Electric Two-wheelers sales to grow by 87% to 3.4
million in 2025
Electric two-wheelers in India has been increased rapidly all over India and it holds 70 per cent of the Indian market which makes its the world’s largest two-wheeler market. and it has been predicted that 87 per cent CAGR for the two-wheeler market in India to 2025.
Electric Two-wheelers sales
According to a research report by JMK, Research and Analytics predicted a CAGR of 87 per cent for the electric two-wheeler market in India to 2025. The government subsidies under the FAME II (Faster Adoption and Manufacturing of Hybrid and Electric Vehicles) programme will also help to grow the two-wheeler market.
The report says that the most important reason for the expansion would be a drop in prices of batteries to a level of $100 KwH by 2025.
This will spur market expansion to almost 3.4 million sales by 2025, an 87 per cent CAGR over 2020 sales of 1,52,000 according to them. 2019-20 sales. Amidst the COVID lockdown, it has still managed to grow 20 per cent over 2018-19.
Sales of E-rickshaws
The sales of electric vehicles excluding e-rickshaws, in India grew by 20 per cent at 1.56 lakh units in 2019-20 by two-wheelers said Society of Manufacturers of Electric Vehicles (SMEV).
The total sales of EVs in India stood at 1.3 lakh units in 2018-2019. Out of them, the total sales in FY20, 1.52 lakh units were two-wheelers, 3,400 cars and 600 buses. The sale for 2018-19 was 1.26 two-wheelers, 3,600 cars and around 400 buses SMEV said in a statement.
Sales of new passenger cars
According to a study, there will be 58% of new passenger car sales globally by 2040, and 31% of the whole car fleet. There will be also 67% of all municipal buses on-road and 47% two-wheelers and 24% of light commercial vehicles.
The use of electric vehicles will remove 17.6 million barrels per day which means almost 1 million barrels of oil demand per day by 2040. 5.2% of electric vehicles will be added to the global electricity demand by 2040.
The global sales of the internal combustion engine or ICE, cars peaked in 2017 and will continue their long-term decrease after a temporary post-crisis recovery. However, the Electric models are seen accounting for 3% of global car sales in 2020, rising to 7% in 2023, at some 5.4 million units.
Coronavirus impacts on the EV market
The world’s biggest EV market, China is witnessing the fall in sales of vehicles and many other things. According to preliminary data from the China Passenger Car Association, the retails sales of passenger cars fell by 80% in February.
According to Reuters, the BYD’s electric vehicles sales went down to 79.5% year over year. The state-owned BAIC Group’s sale is down by 65.1% compared to a year ago. Volkswagen’s EV partner JAC last month sales went down to 63.4%.
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