2024 is likely to be the year of the electric two-wheelers -- one in which two-wheelers move in from the fringes and assume their role bang in the centre of the world's largest two-wheeler market.
Besides their rising market share -- 13% as of mid-2023 -- a cursory look look at the industry's launch pipeline reveals which way the wind is blowing:
Of the 20 two-wheeler models launched or scheduled for launch this year, only 5 are petrol models. The remaining 15 -- or 75% -- are electric.
What is even more interesting is that the 15 electric models -- for the first time -- contain a sizeable number of e-motorcycles.
At present, electric motorcycles account for less than 5% of all electric two-wheelers sold, primarily because manufacturers believed that no one would buy electric motorcycles due to range concerns. Scooters, on the other hand, are seen as less prone to range concerns as they are primarily aimed at shorter journeys.
However, motorcycle manufacturers finally seems to have decided that should not be holding them back from launching EV models, and have announced several e-motorcycles.
The models announced for launch include three from Ola -- which already dominates the e-scooter segment -- and one each from Revolt and Torq -- currently the major players in the nascent e-motorcycle market.
Ola's motorcycles will span the entire range -- roadster, aventurer and cruiser.
Meanwhile, Torq will launch its Kratos X model, while Revolt will launch RV1.
The remaining two models in this segment will come from two traditional two-wheeler brands -- Hero and Royal Enfield -- both of which will enter the segment for the first time.
Hero will launch its first e-motorcycle -- the AE-47 -- while Royal Enfield will launch the ElectriK01.
Scooter Segment
The remaining 8 models slated for 2024 are in the scooter segment.
These include two variants of Chetak from Bajaj, and a variant of the S1 from Ola.
Among the notable additions are the Burgman -- electric edition -- from Suzuki, and the electric Activa from Honda.
Their entry will significant, given that these are the two manufacturers who absolutely dominate the petrol-scooter segment, and their entry into the electric segment is likely to kick up some dust.
Hero MotoCorp, which entered the electric scooter segment last year, will unveil a new model -- LEAP Hybrid SES.
The others with designs on the electric scooter market in India include the South Korean e-scooter giant Gogoro -- with its planned 2 series launch -- Okinawa, with its Cruiser, and Ather, which has just launched the 450X Apex.
"Electric two-wheeler makers have hitherto competed in the ‘premium’ segment, but they will compete more aggressively in the mainstay mass segment in the near term, with the launch of lower-priced products due to declining battery costs," pointed out Institutional Equities in a recent report.
Indeed, Ola now has a mass segment model with the smaller S1X, priced at Rs 89,999, and the more powerful version of S1X, priced at Rs 99,999. Most petrol-based scooters are priced in the Rs 1.0 to 1.3 lakh range.
The first 11 months of the current financial year have seen 26% growth in sales in the electric two-wheeler segment. Sales crossed 8.06 lakh in during the period, compared to 7.28 lakh for the whole of FY23.