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do equity markets influence electric 2 & 3-wheeler sales?","how-do-equity-markets-influence-electric-2-3-wheeler-sales","article/how-do-equity-markets-influence-electric-2-3-wheeler-sales",{"_uid":557,"date":558,"tags":559,"editor":569,"content":579,"excerpt":669,"featured":51,"reporter":670,"_editable":674,"component":675,"seo_title":553,"categories":676,"visibility":680,"author_company":49,"featured_image":681,"seo_description":669,"author_full_name":49,"author_job_title":49,"formattedDate":685,"formattedArticleDate":686},"59b8dd76-756f-4f64-854c-fc18caf60bcc","2025-07-22 00:00",[560,563,566],{"slug":561,"name":562},"china","China",{"slug":564,"name":565},"india","India",{"slug":567,"name":568},"ipo","IPO",[570],{"slug":571,"name":572,"content":573},"didi-bostock","Didi Bostock",{"job_title":574,"image":575,"bio":577,"linkedin":578},"Editor - Energy Transition & Economics",{"filename":576},"https://a.storyblok.com/f/287943243085208/512x512/2c5ca5c1a3/didi-bostock.jpeg","Didi is the Energy Transition & Economics Editor at Benchmark, covering a broad range of markets across the energy transition. His remit spans from downstream sectors such as BESS and EVs, through to midstream such as new technologies and battery production, to upstream critical minerals mining. He also leads on financial analysis across these supply chains, alongside in-depth policy analysis.\n","https://www.linkedin.com/in/didi-bostock-656342198/",{"type":580,"content":581},"doc",[582,589,604,616,623,628,633,646,651,658],{"type":583,"attrs":584,"content":585},"paragraph",{"textAlign":49},[586],{"text":587,"type":588},"The global 2 & 3-wheeler market is expected to move back into growth in coming years with the Indian market showing the fastest growth of any region. This trend aligns with the recent surge in the country’s IPO market, and reflects trends previously seen in the China market.","text",{"type":583,"attrs":590,"content":591},{"textAlign":49},[592,594,602],{"text":593,"type":588},"The 2 & 3-wheeler market after shrinking from 2022 to 2023, has shown signs of stagnation from 2023 to 2024, a trend that is expected to continue from 2024 to 2025, according to Rho Motion’s recent ",{"text":595,"type":588,"marks":596},"eMicromobility and 2 & 3-Wheeler Outlook",[597],{"type":598,"attrs":599},"link",{"href":600,"uuid":49,"anchor":49,"target":49,"linktype":601},"https://rhomotion.com/research/emicromobility-and-2-3-wheeler-outlook/","url",{"text":603,"type":588},".",{"type":605,"attrs":606},"blok",{"id":607,"body":608},"4dc23347-b7b8-48c0-9b17-59ddfaa16243",[609],{"id":610,"_uid":611,"type":612,"_editable":613,"component":614,"fixed_height":615,"use_fixed_height":50,"fixed_height_mobile":615,"fixed_height_tablet":615},"24333944","i-a7995e1e-06e0-461c-8bce-7bc8dde424cc","visualisation","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-a7995e1e-06e0-461c-8bce-7bc8dde424cc\", \"id\": \"\"}-->","ContentFlourish","",{"type":617,"attrs":618,"content":620},"heading",{"level":619,"textAlign":49},4,[621],{"text":622,"type":588},"China’s story of growth",{"type":583,"attrs":624,"content":625},{"textAlign":49},[626],{"text":627,"type":588},"“China saw a surge of sales across its 2 & 3-wheeler market from 2019 to 2020 and in the wake of Covid, largely on the back of strong policy support which has begun to subside, returning to somewhat normalised levels,” commented Pete Tillotson, Senior Analyst at Rho Motion. This surge in sales aligned with an uptick seen in the Chinese IPO market. During the 2010s many Chinese players looked to US equity markets to raise funds ahead of expansion. Following the launch of China’s STAR market in 2019, these IPOs shifted to the Chinese mainland. This equity funding was key to financing the production required to meet the surge in 2 & 3-wheeler sales seen in China.",{"type":617,"attrs":629,"content":630},{"level":619,"textAlign":49},[631],{"text":632,"type":588},"India’s growth is mimicking China’s",{"type":583,"attrs":634,"content":635},{"textAlign":49},[636,638,644],{"text":637,"type":588},"This is a trend that is now being reflected in the Indian 2 & 3-wheeler market, as it gears up for a new phase of fast growth. In the past year, five electric 2 & 3-wheeler companies listed on stock markets around the world according to ",{"text":639,"type":588,"marks":640},"Benchmark’s Energy Transition Capital Monthly",[641],{"type":598,"attrs":642},{"href":643,"uuid":49,"anchor":49,"target":49,"linktype":601},"https://source.benchmarkminerals.com/publications/briefings/energy-transition-capitals/energy-transition-capital-june-2025",{"text":645,"type":588},". Four of these IPOs were in India, raising a total of $1.09 billion. This comes in addition to a surge in private funding seen in the country, aligning with expectations that the market will grow rapidly.",{"type":617,"attrs":647,"content":648},{"level":619,"textAlign":49},[649],{"text":650,"type":588},"India set to be one of the fastest growing markets",{"type":583,"attrs":652,"content":653},{"textAlign":49},[654,656],{"text":655,"type":588},"Through to 2030, India’s 2&3 wheeler market is expected to grow over 300% compared to 2024 levels. This surpassing global growth expectations of 190% and China’s 110% growth. Notably India’s market size is expected to catch up with China by 2030.",{"text":657,"type":588},"China’s market growth will remain more subdued than India’s largely as China’s is more mature, while India is at the start of its electrification journey with a huge incumbent ICE market into which electric two wheelers can penetrate. Additionally, many of the trade-in schemes that aided growth in China are expected to come to an end in the near future. Comparatively, India’s market is going from strength to strength. Although its subsidy scheme has steadily been phased down over the last three years, sales have steadily increased year-on-year.",{"type":583,"attrs":659,"content":660},{"textAlign":49},[661,663,668],{"text":662,"type":588},"To find out more about the 2 & 3-wheeler market, see our recent forecast report ",{"text":664,"type":588,"marks":665},"here",[666],{"type":598,"attrs":667},{"href":600,"uuid":49,"anchor":49,"target":49,"linktype":601},{"text":603,"type":588},"The global 2 & 3-wheeler market is expected to move back into growth in coming years with the Indian market showing the fastest growth of any region. This trend aligns with the recent surge in the country’s IPO market, and reflects trends previously seen in the China market. The 2 & 3-wheeler market after shrinking […]",[671],{"slug":571,"name":572,"content":672},{"job_title":574,"image":673,"bio":577,"linkedin":578},{"filename":576},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"59b8dd76-756f-4f64-854c-fc18caf60bcc\", \"id\": \"\"}-->","article",[677],{"slug":678,"name":679},"ev","EV","private",{"id":49,"alt":615,"name":615,"focus":615,"title":615,"source":615,"filename":682,"copyright":615,"fieldtype":683,"meta_data":684,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/994dd0a25e/bm-adobestock-866536202-1-scaled.jpeg","asset",{"alt":615,"title":615,"source":615,"copyright":615},"Jul 22, 2025","22nd July 2025",[],[],1792773885875]