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.
Furthermore, the incentives delivered under the FAME-II scheme would additionally make these vehicles feasible for the common people.
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.
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.
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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.
Additionally, as a result of the high potential of growth in this state, the key OEMs’ lay emphasis on increasing their share, with the expansion of their dealership network, is helping the growth of the industry.
The Union government is supporting the EV industry by offering subsidies on the acquisition of these kinds of vehicles. These subsidies have basically made battery-powered scooters and motorcycles more feasible for the customers. Few of the supportive initiatives are purchase rebates, tax exemptions, and financial incentives to EV buyers.
It is because of the increasing requirement for energy efficient commute in the country, the need for electric scooters and motorcycles on the roads of the country will continue to rise in the years to come.