NEW YORK, May 28, 2019 (GLOBE NEWSWIRE) -- According to the market research report published by P&S Intelligence, the Indian electric scooters and motorcycles market is expected to reach $698.3 million by 2025, registering CAGR of 36.3% during the forecast period. The major driving factors for the growth of the market are the rising concerns over greenhouse gas emissions leading to several government initiatives, and implementation of stringent emission regulations in coming years. In addition, the entry of new and established two-wheeler manufacturers coupled with launch of several new variants of electric scooter in expected to benefit the market.
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The market size for electric scooters have been higher compared to electric motorcycles market size till now. This is chiefly attributed to the factor such as low cost of electric scooters as compared to electric motorcycles, considerable number of electric scooter models in the market, and higher affordability than its motorcycle counterpart.
On the basis of battery type, the Indian electric scooters and motorcycles market is categorized into Sealed lead acid and Li-ion battery. Sealed lead acid batteries have been dominating the sales of electric two-wheelers in India due to their low price compared to Li-ion batteries. However, over the past few years, the global prices of Li-ion batteries have seen a significant decline, causing the segment to grow at a faster pace. Furthermore, the government support for Li-ion batteries based electric scooter under Faster Adoption and Manufacturing of (Hybrid &) Electric Vehicles (FAME II) is also expected to benefit the category in coming years.
The Indian government is supporting the electric vehicles market by providing subsidies on the purchase of electric cars and two-wheelers. Subsidies and regulatory environment can go a long way in pushing the sales of electric vehicles. Subsidies have also helped the market by making electric scooters and motorcycles more viable for the customer. Under FAME II scheme, the government introduced a subsidy of up to $369 on purchase of electric scooters and motorcycles, based on the battery size, thereby making electric two-wheelers more affordable for customers, which further drives the growth of the Indian electric scooters and motorcycles market.
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While most of the electric two-wheelers in India are powered by sealed lead acid batteries, the share of Li-ion batteries in two-wheelers is expected to increase due to the latter’s declining prices and benefits over the lead acid ones. Majority of electric two-wheelers sold in the country have sealed lead acid batteries, and each battery contains 10-20 kgs of lead, which is a highly toxic substance. The Li-ion batteries have higher density than sealed lead acid batteries, making them lighter and more efficient. Moreover, Li-ion batteries have greater life span (more than 2,000 charge cycles) compared to sealed lead acid batteries (maximum 400 charges). Furthermore, Li-ion batteries are fast charging compared to sealed lead acid batteries. The declining prices of Li-ion batteries would continue to increase its adoption in the Indian electric scooters and motorcycles market during the forecast period.
Geographically, Uttar Pradesh is the largest market of electric scooters and motorcycles in India. It is the most populated state in India, having population of more than 200 million in 2017. The state is the largest market for motorcycles and accounts for 15% of the total sales volumes, and the penetration of electric scooter and motorcycle is increasing in the state. In addition, rising women users specially in tier 2 and tier 3 cities is further leading to increased demand of electric scooter in the state. Major OEMs are focusing to increase their share by expanding dealer networks in the state. The other prominent market for electric scooters in India are Maharashtra, West Bengal, Gujarat, and Tamil Nadu.
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Some of the major players of the Indian electric scooters and motorcycles market are Hero Electric Vehicles Pvt. Ltd., Electrotherm (India) Ltd., Avon Cycles Ltd, Ampere Vehicles Pvt Ltd., LOHIA AUTO INDUSTRIES, Okinawa Autotech Pvt. Ltd., and others.
More Related Reports by P&S Intelligence
Europe Electric Scooters and Motorcycles Market
The demand for high-powered electric motorcycles is increasing in the European countries. Due to their higher power levels, electric motorcycles witnessed over 100% increase in their sales in 2018, from the preceding year. Many original equipment manufacturers (OEMs) of conventional gasoline-based vehicles have announced their plans of introducing high-powered electric motorcycles in the near future. Thus, the increasing demand for electric motorcycles with high-power engine is one of the key trends observed in the European electric scooters and motorcycles market.
https://www.psmarketresearch.com/market-analysis/europe-electric-scooters-and-motorcycles-market
North America Electric Scooters and Motorcycles Market
The main reason for causing hinderance in the growth of the North American electric scooters and motorcycles market is the excessive cost of the product. Electric motorcycles purchase price start at around $10,000 and increase steeply from there. Energica Motor Company S.p.A. offers its electric motorcycles ranging from $20,900 to $22,600. Also, electric motorcycle model LS-218, which has variants depending on battery capacity, costs around $38,890. High cost of battery, which accounts for around 50% of the vehicle cost, is the major factor that makes these vehicles expensive.
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