India Electric Scooters Market Size Analysis, 2018-2028

REPORT ID: BKR644-INDomain: Automotive and TransportPublished Date: April 2018

 

 

India Electric Scooters Market Size Analysis

India Electric Scooters Market Size is estimated to account for 7% of global share, registering 2.7X growth in revenue between 2018 and 2028.

Government run initiatives along with changing consumer behavior will create favorable environment for industry players. With ‘National Electric Mobility Mission Plan 2020’in full swing, a large number of electric two wheelers vehicles will be seen on road by mid of forecast period.

Access Global Electric Scooters Industry Report: https://bekryl.com/industry-trends/electric-scooters-and-motorcycles-market-size-analysis

Product Development and Partnership are Key Trend in India Electric Scooters Market

India is a proven destination for electric motors. There are over 1.7 million petrol run two wheelers on road in India. Over 65% of these vehicles are expected to be replaced with electric scooters by 2028. As such, there is very large potential market for industry players. Various companies including foreign entities are trying to capitalize market. Recently, in October 2018, Twenty Two Motors entered in partnership with KYMCO, to jointly develop electric two wheelers in India. Other than marketing, technology transfer could be the key aspect of the deal. It is expected that KYMCO will introduce its unique battery swapping technology solutions called lonex and lonex commercial in India.

Another company named Ather Energy is aiming to sell close to 100,000 units by 2021. The company is backed by few Hero MotoCorp. As per the estimates, Ather needs to increase its production capacity to 50,000 annually in order to achieve high ROI.

As of 2018, the industry is highly consolidated with top three players accounting for nearly 85% of country share. Various other companies are flocking in the country to benefit from government initiated schemes. Recently, in 2018, Taiwan based Kymco announced its plan to enter the India electric scooters market in next three years. Several such companies are expected to foray in the region to capitalize the market and generate high ROI.

Competitive rivalry is expected to further heighten with such developments and as such, companies are focusing on product level strategy to strengthen their business presence. For instance, Honda announced its plans to invest nearly US$ 120 million on two wheeler plants in 2018. Pricing is another key parameter witnessed in the country. Most of the players are focusing on pricing level strategy to boost sales volume.

There are various other factors creating favorable business environment for India electric scooters market players. Higher adoption will reduce CO2 emissions by 13%–20% depending on the implementation of government run programs and increased production capacity of e-scooters. Further, implementation of Bharat Stage (BS)-VI by 2020 will lead to stringent regulatory compliances towards curing pollution level. Engaged companies need to strengthen their distribution channel and spend on marketing advertisements to create awareness among consumers.

India Electric Scooters Market Size Analysis, By Vehicle Type

By vehicle type, electric scooters will dominate the global share by over 70% in 2018. Companies are focusing on enhancing the mileage capacity in order to woo consumers. Currently, most of the companies are offering e-scooters with very few in motorcycle segment. As per the estimates, e-motorcycle will take over 300 basis points by the end of 2028.

India Electric Scooters Market Size Analysis, By Battery Type

By battery type, lithium ion will continue to dominate the industry owing to light-weightiness and high power efficiency.

India Electric Scooters Market Size and Forecast: By Distribution Channel

While company outlets will continue to dominate the country share, accounting for over 90% in 2018; online sales channel will see fastest growth owing to changing business dynamics. Recently, Hero Electric sold 500 electric two wheeler vehicles through Paytm. Such trends will be more visible by 2022.

India Electric Scooters Market Size and Forecast: Competition Landscape

The industry is highly consolidated with Hero Electric accounting for the majority of the country share. Various start-ups have emerged in last few years backed by investors. Few of these start-ups are innovative in nature wherein these companies are leveraging AI based model to scale the production.

Some of the key India Electric Scooters market industry players are Hero Electric, TVS, Bajaj, Honda, Mahindra, Hyosung, Ather Energy and Kymco.

India Electric Scooters Market Segmentation

By Vehicle Type:

  • Electric Scooters
  • Electric Motorcycles

By Distribution:

  • Company Outlets
  • Independent Retail Centers
  • Online Channel

By Battery Type:

  • Lithium Ion
  • Ni-MH
  • Sealed Lead Acid (SLA)

By Technology:

  • Plug In
  • Extended Battery

By Voltage:

  • 24 V
  • 36 V
  • 48 V
  • >48 V

 

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