Why the Indian EV consumer prefers two-wheelers
The Indian Electric Vehicle (EV) market has been spinning recently, and two-wheelers are the clear winners in this race on Indian roads. Electric cars might be attracting the global EV consumer, but the Indian EV consumer is clearly showing a preference for two-wheelers.
The Indian automotive industry saw a sharp increase in two-wheeler sales in the financial year 2022. According to the Society of Indian Automobile Manufacturers (SIAM), in the first two months of this fiscal year, sales of two-wheelers in the local market increased 16% year-on-year to 2,810,138 units. Statista estimates that the Indian demand for EV two-wheelers could reach as much as 8.2 million units annually, looking at the country's massive market potential. This projected demand makes up a crucial part of the estimated 21 million units sold per year.
In fact, Autocar India also reported a massive 305% increase in electric two-wheeler sales compared to the previous year. It states that the electric two-wheeler market has grown exponentially, surpassing 600,000 vehicles per year in 2022, up from less than 2,000 vehicles in 2013. EV sales accounted for 4% of the overall two-wheeler sales in 2022, indicating a promising shift towards sustainable transportation.
Pritesh Mahajan, co-founder and CEO of Revamp Moto, expresses confidence in the future of electric two-wheelers in India, “I believe that electric two-wheelers have a promising future in India. The unique characteristics of the two-wheeler market make it easier to transform into electric. Electric scooters, in particular, hence witness higher sales compared to other electric vehicles due to their lower upfront costs and the wide range of models available in the market.”
What is causing the Indian
Read more on tech.hindustantimes.com
