Sale Of EVs To Grow Rapidly By 2030 In India: Report

By 2030, sales of new electric two-wheelers can increase by 50 per cent and sales of three-wheelers by 70 per cent

The domestic electric vehicle industry is expected to grow rapidly in two-wheeler and three-wheeler sales by 2030. Electric two-wheelers and three-wheelers will account for 50 and 70 per cent of the total sales under this category, respectively, said an official report.

The overall cost of electric two-wheelers and three-wheelers is likely to be more attractive in the country than passenger or heavy commercial vehicles, said the report jointly prepared by the Association of Automotive Component Manufacturers (ACMA) and McKinsey.

According to the report, released on the sidelines of the 62nd annual session of ACMA, it has been said that by 2030, sales of new electric two-wheelers can increase by 50 per cent and sales of three-wheelers by 70 per cent.

The report said that due to the slow pace of electrification, the Indian passenger and heavy commercial vehicle segment will continue to be dominated by conventional engines (petrol and diesel). According to the report, by 2030, the share of electric passenger vehicles in total vehicle sales will be 10-15 per cent and heavy commercial vehicles will account for five to 10 per cent.