The government will need to do some more handholding before the EV sector finds a firm footing. With the upcoming Budget, the industry hopes for an equitable landscape with subsidies and incentives, across states and the Centre, and a focus on long-term policy measures
It’s finally safe to assume that the world’s fourth-largest automobile industry is amidst a much-awaited transition. While the pace may not mirror that of China, it is nevertheless a rapid one. From a meagre electric vehicle (EV) penetration of 0.09 percent in 2018 in the two-wheeler segment, and 14 percent in the three-wheeler category, EV penetration now stands at over 5 percent in two-wheeler sales and over 54 percent in the three-wheeler segment.
That means of the 17 million two-wheelers sold in India currently, nearly 1 million are electric vehicles. Of the 1 million three-wheelers sold in the country, over 580,000 are EVs.