India’s electric two-wheeler market is witnessing a paradigm shift, one that is being propelled by supportive government policies that are facilitating the transition of e-vehicles from being an alternative to the mainstream mode of transport. As per the data released by the TVS Motor Company, 26.39 lakh electric two-wheelers have been registered under the PM E-DRIVE scheme, signifying the contribution of electric scooters and motorcycles to the country’s clean transportation ambitions.
Under the PM E-DRIVE scheme, incentives are on offer for eligible customers, which in the case of electric two-wheelers, would make the purchase price of such vehicles comparable to petrol variants, nullifying one of the key hesitation factors for prospective EV buyers.
TVS has been one of the established two-wheeler manufacturers that has been taking giant strides in the electric vehicle space. The iQube electric scooter has carved a niche for itself in the company’s EV portfolio, offering a plethora of variants catering to the diverse demands of its customers. The TVS has been able to rely on the incentives offered by the government under the PM E-DRIVE to supplement its own efforts at popularizing its electric two-wheeler offerings and expanding its footprint in the EV space.
Beyond a doubt, the data pertaining to the number of electric two-wheelers registered under the PM E-DRIVE scheme speaks volumes about the significance of the segment. Electric two-wheelers represent 91% of the total vehicles under the aegis of the scheme. This goes to show the importance that the Indian government attaches to the electric two-wheeler segment and its commitment to fulfilling the country’s electric mobility needs.
The urban and semi-urban commuter traffic in India is majorly comprised of two-wheelers, and the range that an electric vehicle can cover on a single charge would be adequate for day-to-day commuting needs for most Indian commuters, considering the average distance they travel on a daily basis.
While for the manufacturers, the electric vehicle market represented a steep learning curve at the outset, one that required them to educate the masses pertaining to the benefits of making the switch to zero-emission vehicles, the focus has since shifted to ramping up production in order to meet the surging demand while also working on improving the experience of the customer using an electric two-wheeler.
TVS’s EV journey is an embodiment of how traditional two-wheeler manufacturers have responded to the burgeoning demand for electric mobility. As the company makes inroads into the electric vehicle space, it has been simultaneously working on bolstering its connected technology ecosystem around the e-vehicle segment, supplementing its extensive distribution network and customer-centric approach with a robust digital infrastructure that is better equipped to handle the unique requirements of the electric two-wheeler segment and assist the customers throughout their EV ownership journeys.
The impetus provided by the government through the PM E-DRIVE would enable the manufacturers to scale their operations and gain significant ground in the EV segment. Such a push will also motivate manufacturers to ramp up their production of electric vehicles while furthering their R&D efforts in the space of battery technology, and the increased customer base will also contribute to their demand for charging infrastructure and ancillary products and services.
Nevertheless, the growth of the electric two-wheeler segment in the years to come will be dictated not just by the demand generation measures taken by the government but also by the product’s inherent appeal, which will be determined by factors such as price, range, charging infrastructure, battery technology, reliability, and after-sales service.
The 26.39 lakh electric two-wheelers registered under the PM E-DRIVE speak of the tremendous potential of the segment, and for the manufacturers, the focus will have to shift from building awareness to plugging the gaps in the customer experience in order to drive sustainable growth in the long run as the market transitions from being heavily reliant on government incentives to being consumer-driven.