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Tata Capital > Blog > Loan for Vehicle > All you need to know about electric two-wheeler industry in India

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All you need to know about electric two-wheeler industry in India

All you need to know about electric two-wheeler industry in India

Indians love their bikes. They are aspirational for people across age groups - from students to working professionals. The fact that bikes are easier to maneuver than cars in traffic, as well as unmotorable roads, make them perfect for Indian cities, towns and villages. However, the most compelling reason for price-conscious Indians is that bikes are extremely affordable, provide great mileage and are cheaper to maintain than cars. With electric 2 wheeler bikes gaining popularity in the Indian market, manufacturers are trying to match these key criteria, and it seems to be working.

Let’s look at some numbers. In 2019, according to reports by PwC and DataLabs, electric two wheeler in India constituted 16.4% of all electric vehicles sold in India. This figure rose to 20% in 2020. In the previous year, three-wheeler vehicles dominated the electric vehicle industry in India with 83% market share, but it came down to 70% in 2020. 

Three-wheeler vehicles such as auto-rickshaws, being an integral part of India’s public transportation, have seen a much higher adoption. However, two-wheeler bikes have become the focal point for the consumer market.

Additional Read4 Reasons Why You Should Opt for Loan While Buying Two-Wheeler

The consumer sentiment on electric two wheeler in India is bullish. With the growth in environmental awareness, increasing affordability, government initiatives to boost sales and government-industry collaboration, the electric two-wheeler market in India is expected to grow at a CAGR of over 44% during 2019-2025.

Best electric two-wheeler in India

Existing two-wheeler companies, as well as new brands, have ensured there is plenty to choose from if you want to buy a battery scooter in India. Renowned brands such as TVS, Hero and Bajaj have forayed into the segment to leverage the opportunity.

Electric bike and e-scooty price in India is in the range of Rs 1 lakh to Rs 1.3 lakh. The affordable option is the Hero Photon 48V priced at about Rs 65,000. All of them need a charging time of 4-5 hours.

Here are some options that are counted among the best bikes or top electric scooter in India: 

• Hero Photon 48V

This is a reasonably priced bike, but it offers a top speed of only 45 kmph, and a range of 80 kms with a full charge. 

Ex-showroom price: Approximately Rs 65,000

• Bajaj Chetak

This scooter by Bajaj provides a range of 95 kms and a top speed of 60 kmph.

Ex-showroom price: Approximately Rs 1.15 lakh

Additional Read: Top 5 Mileage Bikes of Hero

• TVS iQube Electric

This scooter offers a decent top speed of 78 kmph and a range of 75 kms.

Ex-showroom price: Approximately Rs 1.31 lakh

There is a FAME subsidy available on purchase of electric two-wheeler bikes. While they are slightly more expensive than fuel-based ones, you can own one with easily accessible two wheeler loan by Tata Capital. These loans provide up to 100% financing and require minimal paperwork. They also come with flexible tenure and bike loan EMI options.

Going green was never this easy. Leverage a Tata Capital loan and bring home an electric two-wheeler today.

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