Electric Vehicles have garnered a lot of attention in the last couple of years, especially with the factor of global warming looming large over the environment. As the buzz around these electric vehicles (EVs) continues to grow, motorbikes are gradually emerging as the next frontier for electrification in India. Traditional manufacturers and startups alike are gearing up to launch battery-powered bikes that promise to match the performance and range of their petrol-driven counterparts, potentially reshaping the country’s automotive landscape.
Bain India’s Report:
According to a recent report by Bain India, the breakthrough in performance could catapult e-motorbike penetration to over 30% of the overall motorcycle market by 2030, a remarkable leap from less than 1% today. This forecast reflects the increasing confidence in the potential of electric motorcycles to capture a significant share of the market in the coming years.
A slew of startups, including Revolt Motors, Matter Electric Motorcycles, Orxa Energies, Oben Electric, Ultraviolette, Komaki, Tork Motors, and Kabira Mobility, are poised to introduce new electric bike models in the Indian market. Even established players like Royal Enfield are joining the race, signaling a seismic shift towards electrification in the motorcycle segment.
“We are at the cusp of an exciting era of electrification in the motorcycle segment that presents breakout investment opportunities in the Indian market,” remarked Vasudha Madhavan, founder and CEO of Ostara Advisors, an EV-focused investment bank. Madhavan predicts the emergence of an EV startup unicorn in the electric motorcycle space within the next 3-5 years, underscoring the immense potential of this burgeoning industry.
While e-scooters have dominated the EV wave in the two-wheeler segment thus far, the spotlight is now shifting to high-performance, zero-emission e-motorcycles. According to Mohal Lalbhai, founder and CEO of Matter Electric Motorcycles, electric motorcycles are poised to become mainstream in the next 12-18 months, offering consumers a wider range of choices and tapping into a pent-up demand for electrified options.
Factors influencing the rise of electric bikes:
Key to the rising popularity of electric motorbikes is the advancement in technology and the achievement of price and range parity with internal combustion engine (ICE) counterparts. Falling battery prices have played a crucial role in this shift, enabling electric bike makers to offer competitive pricing and extended range.
For instance, industry insiders reveal that an electric motorcycle priced at around INR 3.8 lakh can now deliver a range of 307 km on a single charge, surpassing the performance of a 300-cc ICE motorcycle that can run 250 km on a full tank of petrol. This convergence in price and performance is driving consumer preference towards higher-end electric motorcycles, mirroring the trend seen in the ICE motorcycle segment.
Narayan Subramaniam, cofounder and chief executive of Ultraviolette Automotive, points out that electric motorcycles are incorporating advanced features such as instant torque, ride-by-wire technology, and over-the-air software updates, enhancing their appeal to tech-savvy consumers.
“As we are able to pack enough power at 80% less cost, thanks to the falling lithium prices,” says Ranjita Ravi, cofounder of Orxa Energies, “consumers are not going to move to electric unless you give a product equal in performance to their ICE counterpart.”
With electric motorcycles poised to revolutionize the Indian two-wheeler market, stakeholders are gearing up for a transformative journey towards a greener, more sustainable future. As innovation continues to drive the evolution of electric mobility, the stage is set for electric motorcycles to lead the charge towards a cleaner, emission-free tomorrow.
