E-bikes to grab 50% of electric 2-wheeler market by March '28: Ultraviolette
In the ICE segment, motorcycles comprise 65% of sales with scooters making up the rest.
Among the other manufacturers, BMW currently has two e-vehicles in India while Royal Enfield has said it too will introduce its e-bike soon. All other major players in the motorcycle segment are expected to introduce e-bikes in the next couple of years.
Ultraviolette, which makes performance e-bikes, is targeting sales of 3 lakh motorcycles and scooters in four years with exports contributing around 1.2 lakh units.
The company now has two motorcycles F77 Mach2 and F77 SuperStreet, and is set to introduce two more vehicles: e-scooter Tesseract and streetbike Shockwave.
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Speaking to TOI at the inauguration of its first showroom in Kolkata, Ultraviolette CEO & co-founder Narayan Subramaniam said the share of e-motorcycles that was less than 1% in the electric two-wheeler business at present would grow rapidly to contribute nearly 50% of the pie.
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Currently, 65% of ICE two-wheelers are motorcycles.
Among the other manufacturers, BMW currently has two e-vehicles in India while Royal Enfield has said it too will introduce its e-bike soon. All other major players in the motorcycle segment are expected to introduce e-bikes in the next couple of years.
Ultraviolette, which has begun expanding its outlets beyond Bangalore this year plans to have 50 outlets by Oct and 100 by March 2026.
These will include five outlets in Bengal, including Kolkata, Behrampore and Siliguri.
The company has also begun selling its F77 motorcycles in Germany, France and Netherlands. "More than 10 containers, each containing 25-28 bikes, have been shipped to markets in Europe. We are the first company to offer high performance e-bikes at the price of ICE motorcycles," he said.
While an average e-bike sells for 17,000-18,000 euros in Europe, the F77s are retailing at 9,000 euros.
"We are looking at 35% revenue from export markets by March 2028. By volume, that would be 30% of the 3 lakh units that target to sell. At present, our plant has 50,000 units per annum capacity. We have bookings for 50,000 units of Tesseract and 10,000 of Shockwave and will soon be looking for opportunities to expand our production," Subramaniam said.
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