EV Boom: Electric 2-Wheelers Market Grew Over 300% in India in 2022, Says Report

New Delhi, February 10 : The automotive electric 2-wheelers (E2W) market grew by more than 300 per cent (year-on-year) in CY2022, a report has said. By 2025, the share of E2Ws and connected 2-wheelers (C2W) will both cross 50 per cent. Electric Two-Wheeler Sales in India To Reach 22 Million by 2030: Report.

The share of C2Ws grew over 20 per cent YoY last year and the high-speed electric vehicles market grew 90 per cent, according to CyberMedia Research (CMR)'s 'India Electric 2 Wheelers (E2W) Report'. Battista, World’s Fastest Accelerating E-Car, Unveiled at Hyderabad E-Motor Show.

"In CY2022, there has been a growing momentum towards electric mobility with connected features. The supply side trends point to support this market momentum, with the automotive E2W market growing at a CAGR of 171 per cent," said John Martin, senior analyst, smart mobility practice, CMR.

The touchscreen technology market in two-wheelers accounted for around 1 per cernt of the overall 2-wheeler market. The touchscreen technology has expanded in the premium E2W segment (Rs 1,00,000 price segment) through Ather 450x, Hero Vida, Ola S1 Pro, and TVS iQube ST e-scooters, with an average screen size of 7 inches.

Ola Electric led the Indian E2W market in CY2022 with around 18 per cent share, followed by Okinawa Autotech with 17 per cent and Hero Electric with 16 per cent share, said the report.

Hero Electric grew around 109 per cent during CY 2022. Optima CX was the most in-demand model from Hero Electric. Ampere Energy grew around 538 per cent YoY. Ather Energy grew 222 per cent YoY growth in CY2022.

"Driven by the recent Union Budget announcement, we foresee a strong uptick in India's PLI-linked investments for lithium-ion battery manufacturing. This will spur further domestic value addition over the next four years," said Martin.

(The above story first appeared on LatestLY on Feb 10, 2023 11:59 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).