• E2W cost-of-ownership can be 20-70% lower than an ICE vehicle
• Negligible need for maintenance and minimal fuel costs attracts B2B players to explore E2W as a clean mode of commercial operations
Mumbai, NFAPost: A report released by strategy consulting firm, Redseer Strategy Consultants, indicates that sales penetration of Electric Two Wheelers (E2W) is expected to increase by ~78% by 2030, on the back of government policies, technology, infrastructure and consumer acceptance.
The report suggests that the top reasons for choosing electric two-wheelers included better features (such as interactive dashboards, connectivity, and driving features), and superior economics (running cost and price). Other reasons included the fact that it is more environment-friendly, and offers better performance (instant acceleration).
In comparison to ICE vehicles (Internal Combustion Engines), the cost-of-ownership for electric two wheelers is close to 20-70% less, with the cost savings increasing with increased usage.
Redseer Strategy Consultants Engagement Manager Mukesh Kumar said interestingly, the negligible need for maintenance and minimal fuel costs is also attracting B2B players to explore Electric Two-Wheeler adoption as a clean mode of commercial operations.
“While over 150 E2W players exist, the market is dominated by the top 9 players. Although emerging strongly, it is not without its challenges – long charging time and poor charging infrastructure are the two main pain points for both users and non-users,” said Redseer Strategy Consultants Engagement Manager Mukesh Kumar.
However, Redseer Strategy Consultants Engagement Manager Mukesh Kumar said because of government incentives and growth in the segment, several startups along with government bodies are building a better charging infrastructure in India.
India currently has ~3,000 EV charging stations, with ~6 charging stations available per 1000 EVs.
