SPONSORED CONTENT

Electrification: Powering the Shift for Two-Wheeler Segment Towards Electric Mobility

December 07, 2020 23:30 IST
Tennis player James Blake
LoanTap

Pune (Maharashtra) [India], December 7 (ANI/BusinessWire India): The future of electric two-wheeler market is growing rapidly and the major drivers for this market are the increasing health-conscious consumers, high traffic congestions, environmental concerns and initiatives which focus on reduction of toxic emissions. According to Fortune Business Insights, The Global E-bike segment was USD 10.05 billion in 2019 which will rapidly grow to 10.90 billion by 2027 whereas the Indian two-wheeler segment is expected to grow at a CAGR of over 44% during the period 2019-2025 as per Reportlinker.

Adoption of any product or service is highly dependent upon how easily it seeps into human behavior. In India, rising consumer awareness, strong push by the government authorities and falling battery prices would favor a robust growth outlook for the E-bike segment. As per a recent study by Booz & Company for electric vehicles in India, a mere 5% conversion of vehicles to electric vehicles can save 45 lakh litre of petrol every year. It is also found that even after considering the pollution caused in electricity generation, each E-bike can save up to 350 Kg of CO2 emission each year. Major factors which are driving the attention towards the electrification revolution are as follows:

Pricing: Post BS-VI emission norms, the implementation cost of an electric two-wheeler is lower than traditional combustion engine vehicles. If the company delineates down to the cost of ownership like Annual Maintenance Charges, vehicle maintenance, RTO registration and so on, the cost adoption barrier has been eliminated.

Cost Acquisition: Running and maintenance cost are the pain points of the Indian consumers. Adoption of electric two-wheelers will not only be cost-effective but will also be the most affordable commodity across the country. With less than 9-10 moving parts, as against 100s in a traditional combustion engine vehicle, it becomes considerably cheap to maintain and service. Thus, in no way are electric two-wheelers more cumbersome to maintain or run but are rather economical and hassle-free. Unlike diesel or petrol vehicles, there is no need of any lubricant or expensive engine oil for electric two-wheelers.

Highest Torque Level: The torque of an electric two-wheeler is commendable and worth mentioning. The EVs have the highest torque level, greater than that of IC engines, as there is no loss of energy by combustion of fuel.

At times, transition from petrol to EVs seems to be an uphill task however, it can shape up India's learning curve and if done right the first time, it might prove to be a boon for the entire auto segment. Auto players along with financial institutions are coming together to empower the consumers purchasing ability through a variety of personal loan offerings. One such personal loan is the E-Bike loan specially designed to fuel the consumers' desires for buying electric vehicles. People at LoanTap, are glad to be a part of the change and the company will continue to be an enabler in India's road towards a sustainable future.

Remember, you are one ride away from a better future!

This story is provided by BusinessWire India. ANI will not be responsible in any way for the content of this article. (ANI/BusinessWire India)

DISCLAIMER


(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

 

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

Electrification: Powering the Shift for Two-Wheeler Segment Towards Electric Mobility

Pune (Maharashtra) [India], December 7 (ANI/BusinessWire India): The future of electric two-wheeler market is growing rapidly and the major drivers for this market are the increasing health-conscious consumers, high traffic congestions, environmental concerns and initiatives which focus on reduction of toxic emissions. According to Fortune Business Insights, The Global E-bike segment was USD 10.05 billion in 2019 which will rapidly grow to 10.90 billion by 2027 whereas the Indian two-wheeler segment is expected to grow at a CAGR of over 44% during the period 2019-2025 as per Reportlinker.

Adoption of any product or service is highly dependent upon how easily it seeps into human behavior. In India, rising consumer awareness, strong push by the government authorities and falling battery prices would favor a robust growth outlook for the E-bike segment. As per a recent study by Booz & Company for electric vehicles in India, a mere 5% conversion of vehicles to electric vehicles can save 45 lakh litre of petrol every year. It is also found that even after considering the pollution caused in electricity generation, each E-bike can save up to 350 Kg of CO2 emission each year. Major factors which are driving the attention towards the electrification revolution are as follows:

Pricing: Post BS-VI emission norms, the implementation cost of an electric two-wheeler is lower than traditional combustion engine vehicles. If the company delineates down to the cost of ownership like Annual Maintenance Charges, vehicle maintenance, RTO registration and so on, the cost adoption barrier has been eliminated.

Cost Acquisition: Running and maintenance cost are the pain points of the Indian consumers. Adoption of electric two-wheelers will not only be cost-effective but will also be the most affordable commodity across the country. With less than 9-10 moving parts, as against 100s in a traditional combustion engine vehicle, it becomes considerably cheap to maintain and service. Thus, in no way are electric two-wheelers more cumbersome to maintain or run but are rather economical and hassle-free. Unlike diesel or petrol vehicles, there is no need of any lubricant or expensive engine oil for electric two-wheelers.

Highest Torque Level: The torque of an electric two-wheeler is commendable and worth mentioning. The EVs have the highest torque level, greater than that of IC engines, as there is no loss of energy by combustion of fuel.

At times, transition from petrol to EVs seems to be an uphill task however, it can shape up India's learning curve and if done right the first time, it might prove to be a boon for the entire auto segment. Auto players along with financial institutions are coming together to empower the consumers purchasing ability through a variety of personal loan offerings. One such personal loan is the E-Bike loan specially designed to fuel the consumers' desires for buying electric vehicles. People at LoanTap, are glad to be a part of the change and the company will continue to be an enabler in India's road towards a sustainable future.

Remember, you are one ride away from a better future!

This story is provided by BusinessWire India. ANI will not be responsible in any way for the content of this article. (ANI/BusinessWire India)

DISCLAIMER


(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

image
Business Standard
177 22