India to witness rapid growth in Three wheeler EV segment.

India is gradually witnessing a surge in the adoption chart of the Electric Vehicle (EV), although the degree of growth is lower than the desired level.

The month-on-month registrations indicate a steady upward trend.

According to the Data shared by Vahan, India’s commercial EV market has seen rapid growth in recent years, making up a total of more than 50 per cent of all the three-wheelers.

The two-wheelers are the leaders in this space. The share of registered electric three-wheelers has increased to a large extent over the years. 

And as per the JKM report, around 191.5 lakh EVs are expected to be sold annually by FY2030. 

The Faster Adoption and Manufacturing of Electric and Hybrid Vehicles in India (FAME) policy and the government’s continuous support in the growth of the EV industry through subsidies, favorable regulations, policies, 100 per cent FDI approval, push towards battery R&D and improve charging infrastructure have all contributed a big deal to easing EV adoption in the country. 

As of August 2022, the electric three-wheelers sales stand at 29,331 units for passenger-type vehicles whereas 2,694 units for cargo-types. While the sales of the passenger type increased by almost 10 per cent, the cargo type sales remained flat compared to last month, down 1.54 per cent. 

The three-wheeler industry segment plays a crucial role in terms of rising economic activity and business-led mobility solutions. Through the pandemic and the changes that have come forth therein, the three-wheeler goods carrier segment has seen a definitive change in trend.

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