According to a survey published on Monday, the electric vehicle (EV) penetration in the two- and three-wheeler segments of the Indian market increased significantly. In response to the government’s decision to extend the Electric Mobility Promotion Scheme (EMPS) program through the end of September, the market saw record-breaking sales of E-2W last month, surpassing the milestone of one million units. Meanwhile, according to BNP Paribas India, sales of E3W reached a record-breaking 63,000 units.
In the E2W, Bajaj Auto gained the most market share and Ola lost the most. Additionally, in the electric passenger vehicle (EPV) market, BYD grew their share of the market while MG shrank. Tata Motors’ market share stayed mostly unchanged.
Furthermore, in the electric three-wheeler (E3W) segment, Mahindra & Mahindra and Bajaj Auto increased their market shares significantly.
EV Sales in July Increased
According to a study there was a notable gain in EV registrations, with a 42.06 percent increase from FY23 to FY24. With a budgeted commitment of Rs 25,938 crore, the production-linked incentive (PLI) plan for the Indian automotive and auto component sectors (PLI-Auto) was authorised in 2021. By March 31, 2024, the PLI plan had invested Rs 17,896 crore in the EV sector, resulting in an additional Rs 3,370 crore in sales. Interestingly, the data is provided for the period that the FAME-2 subsidy was in effect.
The number of people using electric two-wheelers is rapidly rising in the country. The most recent report from JMK Research and Analytics states that e-2W sales increased by as much as 17,52,406 units in FY24. The EMPS effort, which has incurred additional costs of Rs 778 crore, will now run through September 30. Its objective is to facilitate the growth of the country’s ecosystem for EV manufacturing. the penetration of EVs in India’s two- and three-wheeler segments in July 89704 was more pronounced than it had previously been.
