Electric vehicle adoption in India will be led by three-wheelers

Electric vehicles will account for 65-75% of new three-wheeler (3W) sales by 2030. Intra-city transport buses will see 25-40% EV penetration and two-wheelers 25-35%. In four-wheeler passenger vehicles, the market will be driven by shared mobility, while just 10-15% of new car sales for personal mobility will be electric.

November 6, 2020 Uma Gupta

Availability of product variants and low cost of ownership are among factors that bode well for the price-sensitive 3W market.

Image Credit: Panasonic

From pv magazine India.

A joint research by KPMG and the Confederation of Indian Industry (CII) expects India to see a gradual, phased adoption of electric vehicles. The market penetration will be the fastest in the three-wheeler (3W) segment, followed by electric buses, two-wheelers and then passenger taxis.

The report expects electric vehicles to account for 65-75% of new sales in the three-wheeler (3W) segment and 25-35% in two-wheeler (2W) in 2030.

Intra-city transport buses will see 25-40% penetration.

However, the adoption in passenger 4W segment will lag, with 10-15% penetration in personal cars and 20-30% in the commercial segment (electric vehicles for shared transport, including by taxi aggregators such as Ola and Uber).

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