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India’s electric two-wheeler startups surge to over 150 as government revs up EV push
The number of startups in India's electric two-wheeler market has surged to over 150 from 54 in 2021, driven by government incentives to promote clean The number of startups in India's electric two-wheeler market has surged from 54 in 2021 to over 150.
The number of startups in India’s electric two-wheeler market has surged to over 150 from 54 in 2021, driven by government incentives to promote clean vehicles and cut oil imports, according to a new analysis. Despite a reduction in FAME II subsidies in mid-2023, the number of electric two-wheeler companies rose from 124 in June 2023 to 152 by January 2024, with much of the increase coming from “importers” sourcing components or entire vehicles from abroad, Bernstein noted. The report sees room for at least five startups to emerge as relevant players alongside established companies, but cautions that intense competition could keep industry profit margins and returns subdued in the medium term.
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