July observes high EV penetration in 2W and 3W EV segments

The Indian EV industry experienced a significant rise in the electric vehicle(EV) penetration in the two-wheeler and three-wheeler segments, according to a report released on Monday. Following the government’s ruling to extend the Electric Mobility Promotion Scheme (EMPS) scheme by the end of September, the market in the last month recorded historic sales of E-2W crossing the mark of 1,00,000 units. Meanwhile, the sales of E3W attained a new height of 63,000 units, as reported by BNP Paribas India.

Ola lost the greatest market share in the E2W, while Bajaj Auto gained the most. Additionally, BYD increased its market share while MG decreased in the electric passenger vehicle (EPV) industry. The market share of Tata Motors remained mostly constant. 

Moreover, Mahindra & Mahindra and Bajaj Auto in the electric three-wheeler (E3W) gained a significant amount of market share.

The Centre reported last week that EV registrations increased by 42.06 per cent in FY24 compared to FY23, indicating significant growth. The production-linked incentive (PLI) plan for the Indian automotive and auto component sectors (PLI-Auto) was authorised in 2021 with a budgetary commitment of Rs 25,938 crore. 

Under the PLI scheme, the investment in the EV industry stood at Rs 17,896 crore which brought incremental sales of Rs  3,370 crore by March 31, 2024. Notably, the data is given to the date up to which FAME-2 subsidy was in action.

The nation is seeing a sharp increase in the use of electric two-wheelers. According to the most recent JMK Research and Analytics report, e-2W sales observed an increase of up to 17,52,406 units in FY24. With a fresh expenditure of Rs 778 crore, the EMPS initiative will now operate till September 30. Its goal is to support the expansion of the nation's EV manufacturing ecosystem.

The penetration of EVs in the 2 and 3-wheeler segments of India in July 89704 was sharper than before, according to a report from The Hans India.