Electric 2-wheeler sales remain in fast lane, market share may grow three-fold in five years
Hero MotoCorp, Honda Motorcycle & Scooter India (HMSI) and TVS Motor Company said, even as demand for electric cars remains subdued.
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One out of every five two-wheelers sold in the local market is expected to be electric in this period, driven largely by demand for scooters. Battery-powered models accounted for 6.1% of 2Ws in 2024, when just over a million such vehicles were sold in the country, show data collated by Federation of Automobile Dealers Associations from the Vahan portal of the Ministry of Road, Transport & Highways.
Niranjan Gupta, chief executive at two-wheeler market leader Hero MotoCorp — which is gearing up to launch an affordable electric scooter next quarter — expects half of all scooters sold in India to be electric in the mid-term. Yogesh Mathur, director (sales and marketing) at rival HMSI predicted the share of scooters in overall two-wheeler sales to increase to 40% (from 34% in 2024) by 2030.
Given the growth potential, legacy two-wheeler makers from Hero to HMSI and Bajaj are accelerating plans to drive in products and bolstering sales and service networks to take on startups like Ola Electric and Ather Energy. The total share of startups such as Ola, Ather and Greaves Electric (Ampere) in the domestic electric two-wheeler market was about 60% in 2024.
Hero MotoCorp, which hived off its electric vehicle and emerging
