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The Electric Two-Wheeler (E2W) sector is expected to cross the one million mark, fuelled by rising demand, increased production, and affordability, according to industry experts. Several original equipment makers are expanding their reach to rural areas.
Improved battery technology and innovative features are likely to fuel growth.
Hyder Khan, chief executive officer of Godawari Electric Motors, stated, “Electric two-wheeler sales will definitely be able to breach the one million mark in the year 2024, as the demand for electric two-wheelers is expected to continue growing due to factors such as environmental awareness, government incentives, and improvements in technology. Government support through incentives, subsidies, and favourable regulations is expected to play a crucial role in the growth of the electric two-wheeler market. Policy decisions could influence consumer choices and industry dynamics.”
Godawari Electric Motors commenced its retail journey in India for E2Ws in January this year with the launch of Eblu Feo and plans to sell approximately 30 thousand units in 2024.
Looking ahead to 2024, Ayush Lohia, chief executive officer of Lohia Auto, predicts a surge in sustainable mobility initiatives and government incentives driving E2W adoption. He states, “It is anticipated that increased battery efficiency and energy density will extend the range of electric bikes. A growing emphasis on design innovation may lead to more aesthetically appealing and ergonomic electric two-wheelers, attracting a broader consumer base. Manufacturers are expected to ramp up production, driven by advancements in battery technology and infrastructure development.”
The consensus among industry peers is a forecast of robust growth in demand, production, and sales for E2Ws globally. The global emphasis on sustainable transportation and government initiatives supporting electric mobility is expected to significantly boost consumer interest. Manufacturers are gearing up to expand their product portfolios to cater to diverse consumer needs, with a particular focus on improving battery technology.
Shema Electric, an electric two-wheeler maker, launched two electric scooters (Eagle+ and TUFF+) this September and has so far sold approximately 10 thousand units.
Yogesh Kumar Lath, founder and chief executive officer of Shema Electric, emphasises the need for increased government support towards electric vehicle start-ups with long-term, sustainable policies. “While larger businesses benefit from existing schemes, extending such support to smaller enterprises would further enhance the growth of India-manufactured electric two-wheelers.”
Despite the positive outlook, challenges persist, with concerns such as charging infrastructure, pricing, and evolving government policies remaining for potential buyers. Industry professionals are focusing on research and development for advanced batteries and exploring cost-effective initiatives.
Lath highlights a major challenge in the form of inconsistent government policies, making it difficult for manufacturers to adapt their products every five to six months. “The lack of clarity regarding post-March 2024 policies adds ambiguity to production planning. Additionally, the unavailability of quality components and the absence of the latest technologies in India necessitate reliance on imported parts, posing cost challenges. Furthermore, Tier-II and Tier-III cities still have inadequate charging infrastructure, impeding the seamless adoption of electric two-wheelers.”
A spokesperson for Joy e-Bike also anticipated challenges in 2024, including battery constraints and affordability issues, stating, “We, as an industry, recognise these hurdles as catalysts for growth. Through continuous research and development for advanced batteries, cost-effective initiatives, and a focus on customer education and reliable service, the industry aims to positively influence its landscape. Diversifying supply chains remains integral to the industry’s strategy.”
Joy e-Bike has more than 10 models in its portfolio in both high and low-speed categories. The company has established a presence in more than 55 cities in India.
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