In EV penetration race, India's electric two-wheelers still in rearview

China leads the e2W market, selling 5.9 million vehicles in CY 2023 - six times more than India - although this represents a 25 per cent drop from CY 2022

India may be the second-largest market for electric two-wheelers (e2Ws) globally, having sold 0.9 million vehicles in the calendar year (CY) 2023. However, the situation differs when it comes to e2W penetration. China leads with a 35 per cent market share in CY 2023, followed by Vietnam at 9 per cent, Europe at 7 per cent, and India at 5 per cent, according to data from the International Energy Association (IEA). The ‘Other Asia’ category — which includes Bangladesh, Singapore, Sri Lanka, Taiwan, Pakistan, Myanmar, Nepal, and Mongolia — collectively holds a 4 per cent share.

India’s