• E2W is projected over a million E2W and half a million C2W units in H1 FY2025
• The Connected Two-Wheeler (C2W) market share has surged by >100% YoY.
• Digital Cluster market has experienced a robust growth of >70% YoY.
New Delhi/Gurugram, 21 November 2023: According to CyberMedia Research (CMR)’s India Electric 2 Wheelers (E2W) Report for H1 FY2024 (April-Sept 2023) released today,
the automotive Electric 2 Wheelers (E2W) market in India has grown >28% year-on-year (YoY).
According to John Martin, Senior Analyst-Smart Mobility Practice, CMR, “In H1 FY2023, the 2-wheeler market grew overall, but Internal Combustion Engine (ICE) powertrains dipped by 1% with lesser motorcycle demand. Electric two wheelers (E2W) market share rose to >4%, dominated by e-scooters at >96%. The 2-wheeler segment, driven by price sensitivity, favours E2Ws for lower upfront and maintenance costs, gearless convenience, and fuel savings.”
The Connected Two-Wheeler (C2W) market share has surged by >100% YoY, with Electric Two-Wheelers (E2W) commanding a dominating share of >90%.
Furthermore, the Digital Cluster market has experienced a robust growth of >70% YoY, with the emergence of TFT clusters gaining traction in this dynamic segment.
H1 FY2024: Key E2W Market Highlights
Ola Electric claims the No. 1 spot, doubling market share with >150% YoY growth, driven by strategic product expansion, notably the Ola S1 series.
TVS Motors powers ahead with >28% market share and an impressive 350% YoY growth, fueled by the success of the I-Qube and robust network expansion.
Ather Energy expands by >4%, experiencing over 70% YoY growth, introducing customer-centric improvements in series like the Ather 450x and 450S.
Bajaj Auto secures the fourth position, doubling market share with >170% YoY growth, led by the Chetak Smart Electric scooter.
Ampere Energy, Okinawa Autotech, and Hero Electric face challenges, witnessing a decline of >60% year-on-year in market share.
Hero MotoCorp enters the Electric Two-Wheeler market with Vida, showcasing extraordinary YoY growth of >500%.
Future Market Outlook
CMR is optimistic about the growth of electric two-wheelers (E2W) in India in 2023 and beyond. By 2025, CMR estimates over a million E2W and half a million C2W units in H1 FY2025.
The surge is attributed to increasing demand for electric scooters, cost advantages, and government subsidies. Rapid adoption of technology, particularly in electric vehicle powertrains, is expected to drive this growth.
“CMR sees a bright future for electric two-wheelers (E2W) in India, projecting robust growth in 2023 and beyond. Anticipating over a million E2W and half a million C2W units by H1 FY2025, this surge is fueled by rising demand for electric scooters, cost efficiencies, and government subsidies. The swift adoption of technology, especially in electric vehicle powertrains, is set to be a driving force behind this impressive trajectory,” added John.
