ltd
• Klb Komaki Pvt Ltd
• Quantum Energy Ltd.
• Twenty-two Motors Pvt Ltd
• Goreen E-mobility Pvt Ltd
• Tork Motors Pvt Ltd
• Ivoomi Innovation Pvt Ltd
• Jitendra New Ev-tech Pvt. Ltd
• Being India Energy And Technology Pvt Ltd
• River EV
• Simple Energy

Indian e2W Market Growth Drivers

Government Push for Electric Vehicle (EV) Policy Revisions

Increasing Investments

Developing Charging Infrastructure

Availability of Varied Options

Increasing Smartphone Penetration

Availability of Ownership/Leasing Options

Indian e2W Market Growth Restraints

Perceived EV Range Anxiety

Higher Production Cost

Inadequate Local Battery Manufacturers

Lower Penetration of Dealer and Distributor Network for New Entrants

Absence of Rural Awareness and Lack of Road Infrastructure

Key Takeaways

MARKET SNAPSHOT

India's e2W market is experiencing a boom, with penetration reaching above 5.3% in FY 2024. Sales are experiencing phenomenal growth, with high-speed eScooters leading the charge and indicating a consumer shift toward cleaner, more efficient, and more powerful electric options.

GOVERNMENT REGULATIONS

The Indian government actively supports e2W adoption through schemes such as FAME-II and the Electric Mobility Promotion Scheme (EMPS) 2024 that provide subsidies and incentives to manufacturers and buyers. The Indian government aims for a massive 80% e2W market share by 2030.

COMPETITIVE ENVIRONMENT

Established players, such as Hero MotoCorp, Bajaj, and TVS, have joined new entrants, such as Ather Energy and Ola Electric, creating a dynamic market with diverse product offerings. This competitive environment is driving innovation in battery technology, range, and features, leading to a wider variety of e2Ws for consumers.

CHARGING INFRASTRUCTURE

Charging infrastructure remains a significant hurdle for e2W adoption, especially in Tier III and Tier IV cities. The government and private players, such as Sun Mobility, Battery Smart, Gogoro, and Ather Grid, are investing in expanding charging networks and Battery-as-a-Service (BaaS) to create a robust e2W ecosystem.

MARKET TRENDS

Embedded telematics, removable batteries, fast charging, and touchscreen displays are some of the most rapidly evolving trends in India’s e2W market. Together, these features create a more connected, convenient, and user-friendly e2W experience, accelerating e2W adoption and contributing to a more sustainable future.

Indian e2W Market: Existing EV Charging Stations

As of Feb 2024, India had 12,146 public electric vehicle (EV) charging stations.

Strategic Focus Areas for e2W Stakeholders in 2024

• Customer Focus Strategies (Target Audience Strategies)
• Retailing Strategies
• Pricing and Incentive Strategies for e2W Market Stakeholders
• Product Development and Differentiation Strategies
• Exploring New Revenue Stream Strategies

India e2W Stakeholder: Business Models

• e2W Sales and Service Business Models
• Charging Infrastructure Business Models
• e2W Fleet Operator Business Models

Table of Contents

Transformation

• Why Is It Increasingly Difficult to Grow?
• The Strategic Imperative 8™
• The Impact of the Top 3 Strategic Imperatives on the Indian Electric Two-Wheeler (e2W) Industry

Ecosystem

• Scope of Analysis
• e2W Segmentation and Definition
• Key Competitors

Growth Generator

• Growth Metrics
• Forecast Assumptions
• Forecasting Methodology
• Growth Drivers
• Growth Restraints

Growth Environment

• The Indian e2W Market: Key Takeaways
• The Indian e2W Market: Snapshot
• Roadmap of the Indian e2W Market
• Overall Market Attractiveness for e2Ws in India
• Market Outlook for Indian e2Ws
• Key Parameters and Impact Analysis for e2Ws in India
• Key Enablers of the Indian e2W Market
• OEMs: e2W Sales Comparison
• Customer Relevant e2W Specifications for Key Models in India
• Comparative Analysis of Top Models from Key Players
• India e2W Market: Displacement vs. Range
• Top e2W OEM Based on Sales in FY 2024: Benchmarking
• Key States' e2W Growth
• Key e2W OEMs and Their Investments Plans
• Key e2W OEM's Growth and Technology Matrix
• Mapping the Features of Select e2W OEMs and Start-ups in India
• Recent Partnerships Impacting the Market
• Analysis on the Prospects and Challenges in the Indian e2W Market

India Macroeconomic Overview and Regulatory Scenario

• Economic Overview: India
• PESTLE Analysis of India and Its Impact on the e2W Market
• Investment Attractiveness: India
• India's EV Policy Roadmap
• New Governmental EV Policy: India
• Key Government Regulations: e2W Incentives by State
• Swapping Stations: Key State Government Initiatives
• EV Policy Comparison for Key States
• EV Policy Comparison for Key States: Consumer Incentives
• EV Policy Comparison for Key States: Industry Stakeholder (Supplier) Incentives

India e2W Market Overview

• The Indian e2W Market: Overview
• Technology Trends for e2Ws in India
• The Indian e2W Market: Key Challenges
• Indian e2WMarket: Comparative Analysis of TCO e2W vs. ICE
• The Indian e2W Market: Historic Sales in Volume
• The Indian e2W Market: Forecast Sales in Volume

Competitive Landscape Analysis

• Competitive Landscape of the e2W Market in India
• Shift in the Market Share of the e2W Market
• Investment Strategies by Legacy 2W Brands in India
• Impact Analysis of Foreign e2W Brands Entering India
• The Indian e2W Market: OEM Sales
• The Indian e2W Market: Market Share by OEM, FY 2022 and FY 2023
• Price Impact Analysis: Subsidy Reductions on e2Ws
• Main Participants Investing in Start-ups
• Key Start-ups in the e2W Ecosystem in India Bagging Funding (2023-24)

India e2W Ecosystem

• Business Model Canvas for the e2W Market
• Indian e2W Market: Existing EV Charging Stations
• The Indian e2W Market: Select Battery-Swapping Solution Players
• The Indian e2W Market: Select Fleet Operating Business Players
• The Indian e2W Market: Select e2W Financing Players
• The Indian e2W Market: Select e2W Component Players
• The Indian e2W Market: Select Battery Recycling Players

Strategic Focus Areas for e2W Stakeholders in 2024

• Customer Focus Strategies
• Retailing Strategies
• Pricing and Incentive Strategies for e2W Market Stakeholders
• Product Development and Differentiation Strategies
• Exploring New Revenue Stream Strategies

India e2W Stakeholder: Business Models

• e2W Sales and Service Business Models
• Charging Infrastructure Business Models
• e2W Fleet Operator Business Models

Growth Opportunity Universe

• Growth Opportunity 1: Localization of EV Components
• Growth Opportunity 2: Diversification for Creating New Revenue Streams
• Growth Opportunity 3: Battery Recycling

Best Practices Recognition

• Best Practices Recognition

Frost Radar

• Frost Radar

Next Steps

• Benefits and Impacts of Growth Opportunities
• Next Steps
• List of Exhibits
• Legal Disclaimer