The Indian electric two-wheeler (E2W) market is experiencing a transformative boom, moving from just 0.4% of total EV sales in 2020-21 to an impressive 5.4% by early 2023. With an anticipated 13% increase in sales over the next few years, India is certainly revving up its engines! 🏍️💨
However, while the domestic market is flourishing, exports tell a different story. In FY24, only 1,609 units were shipped abroad compared to China’s staggering 15.046 million units in 2023. Indian pioneers like TVS and Ather are eager to dive into international waters, but there’s quite the journey ahead to rival China’s global market dominance. 🇮🇳🚢🇨🇳
China, accounting for nearly 90% of global sales with over 6 million units sold in 2023, maintains a stronghold on the market. Yet, with 880,000 units sold in 2023, India stands as the second-largest E2W market, driven by government incentives and policies like FAME II and the upcoming Electric Mobility Promotion Scheme (EMPS) offering INR 4.9 billion (USD 60 million) in subsidies. 🏆
Ola Electric, TVS Motor, Ather Energy, Bajaj Auto, and Ampere dominate over 75% of the Indian market, setting the stage for innovation and expansion. With TVS launching new iQube scooter variants and Hero MotoCorp expanding its line, the competitive spirit is alive and well!
As India accelerates forward, the global road to electric two-wheeler dominance has its hurdles, but the opportunities are boundless. Will we witness a shift in the E2W landscape soon? 🌟
What are your thoughts on India’s electric journey? Can India challenge China’s dominance in the global E2W market? Share your views in the comments below! 👇
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