With the whole world slowly but surely contemplating a collective move towards electric vehicles or EVs, it is certainly a challenge for a developing nation like India to keep up with the progress and offer discerning buyers a full range of EV options. While India has been slow to catch up with the EV bandwagon and progress to keep up has also been sluggish, one segment that has already had encouraging developments in the electric two-wheeler market.
While electric two-wheelers have been available in India for quite some time now, with a recent incursion of new blood in the form of both established brands and exciting new ventures developing electric two-wheelers, the EV landscape in India currently looks vibrant and all set to quickly catch up with the rest of the world. If the current state of the electric two-wheeler market is exciting, the future seems even more appealing.
With more brands poised to come up with innovative and exciting products and sweeping schemes to improve infrastructure and battery production in India, this is a great time to become excited about the future of electric two-wheelers in India.
The story so far
Electric two-wheelers have been available in India for many years, with Hero Electric standing firm as a brand that has always been behind the push for EV adoption. Over the years, Hero Electric has maintained a firm place in the market with a slew of new models that have incrementally gotten better and presented a more meaningful value for money proposition.
However, recent changes have rendered the electric two-wheeler market in India even more lucrative. Two giants in the Indian two-wheeler market, TVS, and Bajaj have brought to market their electric scooter offerings. TVS has already found success with its iQube, a modern electric scooter built on the frame of the popular Jupiter ICE scooter model. Bajaj has brought back its classic Chetak brand with the Chetak Electric, a neo-retro electric scooter with modern features. Both models have scored major points with customers in spite of limited availability.
Another exciting prospect has been the rise of Ather Energy, a new company that has taken electric two-wheeler innovation to a whole new level with its range of electric scooters. The Ather 450X is arguably the most popular electric scooter currently in the market and boasts of innovative features and a fairly usable range. Other brands like Bengling, PureEV, Okinawa, and Ampere have also created product portfolios consisting of several electric scooter models.
There has also been movement in the electric motorcycle segment, with products like the Joy e-bike Monster, a modern, electric take on the classic monkey bike model. On the other end of the spectrum, the Ultraviolette F77 is ready for the track with an aggressive seating position and tons of electric power on tap. For those looking for a sensible commuting solution, the Revolt RV400 offers comfort and an excellent range.
Impending developments
While the electric two-wheeler market in India is still at a rudimentary stage, the signs are encouraging as more players enter the field with a promise to take the innovation train forward. Certain extremely encouraging developments in the near future are set to bolster the EV market in India and offer customers even better variety, features, and core fundamentals as this market segment looks set to grow massively in the coming decade.
Take, for example, the impending release of the Simple Energy Mark-2, an electric scooter that promises a top speed of 100 kmph and a promised range of 240km per charge; something that would do wonders to cure range anxiety and encourage more people to adopt electric two-wheelers. The Ola Electric scooter, from the popular ride-sharing company Ola, is also set for release later this year and promises to bring down the price barrier that often prevents adoption.
Another encouraging development is the mass public and private initiative to build and improve on the very rudimentary charging network in the country. The FAME-2 initiative of the Indian Government, in addition to providing subsidies for electric vehicles including two-wheelers, is also meant to fast-track the development of publicly available charging stations across the country. Ola Electric has also allotted a large amount of capital to set up charging stations in large numbers.
These developments, and more on the horizon, can definitely suggest that electric two-wheelers look set for a bright future in India.
The way forward
Overall, with the current landscape of electric two-wheelers in India, the promising developments in the near future, and the commitment of both the Government and corporate entities to invest heavily in the electric two-wheeler market, the way forward seems really promising. Here are some of the ways the electric two-wheeler market can reach great heights in India.
Improvement in Battery Technology – Since several companies, both local and international, are currently actively involved in creating better batteries with larger capacities for cheaper, future innovations can have major implications for the electric two-wheeler market in India. Batteries that are lightweight while having more capacity and faster charging can provide an all-around improvement to electric two-wheelers. In addition, cheaper manufacturing pipelines can bring down the cost of adoption.
Economies of Scale – As more companies venture into the world of electric two-wheelers and start creating innovative products, awareness about the positives of electric two-wheelers will spread and reach more people. This can lead to an increase in popularity and adoption. This, in turn, can inspire companies to create more models and units of electric two-wheelers, leveraging the superior economy of scale to drive prices further down and encouraging more widespread adoption.
Better Range and Charging – With higher capacity batteries, faster charging, and much-improved charging infrastructure, the problem of range anxiety can be sufficiently mitigated to interest more customers in electric two-wheelers. With the single-most-important roadblock in the way of adoption removed, the environmental effect and the low running costs of electric two-wheelers can take precedence in the minds of customers, thereby further increasing adoption.
Final verdict
Overall, this is a great time for EV enthusiasts to be excited about the electric two-wheeler landscape in India. Already, adoption is growing at a steady pace and the major players are set to expand their operations in the coming years. If things go according to plan, India is set to flaunt a thriving, colorful electric two-wheeler market over the coming decade.
