Shift in consumer’s value proposition in the post-pandemic period towards the purchase of two-wheelers, specifically performance electric bikes in the same segment as that of pulsar or apache

Abstract

Indian customers present a very lucrative market for two-wheelers with its congested traffic conditions lower purchasing power. Despite being the world’s third-largest emitter of greenhouse gases1, the electric vehicle market in Indian is at an early stage where the adoption rate is less than 1%. The segment grew at a CAGR of 16.9% in 2020, reaching the sales figure of 152,000 units, including 24,000 units of high-speed two-wheeler vehicles. The demand has been increasing tremendously with the introduction of new battery technologies2. The country’s major companies selling high-speed EVs are shown in the below chart with their overall market share