Electric two wheelers market in India is rapidly growing but electric four wheelers market is still penetrating.
India is the fourth largest car market in the world. The diesel car market in India is so popular that it could be very hard to replace EVs instead of diesel cars. Charting a new course for electric vehicles (EVs), the country still has EV penetration at only around 1 percent (according to Moody’s) -and that too dominated by electric two wheelers.
But, the reports are also saying that the Central Government and state government subsidy policy will help to increase the adoption of EVs in India. For that reason, the electric vehicles market is rapidly growing year by year.
The Automotive experts are expecting that electric four wheelers share will increase from 1 percent to 27 percent by 2027.
In India, Tata motors is leading the Indian passenger vehicles market, followed by MG Motors and Hyundai.
“Recently MG Motors has launched an affordable MG electric car which is available at Rs 10 lakh price, which will be a game changer for urban EV adoption”,- senior analyst Soumen Mondal from Counterpoint Research told IANS.
Its offer a 230 km range on a single charge and the average cost of this EV to charge that is only Rs 519 per months.
Another way Suzuki is also working on its own battery technology to manufacture in India before launching Pure EV models.
Tata Motors is already setting up a battery factory in India which will reduce battery price as well as electric four wheelers.
Right now electric two wheelers market share is 44 percent and three wheelers market is 50 percent. This segment will rapidly grow day by day.
The electric passenger vehicles (EPV) segment grew over 114 per cent YoY in Q1 in India. By Q1 2025, the EV market share in India is expected to surpass 24 percent.
Article Source: India TV