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Systematix Research Report
The demand momentum for electric two-wheelers remains strong with a 466% YoY growth in FY22 (large selling models have a waiting period), driven by increased awareness, new launches, and favorable government policies.
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With capacity expansion underway for most existing electric two-wheelers players and new launches in the pipeline from the incumbents, the electric two-wheelers industry is expected to continue to see strong growth over the next few years.
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Hero Electric continues to enjoy market leadership with a share of 29%, followed by Okinawa at 21% and Ather at 9%. Ola Electric, which began supplies started in November 2021, has already reached a market share of 6%.
Unlike the electric two-wheelers market, the domestic electric passenger vehicle industry is just starting to see demand traction with multiple launches by incumbents and new-age original equipment manufacturers lined up over the next 12-18 months.
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