The total revenue generated by Indian electric scooter and motorcycle market was USD 893 million in 2022, and it will power at a rate of 27.30% in the coming years, to touch USD 6,161 million by 2030. Batteries are responsible for 50%–60% of the total cost of the electric vehicles. Furthermore, the prices of Li-ion batteries have decreased considerably over the last decade at a rate of about 30% annually.
The decrease will continue at a rate of about 10% annually in the years to come, making these automobiles increasingly affordable for the masses. Furthermore, the incentives delivered under the FAME-II scheme would additionally make these vehicles feasible for the common people.
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Electric scooters, especially medium-speed models, will rule the industry. The obtainability of a substantial number of e-scooter models in this speed range, their low cost, along with feasibility compared of the conventional gasoline- driven mopeds are powering their sales in India.
Furthermore, manufacturers will introduce numerous electric motorcycle models in the future, therefore benefiting the industry in the motorcycles category in the years to come.
48V batteries are the most-prevalent power source, with more than 80% share in the recent past. Scooters with 48V batteries are a rational buy when we look at the range, cost-effectiveness, and safety, which is the reason the category will remain dominant in the years to come.
Furthermore, with the increasing demand for higher speeds and longer driving ranges, the electric two-wheelers with 60V batteries share will rise in the years to come.
UP dominates Indian electric scooter and motorcycle market, with the use of electric variants also unceasingly increasing, as per a market research firm, P&S Intelligence. The need for these vehicles from the key tier-2 and tier-3 cities is on the rise.
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