Electrifying Trend on Wheels

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It’s High Time

Electric Vehicles (EVs) are playing a vital role in India to cope with the challenging environment of contaminated air. India being the leading nation with large number of cities under most hazardous air in the world has a serious threat revolving around for almost more than a decade. Respective governments somehow have failed to maintain the standard air quality issued by WHO (World Health organization) as breathable air. Currently, India has 35 most polluted cities in the world out of top 50. This number clearly showcase there’s something serious on the table for current authorities to work on and resolve this phenomenon before it turns into nightmare for everyone.

Public of India has become aware of the situation and have shown interest in EVs to keep their recurring expenses low and have zero effect on the environment. India’s electric vehicle market is mainly lead by 2W market and is expected to grow at a rapid pace in next two to three years of time span.

Demand from public

Rising petrol prices in India past couple of years has boosted the demand for electric vehicles. Electric passenger car market in India saw 234% Y-o-Y growth for April-September 2021period even though there are fewer options in the market. Tata’s Nexon EV is leading the chart with almost 60% market share of electric cars since its sales.

Electric Car Sales in India

• Tata Nexon EV has sold 3,618 units in the months from April-September 2021 which had shown 214% Y-o-Y growth where they previously managed to sell 1,152 units in April-September 2020.

• MG ZS EV is the second most sold electric car in the Indian market which managed to sell 1,789 units in April-September 2021 as compared to 511 units in April-September2020. This shows 250% Y-o-Y growth.

• Tata’s another commercial vehicle Tigor EV sold 801 units in April-September 2021 where as they sold only 100 units in April-September2020; it’s a huge development in the demand for Tigor EV in the market that shows 701% Y-o-Y growth.

• Hyundai’s Kona electric which is the highest range electric car in the Indian market has somehow managed to sell only 51 units in April-September 2021 compared to 101 units in April-September 2020. There’s a sharp fall in the demand for this car as it was not eligible for any subsidy in the country.

E-Two wheelers and E-Three wheelers high in demand

Electric two wheelers have recorded humongous momentum in Q2 of fiscal year 2022 where it recorded all time high sales. Since the reopening of lockdown in 2020 public has turned their heads towards electric two wheel drive as the government imposed heavy tax on petrol to keep reserves ready for any unprecedented emergency. That was the moment when public got the indication for a shift and the data further revealed the story. At current point, high speed electric scoters are gaining the trust of new buyers as they are getting better in terms of technology and affordability.

• Hero electric is leading the race of e2W market

• Ather energy has also picked the spot as they are expanding their network of sales.

• Revolt Intellicorp India’s first electric bike manufacturer has recorded massive demand as they had no competitors while commencing in the market. Even for now, they have almost no competition.

• Other rising players in e2W market like Pure EV, BGauss Electric are expanding their network as well.

Support from Governments

Union government had already implemented FAME-II scheme to make electric vehicles affordable to the general public, fleet owners and government institutes. Later, this year government increased the amount of subsidy per KWH which increased the interest of many as the price of many electric vehicles went down, especially of electric two wheelers.

Later, some state governments made their plans clear and got into action for expanding the electric mobility in their respective states. State of Maharashtra, Gujarat, Meghalaya, Assam, Bihar, Odisha, Rajasthan, and West Bengal are providing subsidy on electric two wheelers to boost the sale in next two years.

Note: to know more about the sales of electric vehicles in India you can visit the link: https://jmkresearch.com/wp-content/uploads/2021/10/Monthly-EV-Update_Sept-21_JMK-Research.pdf

– By Parag Ahire

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