India EV Components Market Set for Prosperity in Future

Growth drivers such as the booming sales of electric vehicles (EVs) and declining prices of their components will fuel the Indian EV component market at a CAGR of 22.1% during the forecast period (2020–2030). According to P&S Intelligence, the market generated revenue of $536.1 million in 2019. Currently, the rising popularity of high-battery capacity EVs, owing to their ability to cover long distances in a single charge, has become a prominent market trend.

One of the primary growth drivers of the Indian EV component market is the burgeoning sales of EVs, owing to the extensive government support, in the country. According to the Society of Manufacturers of Electric Vehicles (SMEV), 155,400 EVs were sold in India during the financial year 2019–2020. In 2019, 2,000 electric passenger cars and 32.4 thousand electric two-wheelers were sold in India. In the coming years, government initiatives such as the Faster Adoption and Manufacturing of (Hybrid &) Electric Vehicles in India (FAME India) scheme will boost the sales figure of EVs in the country.

Geographically, Uttar Pradesh held the largest share in the Indian EV component market during the historical period (2014–2019), due to the highest replacement and procurement rate of several components of electric two- and three-wheelers in the state. Whereas, Tripura is projected to exhibit the fastest growth during the forecast period, primarily on account of the mounting number of e-rickshaws in the state. Various OEMs and aftermarket companies will be offering a large volume of components of electric three-wheelers in this state in the coming years.

Thus, the mushrooming demand for EVs and rising replacement and procurement rate of EV components will fuel the prosperity of the market in the coming years.

Electric Two-Wheelers Market: What are the Key Growth Factors?

Greening the earth is arguably one of the biggest trends today. While the literal meaning of ‘green earth’ might hint at reforestation, the concept also includes bringing down the pollution levels. Now, since automobiles are one of the biggest sources of air pollution, a major change is being brought about in their functioning. Their internal combustion engines (ICE), which burn gasoline and diesel, and, therefore, release greenhouse and toxic gases into the atmosphere, are being gradually replaced with electric batteries and motors.

To achieve this, governments around the world are implementing stringent emission regulations, which are making conventional automobiles costlier every year, and offering financial support to boost the manufacturing and sales of electric vehicles (EVs). P&S Intelligence expects the electric scooter and motorcycle market size, driven by all these factors, to rise from $5,913.9 million in 2019 to $10,529.7 million by 2025, at a 14.4% CAGR between 2020 and 2025. One of the policies implemented to boost electric two-wheeler sales is the FAME India II scheme, under which purchase incentives are being offered for 1,000,000 such automobiles.

Between scooters and motorcycles, electric scooters have witnessed the higher sales till now because they are cheaper and easily available. However, electric scooters have range and speed issues, which is why the demand for electric motorcycles is increasing fast. Automakers have begun introducing new electric motorcycle models with better batteries and more-powerful motors, so the issue of driving range and speed can be remedied. Plus, with their sleeker look, motorcycles appeal more to the youth compared to scooters.

Presently, the combined sales of all types of electric two-wheelers are the highest in Asia-Pacific (APAC), as it is home to some of the most-polluted countries in the world, specifically China and India. Moreover, being the largest auto markets on earth, these countries are witnessing a burgeoning demand for all types of EVs. Another reason for the dominance of APAC on the global electric scooter and motorcycle market is the presence of a large number of organized and unorganized automakers and manufacturers of EV components, such as motors, battery packs, wires, controllers, and battery management systems.

Hence, with the growing environmental concerns and sustained government support, the adoption of electric two-wheelers will keep increasing around the world.

How Are Technological Advancements Strengthening Logistics Industry?

Nationwide lockdowns, restrictions on the borders, and operational hindrances on account of the outbreak of the coronavirus situation have disrupted the supply chain across the world. China has a deep-rooted supply chain network in most of the COVID-19-affected countries, including the U.K., the U.S., India, Hong Kong, Singapore, Japan, Spain, South Korea, Germany, and Italy. Apart from China, these nations are also involved in extensive trade of various essential and non-essential goods with one another. All these countries have had to temporarily discontinue their trading activities to contain the impact of the virus.

The COVID-19 impact on logistics industry can be mostly observed on offline logistics services. There has been a subsequent shift from physical shopping to online shopping due to the social distancing norms in the affected countries. These nations are embracing social distancing as a means to mitigate the spread of the coronavirus. This has resulted in a substantial switch to e-commerce platforms for procuring items that might have been otherwise bought from a brick-and-mortar store. Moreover, the shutdown of retail stores in the COVID-affected nations has put the brakes on offline-mode logistics services.

As per P&S Intelligence, other logistics-dependent verticals, such as the food & beverage industry, also witnessed a substantial downfall in revenue due to the closure of cafés and restaurants. As eating outlets went into hibernation, the requirement for logistics services in this sector decreased severely. These services were used by food processing units to transport packaged food and drinks to retail outlets, as well as to move raw materials and the finished products between the source, factory, and warehouse.

The COVID-19 impact on logistics industry is being witnessed in the major tactical changes being brought about by key service providers, such as Deutsche Post DHL, Supply Chain Solutions and Geodis, DB Schenker Logistics, Panalpina, Kuehne+ Nagel, Dsv Global Transports and Logistics, United Parcel Service (UPS), C.H. Robinson, and The Maersk Group. These companies are drafting backup policies to ensure recovery, so that when the pandemic subsides, the logistics industry is able to bounce back.

Thus, the outbreak of the coronavirus has impacted all the logistics-associated industries owing to the social distancing and lockdown measures around the world.

How Are Technological Advancements Strengthening Automotive Infotainment Market?

The burgeoning requirement for human machine interface (HMI) systems and booming sales of passenger vehicles are fueling the demand for automotive infotainment systems across the world. For instance, Nissan has announced it has started the development of self-driving cars for replacing human requirement for operating the vehicle. These systems provided various advantages such as improved scheduling and routing, reduced operating costs, and enhanced driver productivity. According to the India Brand Equity Foundation (IBEF), the production of automobiles in India grew at a CAGR of 2.36% from FY16 to FY20 and reached 26.36 million units in FY20.

Apart from this, the surging deployment of small and medium-sized cars is also propelling the sales of automotive infotainment systems. Additionally, the rapid advancements being made in wireless technologies are also fueling the development of automotive infotainment products and services. The adoption of voice interface systems in vehicles is also creating lucrative growth opportunities for the players operating in the automotive infotainment market. Automotive infotainment systems basically refer to information and entertainment systems such as software platforms, digital versatile disc (DVD) players equipped with video screens, and audio systems such as rear sear entertainment and its accessories, radio, and navigation devices like GPS.

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Many original equipment manufacturers (OEMs) have began working with suppliers for developing low-cost and feature-packed infotainment systems, which are particularly priced for low to medium segment cars. Furthermore, many automobile manufacturers are providing software updation kits to their customers for saving cost and time and improving customer experience. The other major factor propelling the demand for automotive infotainment systems is the surging deployment of electric vehicles across the world, as per the observations of the market research company, P&S Intelligence.

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Hence, it can be safely said that the demand for automotive infotainment systems will soar in the coming years, mainly because of the increasing deployment of electric vehicles, surging passenger car sales, and growing requirement for HMI systems in vehicles.

What are Key Factors Driving the Growth of Automotive Regenerative Braking Systems Market?

Every year, air pollution directly or indirectly kills 7 million people, as per the World Health Organization (WHO). Since the transportation sector is a major culprit here, countries around the world have begun framing policies to cut down the carbon emissions from automobiles. For this, cleaner fuels are being mandated, such as those under the Euro 6 and Bharat Stage VI norms, and electric vehicles (EV) are being promoted. Another technology that has proved effective in reducing carbon emissions is regenerative braking systems.

According to, P&S Intelligence, with the continued government efforts to clean up the environment, the automotive regenerative braking systems market will witness substantial growth from $6,555.6 million in 2017 to $18,228.3 million by 2023, at a high 18.6% CAGR between 2017 and 2023. In conventional brakes, the brake pad pushes against the brake disc on all wheels to make it stop spinning with the help of plain-old friction. During this process, the energy generated while slowing down the wheels simply dissipates into the environment as heat.

Due to similar limits in other countries, the RBS technology is being used in passenger cars, as well as commercial vehicles, around the world. Of these, the use of this technology is more prominent in passenger cars, because the demand for them and their production figures are higher than those of commercial vehicles, with the former accounting for up to 70% of the automobiles manufactured in a year. Moreover, with the increasing demand for hybrid electric cars, the integration rate of RBS in passenger cars has been traditionally higher.

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Presently, Asia-Pacific (APAC) is the most-productive automotive regenerative braking systems market on account of being the largest vehicle producer and buyer in the world. With the increasing demand for hybrid electric vehicles and battery electric vehicles that offer a longer driving range, the demand for RBSs among regional automakers will continue booming. In EVs, the RBS charges the main battery, which keeps replenishing the charge, thus reducing the need to charge it via a dedicated charging station. China, South Korea, Japan, India, and Singapore are offering strong support for EVs, which will raise the demand for RBS.

Thus, with the growing need to curb the carbon emission from vehicles, more of them would come equipped with regenerative braking systems in the coming years. 

Why will Popularity of E-Mobility Services Boom in APAC in Future?

Haze and smog, which were earlier predominantly winter phenomena, are now becoming common during summers too. The reason behind this is the increasing amount of greenhouse gas (GHG) being emitted from power plants, factories, houses, and vehicles. As air pollution is directly tied to respiratory diseases, such as asthma, lung cancer, cystic fibrosis, and chronic obstructive pulmonary disease (COPD), countries around the world have begun taking initiatives to achieve a carbon-free economy.

E-Mobility Services Market Outlook

This is the primary reason that, as per P&S Intelligence, will propel the e-mobility services market from $3,189.8 million in 2019 to $78,898.3 million in 2030, at an explosive 40.7% CAGR during 2020–2030 (forecast period). The concept relates to the provision of shared transportation services exclusively via electric vehicles (EV). As these automobiles are a lot less polluting than conventional petrol and diesel alternatives, they are being promoted around the world. Countries are offering substantial incentives, purchase subsidies, and tax rebates to the buyers of these vehicles.

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Two-wheeler sharing, ride-hailing, carsharing, and car rental are the various categories when the market is segmented based on service type. Among these, the two-wheeler sharing category held the largest share in the e-mobility services market in 2019, as these services are cost-effective, convenient, and time-saving. Additionally, two-wheeler sharing is being considered important in solving the issue of first- and last-mile commute. The rise-hailing category is predicted to witness the fastest growth during the forecast period due to service providers rapidly including EVs in their fleets.

Owing to such initiatives, Asia-Pacific (APAC) dominated the e-mobility services market during the historical period (2014–2019), and it will continue doing so till 2030. China is the largest producer and user of EVs in the world, driven by the stringent government emission control targets and strong support for clean-fuel automobiles. Moreover, China also manufactures Li-ion batteries in the largest numbers, which is a key reason behind the relative cost-effectiveness of EVs here compared to the rest of the world.

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Hence, with governments going all out to reduce GHG emissions and clean up the environment, the popularity of the e-mobility concept is bound to increase.

What are Key Factors Driving the Growth of IoT in Logistics Market?

With the expansion of the e-commerce industry, on account of the increasing penetration of the internet and the growing number of smartphone users, the demand for the adoption of the internet of things (IoT) in the logistics sector is rising sharply across the globe. As per various reports, the e-commerce sector accounted for as much as 16.5% of all retail sales across the world in 2019, registering a growth of around 17.9% from 2018 to 2019. 

Furthermore, according to several estimates, e-commerce sales will account for nearly 17% of the total retail sales all over the world by 2021. One of the major factors responsible for the growing popularity of e-commerce services is the change in the buying behavior and expectations of customers across the world. Moreover, the ballooning popularity of online shopping and free and fast shipping is further boosting the growth of the e-commerce industry.

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These solutions also enable smart location management, the regular updating of delivery status, the tracking of driver activities, and inventory management. Due to these factors, the popularity of IoT-driven logistics solutions is growing rapidly across the globe, which is, in turn, propelling the growth of the global internet of things (IoT) in logistics market. As a result, the valuation of the market is predicted to rise from $34,504.8 million in 2019 to $100,984.5 million by 2030.

Furthermore, the market is predicted to progress at a CAGR of 13.2% from 2020 to 2030. Depending on application, the market is divided into inventory tracking and warehousing, location management, predictive analytics, fleet management, blockchain for supply chain management, and self-driving vehicles. Out of these, the blockchain for supply chain management category is predicted to exhibit the fastest growth in the internet of things (IoT) in logistics market in the forthcoming years. 

This will be because of the fact that blockchain for supply chain management has the ability to replace conventional processes as it uses ledger technology that makes logistics operations sustainable and ethical. Geographically, the market will demonstrate the fastest growth in Asia-Pacific in the coming years, as per the estimates of the market research company, P&S Intelligence. Rapid technological advancements in the logistics industry is the major factor fueling the expansion of the IoT in logistics market in this region.

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Hence, it is safe to say that the popularity of IoT-based logistics solutions will soar all over the world in the coming years, primarily because of the rising requirement for faster deliveries and efficient logistics, on account of the rapid surge in worldwide e-commerce sales. 

Growth of the Car Rental Market in North America

Car rental services thrive on the convenient mobility feature offered by them. Renting a car enables individuals to enjoy the perks of owning a personal car without the need to actually buy it. Owning a private vehicle demands heavy investment that includes the vehicle cost, insurance cost, fuel cost, maintenance charges, and parking charges. Thus, the growing financial burden is expected to fuel the car rental market advance at a 7.9% CAGR during 2019–2024. At this rate, the revenue of the market will increase from $78.7 billion in 2018 to $122.6 billion by 2024.

Car Rental Market Opportunites 

In recent years, the deployment of electric cars has increased substantially in rental services due to the favorable government policies regarding electric vehicles (EVs). Besides, car rental operators are taking measures to augment the number of electric cars in their fleet. For instance, Sixt SE, a German multinational car rental company, offers fully electric car models, such as Tesla Model X, Tesla Model S, BMW i8, and BMW i3, for renting purposes. Similarly, in 2018, Zoomcar India Pvt. Ltd. partnered with Mahindra & Mahindra Ltd. to induct electric cars in its rental fleet in India.

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These rental services are majorly offered on economy cars due to their high fuel efficiency, surging gasoline prices, and increasing environmental concerns. Moreover, rental companies are expected to rapidly adopt luxury cars in the coming years owing to the escalating usage of these cars in business trips by corporates worldwide. Additionally, the increasing focus on sustainable economic development will encourage the inclusion of luxury cars in rental services. Furthermore, with the increasing disposable income, people are able to pay the higher prices charged for such premium vehicles.

In 2018, Europe and North America registered the highest combined demand for rental cars due to the existence of major service companies, who charter their vehicles for longer periods at a time. According to P&S Intelligence, the North American car rental market is expected to register the highest revenue in the coming years. Moreover, the Asia-Pacific (APAC) region will also witness a notable usage of such services, on account of the rising preference for rented cars in the travel and tourism industry of the region. InAPAC, Indians will supersede Japanese in using these services due to the entry of international car rental companies in the country.

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Thus, the financial burden attached to owning and maintaining cars and high preference for personalized traveling experiences have led to the promotion of car rental services across the world.

Last Mile Delivery Market Future Estimations Till 2030

The huge investments being made by various venture capitalists in last-mile delivery services are fueling the expansion of the global last mile delivery market. The market is witnessing a sharp surge in the number of start-ups that are being heavily funded by various venture capitalists for expanding their businesses. Because of these reasons, the last mile delivery market is predicted to exhibit a CAGR of 20.3% between 2020 and 2030, according to P&S Intelligence.

Industry Outlook For Last Mile Delivery

Depending on application, the last mile delivery market is classified into package delivery, e-commerce, and others. Out of these, the e-commerce category recorded the highest growth in the market during the past few years. This was because of the presence of a large customer base and the changing buying behavior of people and their huge expectations regarding product deliveries. People are increasingly expecting free shipping and fast product deliveries and the availability of goods at affordable and competitive prices.

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Geographically, the last mile delivery market is predicted to demonstrate the fastest growth in the Latin America, Middle East, and Africa (LAMEA) region in the forthcoming years. This will be because of the rising gross domestic product (GDP) and the increasing disposable income of the people living in the developing nations of LAMEA such as Mexico and Brazil. Additionally, the increasing number of last mile grocery and food delivery start-ups and the rising popularity of omnichannel retailing are propelling the advancement of the market in this region.

The players operating in the global last mile delivery market are increasingly focusing on business mergers and strategic partnerships for remaining competitive. For instance, Microsoft Corporation and FedEx Corporation launched a collaboration with each other in May 2020 for enhancing their operations. Moreover, this collaboration is aimed at combining the global logistics and digital network of FedEx and the intelligent cloud solutions of Microsoft. This collaboration will allow the companies to have greater control and gain better insights into the movement of products across the world.

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The COVID-19 pandemic is severely hampering the progress of the last mile logistics industry. Moreover, the imposition of lockdowns and the shrinking of workforce have caused disruptions in the last mile delivery market. However, the increasing internet penetration and digitization and the rising number of product delivery orders, on account of the growing popularity of online shopping, especially during the pandemic, are fueling the expansion of the market.

Automotive Blockchain Market to Witness Robust Growth in Coming Years

Blockchain technology refers to a decentralized database that stores data in blocks that are chained together. The newly generated data is stored in a fresh block. After a block is filled with data, it is linked to the previous block, thereby enabling the storage of data in a chronological order. Since decentralized blockchains are immutable, data entered in blocks are reversible and cannot be accessed through unfair means, as it is extremely difficult to go back and alter the contents unless a consensus is attained among the majority.

Automotive Blockchain Market Outlook

Owing to the high security offered by the blockchain technology, it is being increasingly adopted by the automobile industry, as huge volumes of data are produced in this sector. Moreover, the real-time monitoring, scalability of information, and auditability offered by this technology will also strengthen the automotive blockchain market in the coming years. In recent years, the blockchain technology has become an integral part of the information technology (IT) domain of the automobile sector. This technology is being used in mobility solutions, internet of things (IoT), connected cars, retailing and leasing, supply chain logistics, and autonomous driving applications.

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At present, companies operating in the automotive blockchain market, such as Microsoft Corporation, BigchainDB GmbH, Productive Edge LLC, XAIN AG, IBM Corporation, ShiftMobility Inc., Oaken Innovations, Ripple Labs Inc., Tech Mahindra Ltd., Mesosphere Inc., Project Provenance Ltd., Factom Inc., Helbiz Mobility System PTE Ltd., Ethereum, Context Labs BV, carVertical, ConsenSys, and Accenture PLC, are offering advanced solutions to automakers to meet the rising customer demand. Moreover, the evolving operating models in various automotive functional areas and increased use of data for improving mobility and logistics services will augment the incorporation of blockchain solutions in the automotive sector.

Thus, the generation of huge volumes of data and rising need for scalability of information, real-time monitoring, and auditability in the automobile sector will augment the use of blockchain solutions in the foreseeable future.

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What are Main Factors Responsible for Surge in China Electric Bus Market?

On account of its high level of industrialization and vast population, China is the largest greenhouse gas (GHG) emitter in the world. As per the International Energy Agency (IEA), “…the emissions growth in 2018 was largely driven by non-OECD countries, led by China and India.”, reflecting why the country is now trying to bring a major reduction in these emissions. As a result of the continued government efforts, China has also become one of the largest producers and consumers of renewable energy!

China Electric Bus Market Outlook

Consistent with its efforts to clean up the country’s air, the People’s government has been offering strong support to electric vehicles (EVs) for quite some time. This is why P&S Intelligence says that the Chinese electric bus market will see176.4 thousand unit sales in 2025 compared to 104.3 thousand units in 2017, with the number increasing at an 8.6% CAGR between 2018 and 2025 (forecast period). China is already the largest EV user in the world, with the IEA saying in the context of electric buses for 2019 that “About half a million electric buses are in circulation, most of which are in China.”

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Even though China has reduced EV subsidies, the Chinese electric bus market is unlikely to witness any major impact, as most of the buses are run by government agencies, for whom subsidies do not matter anyway. In addition, the sale of electric buses is expected to pick up faster than those of electric cars and two-wheelers, as, compared to millions of individual vehicle owners, merely hundreds of commercial vehicle fleet owners have to be convinced to switch to electric mobility.

Another key driving factor for the Chinese electric bus market is the constant decrease in the price of the battery. Between 2012 and 2016, the purchase price for large lithium-ion battery orders dropped from $540 per kilowatt-hour (kWh) to $140/kWh. Since the battery cost accounts for almost 40% of the entire bus’s, this decline will be vital for increasing the latter’s adoption in China. Additionally, as battery companies increase their production capacity and achieve economies of scale, they will be able to further reduce the price of such components.

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Thus, with the government efforts to control air pollution, electric bus sales will keep rising in China.

India Electric Loader Rickshaw Market Expected To Reach Highest CAGR by 2030

As per the India Brand Equity Foundation (IBEF), the e-commerce sector in the country is witnessing significant growth, and it is expected to surpass that of the U.S. to become the second-largest in the world by 2034. The prospering e-commerce sector, on account of the surging penetration of smartphones and the internet and changing consumption patterns, will augment the deployment of electric loader rickshaws for cargo delivery. Owing to this reason, the Indian electric loader rickshaw market will advance at a considerable rate during 2020–2030.

India Electric Loader Rickshaw Market

The presence of such vehicles on Indian roads has surged in the last two years owing to the rising environmental concerns and technological advancements in the automobile industry. To mitigate the rising air pollution levels, the central government and state governments are offering incentives and subsidies on electric three-wheelers, thereby fueling the production and adoption of electric loader rickshaw across India. These vehicles can carry cargo loads of up to 450 kg, thus making them ideal for light-to-medium-duty urban freight transport operations.

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Such vehicles operate on lithium-ion (Li-ion) and lead-acid batteries. The manufacturers of these three-wheelers have begun to prefer Li-ion batteries over lead-acid batteries because the former take lesser charging time, have lower weight and longer range, and offer better operational efficiency than the latter. Moreover, the large-scale production of Li-ion batteries in India, on account of the easy availability of raw materials, will amplify their integration into these three-wheelers in the future. For example, Kinetic Green Energy & Power Solutions Ltd. offers Kinetic Safar Shakti, a Li-ion-battery-powered electric cart (e-cart).

According to P&S Intelligence, the Indian electric loader rickshaw market has a strong presence in Ahmedabad. Around 70% of all the electric rickshaws in Ahmedabad are loader rickshaws, whereas in Gurugram, 15%–20% are loader rickshaws. Moreover, the percentage of electric loaders is rising in the electric cargo three-wheeler fleet of Delhi. Apart from these, several cities of Uttar Pradesh, Madhya Pradesh, West Bengal, Bihar, Rajasthan, Punjab, Assam, and Jharkhand are adopting a significant number of electric loader rickshaws.

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Thus, the progressing e-commerce sector and rising government support will boost the number of electric loader rickshaws on Indian roads.

What are Key Factors Driving the Growth of Peer-to-Peer Carsharing Market?

The need for cost-effective mobility solutions is increasing across the globe. Youngsters these days are becoming more and more inclined towards making use of alternative mobility options rather than buying personal vehicles. As people are becoming more aware regarding the negative impacts of fuel-based vehicles on the environment, they are shifting towards more eco-friendly solutions. Ascribed to this, the adoption of peer-to-peer (P2P) carsharing services has increased considerable across the globe. Under this service, car owners are able to rent their personal vehicles to other people in their area.  

P2P Carsharing Industry Outlook

In addition to being a cost-effective and convenient solution for users, P2P carsharing services enable car owner to generate additional revenue, thereby aiding them in recovering the car’s cost of ownership. Users of these services can book vehicles as per their requirement, and need to pay for services on the basis of distance and time taken, in addition initial registration cost. These factors make P2P carsharing services a viable option of commuting for users, and are leading to the growth of the global peer-to-peer carsharing market. 

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Luxury, economy, and executive are the three types of cars that are used for providing P2P carsharing services. Out of these, the demand for economy cars was the highest in the past, and the situation is expected to remain the same in the coming years as well. The high preference for these vehicles can be attributed to their increased fuel efficiency as compared to luxury and executive cars. Users can avail these services for personal or business applications. The demand for P2P carsharing services was higher for personal use in the past and is expected to be higher in the years to come as well. 

This can be ascribed to the fact that most people utilize these services for personal purposes such as commuting to workplace, travelling to specific destinations, such as airport or railway stations, and running errands including grocery shopping. Geographically, the European region is expected to emerge as a major P2P carsharing market in the near future, which can be attributed to the reluctance of people to buy personal vehicles due to their high maintenance needs in the region. In addition to this, the increasing number of initiatives in the region for decreasing environmental pollution and reducing traffic congestion are also resulting in the surging adoption of alternate mobility options. 

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In conclusion, the demand for P2P carsharing services is growing due to the increasing demand for cost-effective and convenient mobility solutions. 

China Electric Scooters and Motorcycles Market Size, Share, Scope and Comprehensive Analysis

In the 1950s, less than 20% of the Chinese people were urban dwellers, and by 2018, this percentage had soared to 59%, as per the World Urbanization Prospects 2018 report of the United Nations (UN). This has led to a massive rise in the number of automobiles on the roads of China, in part, making it the largest carbon emitter in the world. As a result, its government has been strongly encouraging the public to adopt electric vehicles (EV) by implementing stringent emission regulations and offering purchase subsidies and tax rebates.

P&S Intelligence says that the increasing urbanization level, which is expected to touch almost 70% by 2030, will drive the Chinese electric two-wheeler market from $7.7 billion in 2017 to $12.5 billion by 2025, at a 6.1% CAGR during 2018–2025 (forecast period). As per the Health Effects Institute and Tsinghua University, deaths in China due to high concentrations of particulate matter 2.5 (PM2.5) could touch 1.3 million by 2030, increasing by a massive 40% from 2013! 

China Electric Scooters and Motorcycles Market Outlook

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On the basis of product, the Chinese electric bike market is bifurcated into motorcycle and scooter. Of these, the scooter bifurcation held the larger share during 2013–2017 (historical period),owing to their lower purchase costs and more models that are available for purchase compared to motorcycles. Moreover, with the growth in the e-commerce and food and beverage industries, delivery companies are rapidly incorporating electric scooters into their fleet. Such vehicles have fewer moving parts and a simpler drivetrain than their internal combustion engine (ICE) variants, which makes them cheaper to operate and maintain.

Other reasons for the rising demand for Li-ion batteries in the Chinese electric scooters and motorcycles market are their higher energy density, which enables a longer driving range. Since one of the major factors that make many opt out of buying EVs is their short driving range, improved Li-ion batteries are expected to put an end to their hesitations. In addition, the prices of these batteries have reduced significantly in recent years, thus making EVs cost-effective for the masses. Other advantages of Li-ion batteries are their smaller size, ability to be charged up to 2,000 times compared to 400 cycles for SLA batteries, longer self-discharge periods, and faster charging ability.

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Hence, with government efforts to address the problem of air pollution, which is directly linked tourbanization, as well as the advancements in the battery technology, the adoption of electric two-wheelers will keep rising in China.