With a vastly middle-class population, India has greater demand for two-wheelers, owing mainly to its affordability and easy navigation across the country’s congested roads. Though two-wheelers account for nearly 80% of vehicle sales in the country, bike lovers are going for fuel-efficient vehicles like electric two-wheelers due to the skyrocketing fuel prices and rising climate-change concerns.
With the Indian Government’s initiatives to boost e-mobility, electric two-wheelers sales have increased sevenfold over the last five years. Under its Faster Adoption and Manufacturing of Hybrid and EV (FAME) scheme, the Indian Government recently increased the subsidy for electric two-wheelers, which will now cover up to 40% of the electric scooter’s overall cost. Also, easy financing options are available. Many lenders are now offering two-wheeler loans at attractive bike loan interest rates, making electric two-wheelers easily affordable across cities, villages, and towns.
The country’s electric two-wheeler segment’s registered sales jumped 2,33,971 units in 2021 compared with 1,00,736 units in 2020. This indicates a bright future for the industry in India. India Ratings & Research (Ind-Ra) stats further estimate the country’s electric two-wheeler segment to grow at a robust CAGR of 75-80% during FY22-FY25. This suggests the electric two-wheeler segment contribution would be nearly 7-10% of the total two-wheeler sales by FY25, from below 1% during FY21. Several Indian automobile manufacturers like Hero Electric have already ramped up their existing production capacities to bank on this market boom.
The Indian consumer is also relatively young, with a great passion for bikes, and more aware of the heightened climate-change concerns. Therefore, the consumer is looking for highly cost-effective vehicles, convenient to operate on Indian roads, have fuel-efficient features, and easy maintenance. However, traffic is a major deterrent for the Indian consumer.
Electric two-wheelers look like just the answer to all their problems. Electric two-wheelers will wipe away your traffic woes and take you safely across your location with electrical technology at the forefront. These bikes come with affordable batteries that could last you several hours without any charging issues, helping you cut fuel expenses. As compared to their fuel counterparts, electric two-wheelers have fewer moving parts. This makes these vehicles a significantly convenient mode of transport with low maintenance value. They are cheaper to run, so their services are more cost-effective, making them a feasible option for everyone.
Now lenders provide bike loan EMI calculators to help customize your two-wheeler loan requirements. The borrower can decide the loan terms, including the loan amount and tenure, apart from flexible repayment options. You now have to verify your two-wheeler loan eligibility and get the loan of your choice at an attractive bike loan interest rate from your preferred lender. The benefits of owning an electric two-wheeler are, thus, immense for the Indian consumer.
Looks like the electric two-wheeler industry is set for a boom, with the electric two-wheelers set to roll across every nook and corner of India.
With so many attractive options, the consumer sentiment for electric two-wheelers will be high and expected to gain traction in the coming years. The option is even more attractive now, with key lenders like Tata Capital offering customized two-wheeler loan. Tata Capital has various loans to suit your electric bike fund requirements. To make your bike dream a reality, visit Tata Capital for further details.