Electric 2W Sector Shows Recovery The electric vehicle (EV) market in India’s two-wheeler (2W) sector has shown significant growth over the past two months, according to a report by BNP Paribas India. After incentives were almost halved in April, the sector’s penetration and volumes have not only recovered but have also surpassed the levels of FY24.
Electric 2 Wheelers See Growth in Last 2 Months
Market Share Shifts The report highlights that while electric 2W penetration and volumes have increased, Ola Electric has lost market share. In contrast, TVS Motor Co Ltd (TVSL) has gained market share for the second consecutive month. This indicates a dynamic shift in the competitive landscape of the electric 2W market.
Electric Passenger Vehicles and Three-Wheelers In the electric passenger vehicle (EPV) segment, penetration saw a slight month-on-month decline. Tata Motors lost market share, whereas MG Motors gained. The electric three-wheeler (E3W) sector experienced a year-on-year volume increase but a month-on-month decline in June.
Policy Updates Electric 2 Wheelers See Growth in Last 2 Months
Kumar Rakesh, an IT and auto analyst, mentioned that FAME III incentives might be announced in the upcoming Union Budget. Additionally, the expiration of Delhi’s EV policy could lead to price increases for electric two-wheelers (e2W) and electric three-wheelers (e3W).
Future Projections A separate report from last month projected that with the improving adoption rate, electric car sales in India are expected to reach 1.3-1.5 lakh units in the current fiscal year (FY25). The previous fiscal year (FY24) saw a record 90% growth in electric car volumes, with 90,432 units sold. This growth is attributed to the government’s push for a sustainable and environmentally friendly transportation sector.
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