Bengaluru-headquartered 22 Motors for technology to build out the line of electric scooters.entered the electric vehicle (EV) fray with the launch of its Infinity e-scooter on Thursday, priced at Rs 68,999 with battery and charger. Earlier this year, the startup had acquired
Bounce, which started out as an app-based shared mobility solutions company, enters a space that includes heavyweights such as, which is valued at nearly $3 billion and has raised $526 million to date. Ola Electric, which launched in 2017, is reportedly in talks for raising another $200 million at a valuation of $5 billion.
is another well-capitalised player in the market, having raised $158 million from multiple investors.
That said, legacy automotive companies including Hero Electric, TVS Motors, and Bajaj have also redoubled efforts to tap into the growing EV two-wheeler market, which is expected to grow at a CAGR of 57.9 percent from 2020 to 2025.
A recent report by JMK Research and Analytics said that Hero Electric commanded a 36 percent market share in the Indian EV segment, having sold over 65,000 vehicles since January 2021.
Scooters make up nearly one-third of the country’s two-wheeler sales till about two years ago, according to data from SIAM. However, the FY 2020-21 saw an overall dip in the purchase of new vehicles, across categories.
Some of the legacy companies are looking at external funding to compete with the well-capitalised startup incumbents, though they have a trusted brand to boot.
While some degree of consolidation has happened already, including Greaves getting into the space through the acquisition of Ampere Technologies, and TVS acquiring a stake in Swiss EV maker EGO Movement, there is more to come as the brands look to expand their offering to other segments.
Here is a comparison of the entry-level models from key players in the electric two-wheeler space in India.
Price comparison of electric two-wheelers in India