Asia’s Two-Wheeler EV Surge: Price Parity, Regional Momentum, and the Race to Lead

Asia is accelerating its electric two-wheeler revolution – but what’s driving the shift beyond just price? In this interview, GLG Network Member, Ritujoy Chakraborty, Founder of Monzen Consulting, shares practical insights into how markets like India, Vietnam, Indonesia, and Thailand are navigating electric vehicle adoption. From the tipping point of cost parity to the cultural role of scooters and the competition to become Southeast Asia’s EV hub, these three questions offer a grounded view into the future of electric mobility across the region.

Q: How soon do you anticipate full price parity between EV two-wheelers and ICE models in Asia, and which cost components will be most crucial in achieving this?

We’re already at the cusp of price parity – especially when it comes to fixed-battery electric scooters versus ICE (Internal Combustion Engine) scooters. In India, ICE scooters retail at around $1,000 to $1,100, while fixed-battery electric scooter bikes of similar capability come in at $1,300 to $1,400. With battery prices dropping and smaller batteries now able to deliver the same range as earlier, we’re very close. Within a year or year and a half, we should see full parity. Swappable battery scooters, in fact, are already at price parity – but that’s a slightly different conversation given their operational cost model.

Battery prices are falling consistently, about 10% to 15% year-on-year. Not just that, motor efficiencies are improving, battery chemistries are evolving, and lighter batteries are able to deliver more. All this helps close the price gap and makes e-bike electric scooter models more viable for everyday use. On the supply chain side, as volumes go up, we’re naturally seeing better economies of scale. That means lower component costs, better logistics efficiency, and more favorable supplier terms – all of which help bring down the overall electric scooter cost.

Raw material costs – aside from the battery – aren’t drastically different between ICE and EV scooters. You still have to build the same frame, seat, brakes, lights, and wiring harness. But where EVs win is in simplification – fewer moving parts, less wear and tear. Once battery cost drops below a certain threshold and supply chain efficiencies stabilize, the overall vehicle cost becomes much easier to control and optimize.

That’s why I’m confident in saying price parity is imminent – particularly in markets like India and Southeast Asia, where price sensitivity is high and two-wheelers like the SEA scooter dominate urban mobility. Once you hit that tipping point, and add in the much lower operational costs, the value proposition becomes extremely strong. The economics make sense – it’s just a matter of time now for EV adoption in India and across the region to accelerate.

Q: How do consumer adoption patterns vary across China, India, and Southeast Asia, and are regional differences primarily driven by incentives, infrastructure, or consumer preferences?

What I know is that adoption in Thailand is going very fast. I think the local governments, including state-level governments, are very EV-friendly, and that’s helping drive rapid adoption. Infrastructure is growing quickly as well – we’re seeing an increase in public charging stations, and there’s clear momentum in the electric scooter Thailand segment.

I’m not deeply qualified to speak on the exact nature of incentives, so I won’t get into specifics there, but I do know that Thailand, Indonesia, and Vietnam are all actively rolling out some form of incentive to support EV adoption. This is a trend we also observe in the China EV market, which continues to set the benchmark in mass-scale electric mobility.

What’s also driving growth, especially in countries like Vietnam, is the cultural integration of two-wheelers. In Vietnam, even if you’re a wealthy person, you still have a scooter – it’s just a fundamental part of everyday mobility. These are high-reliance, short-distance commuting markets, and electric two-wheelers fit that use case perfectly. The rise of EVs Vietnam-wide has been enabled by strong consumer familiarity with the format. India is on a similar trajectory – the cultural and practical dependence on two-wheelers is strong, and that’s shaping consumer behavior across the region. This familiarity is crucial for boosting EV adoption in India, where two-wheelers dominate both urban and rural transport.

Q: Could you elaborate on which among Thailand, Indonesia, and Vietnam currently has the strongest fundamentals to emerge as Southeast Asia’s leading hub for electric two-wheelers?

I think Thailand is poised to be the leader in terms of speed of adoption, largely because they’ve made significant investments in infrastructure. I believe they’re also offering incentives to accelerate the transition, so the pace at which things are moving there is quite impressive, especially in the electric scooter Thailand category.

That said, Indonesia has the biggest market potential – simply because of its size. The number of two-wheeler buyers is massive, so even if the adoption rate is slightly slower than Thailand, the absolute numbers will likely be higher in the long run. We’re already seeing substantial momentum in the electric scooter Indonesia market, especially in urban centers where congestion and fuel costs are becoming more critical concerns.

Vietnam is already a very strong market. I believe the two-wheeler penetration rate there is around 83%, maybe higher. It’s deeply embedded in how people move, and that makes it a very promising market for EVs Vietnam. With infrastructure coming up and growing openness to new brands, I expect Vietnam to remain a core market in Southeast Asia’s electric scooter market growth story. Collectively, these countries along with India will define the future of two-wheeler EV leadership in the region, as electric scooter prices reach parity with their ICE counterparts.

About Ritujoy Chakraborty

Ritujoy Chakraborty is a strategic leader with over 20 years of global experience in the automobile industry, having led product, marketing, and P&L functions across India, Africa, Latin America, North America, and Europe. His insights reflect a deep understanding of EV adoption in Southeast Asia and India, shaped by infrastructure, policy, and the cultural role of two-wheelers. Now a consultant and trainer, he advises EV startups, investors, and consulting firms, while mentoring future leaders as a guest lecturer at top Indian business schools.

This article is adapted from the GLG Teleconference “Asia’s Two-Wheeler EV Breakthrough,” hosted on March 28, 2025. If you would like access to this event or would like to speak with experts like Ritujoy Chakraborty, please contact us below.