Lithium-ion batteries to dominate market owing to increased energy density
The India Electric Two-Wheeler Market volume is projected to grow at a CAGR of 43.4% during 2021-2027, according to a report released by ResearchAndMarkets on 7 Sept 2022.
The Indian government is putting continuous and committed efforts and has already drafted dedicated policies for electric vehicles.
It has announced various demand and supply incentives as part of the effort to promote the adoption of electric two-wheelers across various market segments, said the report.
Also, India’s Department of Heavy Industry (DHI), under the National Electric Mobility Mission Plan (NEMMP) 2020, has formulated the Faster Adoption and Manufacturing of Electric Vehicles (FAME-II) scheme to support the development of both hybrid vehicles and electric vehicle markets as well as for their manufacturing eco-systems.
Based on battery type, lithium-ion batteries dominated the market in 2020 owing to increased energy density, high efficiency, and high cell voltage.
In the years to come, based on vehicle type, the motorcycle segment is predicted to witness a rapid rise in the Indian electric two-wheeler market due to the increasing demand for higher power, speed, and driving range, said the “India Electric Two-Wheeler Market” report.
The Southern region in India is likely to dominate overall India’s construction equipment market followed by the Northern region, it expected.
However, the Eastern region is anticipated to witness slow growth over the next few years, according to the report.
The market is led by:
Ather Energy Pvt Ltd
Ampere Vehicles
Bajaj Auto Ltd
Gemopai Electric
Hero Electric Vehicles Pvt Ltd
Okinawa Autotech Pvt Ltd
Revolt Motors
TVS Motor Company
UltraViolette Automotive Pvt Ltd
Electrotherm (I) Ltd. fiinews.com
