India Electric Scooter Market to Grow at a CAGR of 35% through 2028
Published | 18 May 2022
The India electric scooter market is growing at a high CAGR because of the citizens' growing awareness of carbon emissions and sustainability, which is driving them to switch to electric transportation…
A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the India electric scooter market is estimated to grow at a CAGR of 35% during 2022-2028. The growing popularity of electric scooters can be attributed to citizens' growing awareness of carbon emissions and sustainability, which is driving them to switch to electric transportation. The India electric scooter market is expected to have attractive development prospects in the projected period due to favorable government efforts and private-public investments in the construction of additional charging points at strategic places.
Establishment Of New Charging Points is Propelling the Growth of the Market
The central and state government as well as industry players are making major investments to increase the number of charging stations in the country. This is expected to be a major element in increasing the popularity of electric scooters among the general public. For instance, HeroMotoCorp recently announced its partnership with Bharat Petroleum Corporation Limited to set up charging infrastructure for electric vehicles across India.
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Launch Of New and Innovative Products is Driving Electric Scooter Market
Companies are continually developing new goods to entice customers, owing to expanding demand for electric scooters and increased competition among players. They are heavily investing in research and development in order to improve their electric scooters and gain a competitive advantage. For instance, Okinawa Autotech announced the launch of its electric scooter Okhi 90 which is expected to range between INR 100K and INR 120K. (approx USD 1300).
India Electric Scooter Market - By Battery Type
Based on battery type, the India electric scooter market is segmented into sealed lead acid, NiMh, and li-Ion. Because sealed lead-acid batteries provide more power and energy per KWH, they have the biggest market share. SLA batteries are also more dependable and have a longer life cycle, making them more cost-effective. However, because of its higher energy density, voltage capacity, and lower self-discharge rate, the Li-ion battery category is expected to grow at the fastest rate throughout the projection period.
India Electric Scooter Market - Regional Insights
Geographically, the India electric scooter market is segmented into North India, South India, East India, and West India. Western India accounts for the largest market share because of the favorable incentives the government of the states like Maharashtra and Gujarat offer. Maharashtra, for instance, offers an incentive of INR 5000 per kWh (approx USD 65.65) of their battery capacity while the maximum subsidy amount has been capped at INR 25,000 (approx USD 328). These incentives are promoting the use of electric scooters among consumers in West India.
Impact of COVID-19 on India Electric Scooter Market
The unprecedented COVID-19 outbreak halted the expansion of India's electric scooter market. Due to the lockdown, limitations on non-essential economic operations such as car production and industrial activities were halted. Electric scooter manufacturers were also forced to temporarily halt their manufacturing operations. Furthermore, restrictions on distribution and supply chains, as well as mobility, to prevent virus transmission, had a direct influence on electric scooter sales, resulting in significant market losses. However, the market is expected to recover slowly throughout the projection period.
The leading market players of the India electric scooter market are Ather Energy, Revolt Motors, Bajaj Auto Yo-Bykes, Ampere, TVS Motor Company, Hero Electric, Okinawa Autotech, Ultraviolette Automotive, Gemopia Electric, Ola Electric, Simple Energy, And Other Prominent Players.
With the existence of multiple global firms as well as small mobility startups, the market is tremendously fragmented. In terms of offers, regional entrepreneurs are giving tough competition to multinational corporations. Companies are working on growing their target market and extending outside geographical limits, thus they are introducing items in other nations. In addition, in this industry, competitive techniques such as partnerships, mergers, acquisitions, joint ventures, and so on are common.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the India electric scooter market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the India electric scooter market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
BlueWeave Consulting provides comprehensive Market Intelligence (MI) Solutions to businesses regarding various products and services online and offline. We offer all-inclusive market research reports by analyzing both qualitative and quantitative data to boost the performance of your business solutions. BWC has built its reputation from the scratch by delivering quality inputs and nourishing long-lasting relationships with its clients. We are one of the promising digital MI solutions companies providing agile assistance to make your business endeavors successful.
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