- The Connected 2Wheelers (C2W) market grew over 5% YoY in H1 2024.
- Ola Electric led the Indian E2W market with a substantial 44% market share
New Delhi/Gurugram, 11 September 2024: According to the latest insights from CyberMedia Research’s (CMR) Electric 2-Wheeler (E2W) Market Report Review for H1 CY2024, the Indian electric two-wheeler (E2W) market has experienced impressive growth of over 29% YoY in the first half of 2024, driven by increasing consumer demand for sustainable, safer, and more intelligent mobility solutions.
According to Amit Sharma, Senior Analyst – Smart Mobility Practice, CyberMedia Research (CMR), “In H1 2024, the Indian electric two-wheeler market has demonstrated exceptional growth. This surge is primarily driven by a growing consumer appetite for sustainable and intelligent mobility solutions. The remarkable increase in connected technology adoption—now present in 80% of E2Ws—highlights a significant shift towards smarter, safer riding experiences. As we move forward, the integration of advanced features like digital clusters and touchscreen technology will further enhance the appeal of electric two-wheelers, making them a preferred choice for consumers seeking both efficiency and innovation. With government initiatives and infrastructure improvements supporting the adoption of electric vehicles, the market is projected to grow on an upward trajectory.”
E2W Market Highlights – H1 2024 Highlights
- Market Leadership: Ola Electric led the Indian E2W market with a substantial 44% market share, followed by TVS with 18%, Bajaj with 16%, and Ather Energy with 11%.
- Connected E2W Growth: The connected E2W segment surged by 36% YoY, with 80% of E2Ws equipped with connected technology in H1 2024.
- Digital Cluster Adoption: Digital clusters, offering features like real-time battery monitoring and navigation, saw an impressive 58% YoY growth.
- Touchscreen Technology: Touchscreen technology expanded in the premium E2W segment, with brands like Ather, Hero Vida, Ola S1 Pro, and TVS iQube ST leading the way.
Future Market Outlook
In H2 2024 and beyond, CMR is optimistic about the growth of electric two-wheelers (E2Ws) in India, particularly the surge in connected E2Ws. By 2027, CMR estimates point to the market for both E2Ws and connected two-wheelers (C2Ws) growing at a robust CAGR of 60-65%.
“The Indian electric two-wheeler market is on a trajectory of sustained growth, fueled by a combination of factors. The increasing popularity of connected features, coupled with the expansion of charging infrastructure and dealer networks, is creating a favorable environment for adoption. Additionally, the growing consumer preference for sustainable and eco-friendly transportation solutions is further accelerating the market’s expansion. We anticipate a significant increase in the market for both electric two-wheelers (E2Ws) and connected two-wheelers (C2Ws) in the years to come,” added Divya Maurya, Analyst – Smart Mobility Practice, CyberMedia Research (CMR).
—————————————————————————————-
About the CMR India Electric 2-Wheeler (E2W) Report
The CMR India E2W Report from the CMR Smart Mobility Practice provides technological and market evolution in the E2W market in India, with a focus on mapping the value chain, analysis on market dynamics and performance of key market players.
Key definitions
Electric 2-wheelers (E2W) are the sub-segment of the 2-wheeler segment, where instead of Internal Combustion Engines used in conventional vehicles, an electric motor is used which powers the rear wheel. The energy is stored in battery packs rather than fuel tanks.
Connected 2-Wheelers (C2W) are 2-wheelers having advanced embedded technology in them, namely, the Telematics System, that makes many advanced features such as navigation, vehicle-geo fencing, tracking, and more possible.
