Electric Two-Wheelers In India Grew By >300% YoY In CY2022 – Report


According to CyberMedia Research (CMR)’s India Electric 2 Wheelers (E2W) Report for CY2022 released, the automotive Electric 2 Wheelers (E2W) market grew by >300% YoY in CY2022.

According to John Martin, Senior Analyst-Smart Mobility Practice, CMR, “In CY2022, there has been a growing momentum towards electric mobility with connected features. At CyberMedia Research (CMR), our market insights point to a significant shift in consumer outlook and appetite toward EVs and connected vehicle adoption. The supply side trends point to support this market momentum, with the automotive E2W market growing at a CAGR of >171%. In H2 2022, there was a strong growth uptick in E2Ws, driven by industry OEMs.”

During CY2022, the demand for high-speed E2W vehicles increased and accounted for +90% share. The share of Connected 2 Wheelers (C2W) vehicles grew over 20% YoY.

The Touchscreen technology market in two-wheelers accounted for around 1% of the overall 2-wheeler market. The touchscreen technology has expanded in the premium E2W segment (>INR 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.

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

Ola Electric debuted its smart e-scooters in Dec 2021. Since then, Ola Electric has managed to capture and led the growing E2W market with around 18% in CY2022. The Ola S1 pro was the most preferred E2W scooter in CY2022, with its smart-connected features.

Okinawa Scooters grew steadily in CY2022 with 239% YoY with its portfolio of high and low-speed scooters. The top in-demand Okinawa e-scooters include high-speed models, such as the Praise and Ridge series, and low-speed, comprising of R-30 and Lite.

Hero Electric grew around 109% during CY 2022. Optima CX was the most in-demand model from Hero Electric. Ampere Energy grew around 538% YoY.

Ather Energy grew 222% YoY growth in CY2022. The Ather 450X e-scooters come with smart-connected features.

In 2023 and beyond, CMR is bullish about E2W growth in India, and, especially the contribution of connected E2Ws. In 2023, CMR anticipates C2Ws to grow in double digits. By 2025, the share of E2Ws and C2Ws will both grow, crossing the threshold of 50% each.

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“At CMR, we continue to see a strong growth momentum for E2Ws in India. 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. E2W OEMs are focused on enhancing vehicle performance, with respect to power, range, and safety. Alongside, CMR’s consumer pulse indicates a favorable outlook for E2W adoption,” added John.

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