Lower-speed electric two-wheelers, on the other hand, witnessed a decline of 17.9 per cent vis-à-vis FY2020
The high-speed e-scooter segment has witnessed a growth of 47 per cent in 2020-21 fiscal, despite overall sales having lowered by 5.4 per cent. High-speed (HS) e-two-wheelers are models with a speed above 25 km/h.
In its report, JMK Research and Analytics said, “HS E2Ws have seen a YoY growth of 47 per cent, with 41,048 units being sold in FY2021 as opposed to 27,787 units sold in FY2020.”
It noted that the share of high speed electric two wheelers in the overall electric two wheelers sales went up from 20 per cent in FY2020 to 28 per cent in FY2021.
Hero Electric and Okinawa grabbed the major share for high-speed electric two wheelers sold while companies like Ather, Revolt and Pure EV also increased their respective shares.
Lower-speed electric two wheelers, on the other hand, witnessed a decline of 17.9 per cent vis-à-vis FY2020. However, lower-speed electric two wheelers, as per the report, are still an attractive option to buyers owing to factors like being more affordable, being exempted from RTO registration, riders not needing a driving license and no helmet compulsions.
The report said that the overall e-two wheelers market witnessed a slump of 5.4 per cent from 152,000 units in 2019-20 to 143,837 units in 2020-21, particularly to the rise of COVID cases in the country which resulted in lower sales than that which had been estimated.
“High upfront costs were one of the main barriers to EV adoption in India,” the report said.
It added though covid-19 rendered a disruption in terms of investments made in the electric two-wheeler space in 2020-21, investments in the Original Equipment Manufacturer (OEM) space for this segment have been higher than that in the shared mobility sector.
“Premium high-speed E2W manufacturing companies have received the majority of these investments, securing 80 per cent of the total investments in the E2W space in FY2021,” it said.
In 2020-21, 34 new models of electric two-wheelers were launched including 19 low speed ones. “These models also pose a challenge when it comes to E2W adoption, as they cannot match the performance of ICE counterparts offer and many players who offer LS E2Ws cease to exist in a matter of months, due to low sales margins and increasing competition in the market, denting the confidence of customers,” it said.