India’s Electric Three-Wheelers Sales Soar. 🚀
In 2024, India has seen a remarkable 20 percent increase in the sale of electric three-wheelers, reaching a total of 7 lakh vehicles. This growth has positioned India as the world’s largest market for electric three-wheelers for the second year in a row, even surpassing China. 🌍
Strong Market Growth 📈
According to the International Energy Agency (IEA), India’s three-wheeler market is highly concentrated. Over 90 percent of electric and traditional three-wheelers are sold in China and India. While China’s electric three-wheeler sales have remained stable at less than 15 percent for the past three years, India has taken a significant lead in 2024.
Government Support Boosts Sales 💡
The Indian government’s PM e-Drive Scheme is a key factor in this growth. In 2024, the scheme helped roll out more than 3 lakh electric three-wheelers for commercial use. With China, India, and Southeast Asia accounting for 80 percent of the global two and three-wheeler market, the trend is expected to continue.
Two-Wheeler Market Dynamics 🛵
India’s two-wheeler market is also thriving, with 220 OEMs (Original Equipment Manufacturers) in 2024, up from 180 in 2023. About 80 percent of the 1.3 million electric two-wheelers sold were from four leading companies. The competition is driving more people to choose electric over traditional two-wheelers.
Future Prospects 🌟
The IEA report highlights that policy support is helping close the affordability gap between electric and internal combustion engine (ICE) vehicles. The ongoing PM E-Drive policy aims to support the rollout of about 2.5 million electric two-wheelers by March 2026. Additionally, electric car sales in India rose to around 1 lakh units in the first quarter of 2024, marking a 45 percent increase from the previous year.
Electric Buses on the Rise 🚌
The number of electric buses has also surged, growing from 3,000 to over 11,500 by the end of 2024. This showcases India’s commitment to expanding its electric vehicle market and reducing pollution.
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