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Report Summary Determining the business opportunity for value chain players and assessing the growth and future outlook
2 & 3 Wheeler Electric Vehicle Market in India & Future Outlook 2022
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By 2022, Sales of Electric 2W & 3W are expected to reach 1.6 million in India
India being the one of the world’s biggest market for automobile sector with annual domestic sales of 24 Million to drive the electric vehicle market mainly in 2&3W segment owing to the ambitious plans and initiatives of the government.
The Global automobile industry landscape is on the verge of disruption due to adoption of new business model, digitization given the government thrust in the industry. Similarly, India is not behind to revolutionize its own automobile sector where electrification is the prime agenda of the government. Electrification of the automobile sector is one of the reason to curb pollution as government is planning towards building the green economy. With the help of thrust from government’s policies and subsidies schemes like FAME, the business preposition in the electric vehicle market has grown specially in 2W and 3W market in India. Considering the great potential in 2W & 3W segment, the government targets 30% Electric Vehicles (EV) on the roads by 2030. Going by the current rate of 7-8% CAGR growth in automobile sales, over 46,000,000 vehicles (two-, three-, and four wheelers)could be sold in 2030. This annual market size would present an opportunity for Indian companies to become leaders in EV technology on a global scale.
BUSINESS CASE FOR 2 & 3 WHEELER ELECTRIC VEHICLE MARKET IN INDIA
- Currently, a 12% GST applies on EVs, as against a 28%-plus GST on petrol and diesel cars and hybrid vehicles.
- 11,000 electric rickshaws are sold in India every month and sales are expected to increase around 9% by 2021.
- M&M tied up with Three Wheels United to promote Treo range in Bangalore and Hyderabad with an aim to sell another 10,000 units.
- SmartE, an Uber-style app using 800-plus e-rickshaws around New Delhi.
- The potential market for e-rickshaws could be sales of 20 million vehicles a year.
- Hero Electric plans to sell 40,000 electric two-wheelers during the current financial year. Hoping to double its volume every year and reach the 100,000 mark by fiscal 2020 or 2021.
- SmartE plans to deploy a total of 10,000 Mahindra electric three-wheelers across India by 2020
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