The Indian electric scooter and motorcycle market is currently demonstrating the highest growth in Uttar Pradesh
The Indian electric scooter and motorcycle market, as per a report by Reserach and Markets, would reach a sales volume of 1,080.5 thousand by the end of 2025, exhibiting a CAGR of 57.9 per cent between 2020 and 2025. In terms of retail sales value, the market is predicted to advance at a CAGR of 63.9 per cent from 2020 to 2025 and attain a revenue of more than $1.0 billion in 2025.
“Due to the rising pollution and the increasing provision of financial incentives by the government, the sales of electric scooters and motorcycles are booming in India. In 2019, nearly 152.0 thousand units of electric motorcycles and scooters were sold in the country, registering a 20.6 per cent growth annually from 2014,” read the report.
Lucrative financial incentives
A key factor fueling the growth of the market is the provision of lucrative financial incentives and subsidies on electric vehicles by the government. Moreover, the government is also providing tax exemptions and purchase rebates for promoting the utilization of electric vehicles and two-wheelers in the country.
The ballooning sales of these scooters would be driven by the availability of a wide array of electric scooter models in the country, their affordable prices, and their ability to serve as excellent alternatives to the traditional fossil fuel-powered mopeds. According to the publisher, a market research company based in India, the Indian electric scooter and motorcycle market is currently demonstrating the highest growth in Uttar Pradesh out of all the states in the country.
The surge of the market in Uttar Pradesh is caused by the increasing penetration of electric motorcycles and scooters in the state. Moreover, these two-wheelers are registering soaring sales in the tier 2 and tier 3 cities of the state. Because of the rising demand for these vehicles in the state, many original equipment manufacturers (OEMs) are rapidly increasing their dealer network. This is, in turn, pushing up the sales of electric motorcycles and scooters in the state.
