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The electric vehicle (EV) landscape in India is undergoing a significant transformation, with electric two-wheelers (e-2Ws) emerging as a focal point. According to a recent report by Jefferies, the adoption of electric two-wheelers is poised for a dramatic rise, with the market share expected to reach 13% by 2026-27. This surge is largely driven by the aggressive expansion and innovation of key players in the industry.
Ola Electric: A Market Leader
Ola Electric, which has recently transitioned to a publicly listed company, has established itself as the dominant force in India’s electric two-wheeler market. Jefferies highlights a remarkable increase in Ola Electric’s market share, jumping from 21% in 2022-23 to 35% in 2023-24 and reaching an impressive 49% in the first quarter of 2024-25. This growth underscores Ola Electric’s strong market presence and its role in shaping the future of electric mobility in India.
Government Support for Electric Mobility
In a significant boost to the sector, the Union Cabinet has approved a substantial scheme to promote electric mobility in India. The ‘PM Electric Drive Revolution in Innovative Vehicle Enhancement (PM E-DRIVE) Scheme’ has been allocated Rs 10,900 crore over two years. This scheme, proposed by the Ministry of Heavy Industries (MHI), aims to provide subsidies and incentives to accelerate the adoption of electric vehicles across various segments
Market Dynamics and Future Outlook
Despite the positive trajectory for electric two-wheelers, the broader EV market faces challenges. Exicom, a prominent player in the EV charging segment, holds a 60% market share in residential chargers and 25% in the commercial sector. Meanwhile, Servotech is making strides by building a state-of-the-art manufacturing facility for EV charger components. This move aims to enhance domestic production capabilities and reduce reliance on imports, positioning India as a competitive player in the global EV charger supply chain.
The rise of electric two-wheelers in India marks a crucial step towards sustainable transportation. With strong investment and supportive government policies, widespread adoption is on the horizon. Companies like Ola Electric are leading the charge, positioning India as a key player in the global electric mobility movement.
