EV adoption, in all ways, is what the world needs. In the Indian context, be it the consumers, government subsidiaries, or the OEMs, they are all driven by the idea of building the EV arena to its full potential. While studies are indicating the same, a recent report from CEEW-CEF shows the Indian EV market will reach Rs 16,24,722 crore by 2030.
What is more interesting is that the acceptance is widespread, not just the Tier-1 states. The most recent figures can be seen as a positive development with Karnataka leading the charge with a 4.66 per cent market penetration rate, followed by Goa and Maharashtra standing at 4.39 per cent and 3.14 per cent respectively for electric scooters and motorcycles.
The city of Bangalore has been dominating EV sales in Karnataka with the highest share of 57 per cent at 20,059 sold units out of which 90 per cent share is only for electric two-wheelers.
As the country gears up for massive growth in the EV sector, electric two-wheelers are the highest performers in terms of demand and sales. The Federation of Automobile Dealers Associations (FADA) witnessed a threefold growth in electric two-wheelers sales from 134,821 for FY20-21 to 429,217 units for FY21-22, signaling the gained momentum.
While the overall E2W sales in the country stand at a whopping figure of 42,245 units for the month of June 2022 accounting for a 61 per cent share of the total EV sales, according to the Vahan data.
Outgrowing, the component and chip shortages or the EV catching fire incidents, time and again, electric mobility has taken off summing up the journey from twists-turns to the transition phase.