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chennai: Leading manufacturers of electric two-wheelers in India believe the ‘future is electric’ as urbanisation, automobile ownership, uncertain fuel prices and climate change are expected to play a major role in driving the market in the coming days.
The world electric two-wheeler market has grown from 23 lakh units in 2003 to 1.78 crore units in 2007 and is expected to touch the 20 crore-unit mark by the end of 2008, according to industry captains. Interestingly, China alone accounts for 75% of the global electric two-wheeler market with 1.50 crore units, followed by the US with 24 lakh units. Ever since its entry in to the Indian market two years ago, the electric two-wheeler industry is gaining ground substantially by notching up a year-on-year growth of 35% to 40% and by the end of the fiscal, this may well touch 3 lakh units.
With Electrotherm driving into the Indian market in 2006, India has seen many leading manufacturers with greenfield projects, including Ultra Motor, Hero group, TVS, Tube Investments of India, Atlas and the Lohia group. As many as 70 individual traders have taken a plunge into this business by importing completely knocked down kits (CKDs, needed to assemble a vehicle) from China and selling them in the market.
“With rising fuel prices, increasing urbanisation, cost of ownership, adherence to climate changes, a lower maintenance cost compared to petrol-driven two-wheelers, economy and convenience, it is expected that the industry will see a remarkable growth with five lakh units by March 2010, from the projected three lakh units by March 2009,” said Ganesh Mahalingam, MD, Ultra Motors.
MM Murugappan, chairman, Tube Investments of India Ltd, adds, “The EVs are highly energy-efficient, least polluting, cost effective and come with reliable technology which can be easily upgraded in terms of speed, battery life and other parts. With 45% of the population working and fuel costs rising, India is poised to see a tremendous growth in the industry.”
Though the electric two-wheeler industry is relatively new to the country, its market is evolving very fast and is one of the most accepted concepts globally. Electric battery-operated vehicle technology is also more affordable compared to any other energy-efficient technology. “Keeping in mind the growing traffic woes, EVs, with a speed limit of 25 km per hour, are free from registration and licences, and therefore, are very convenient for the consumers,” said Navin Munjal, director, Hero Exports....
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