The recent production of electric scooters in the market and public were attracting towards electric vehicles by end of march 2023 the excepted rate of sale to be increased nearer to 800,000 in India compared with 429,217 units in the previous period.
Retail sales in India of electric vehicles led by battery-powered scooters and rickshaws will almost double in the current budgetary year starting April 1 as demand for such transportation picks up, according to a dealers’ body.
By end of march 2023 the excepted rate of sales to be increased nearer to 800,000 in India compared with 429,217 units in the previous period., Vinkesh Gulati, president of the Federation of Automobile Dealers Associations, said at an event Tuesday. Two-wheelers clocked sales of 231,338 units in 2022.
The switch to clean transport in the South Asian nation is slower than in other countries such as China and the U.S. By 2040, just 53% of new automobile sales in India will be electric, compared with 77% in China, according to BloombergNEF. Expensive price tags, lack of options in electric models and insufficient charging stations have led to slow-moving adoption of battery vehicles in India.
India’s electric transition is “marred” by a slow increase in production capacity, even though demand is rising, Gulati said. Electric vehicle sales can cross 1 million units next year if automakers scale-up capacity, he said.
India needs stricter regulation for electric vehicles to improve safety standards, Gulati said. Low-speed electric vehicles, powered by a 250-watt motor, don’t have to be registered and can be driven without a license, resulting in safety issues, he said.
Hero Electric Vehicles Pvt., which dominates the local electric two-wheeler market with 28% share, sold 65,303 units in financial 2022 versus 14,771 in the previous year. Sales of Okinawa Autotech Pvt., with 20% market share, jumped 566% to 46,447 this year, while Ola Electric Mobility Pvt. sold 14,371 units and controls 6.2% of the sector.