More public charging stations will help ease the concerns of potential electric vehicle (EV) buyers regarding range limitations, boost demand and encourage electric two-wheeler makers, including Ola Electric, Ather Energy and TVS Motor Company, to ramp up capacity.
Last fiscal, EVs accounted for 4.5% of the nearly 15.86 million two-wheelers (motorcycles, scooters and mopeds) sold in the country. Mehta said sales of electric two-wheelers started gaining momentum last month, after declining sequentially in June when manufacturers had raised prices on account of the reduction in incentives under FAME II (faster adoption and manufacturing of hybrid and electric vehicles).
Data available with Federation of Automobile Dealers Associations (FADA) shows that 54,292 electric two-wheelers were sold in July compared with 45,806 units retailed in the previous month. “The market has already started picking up and recovered by 20% in July. On a run rate basis, it (penetration of electric powertrain in two-wheeler sales) should cross 10% early next year and 20% by early 2025, led by scooters,” Mehta said, adding that motorcycles will take some more time to transition to electric. Meanwhile, the share of electric in the scooter segment is expected to double to about 30% by the end of the current fiscal.
Keyword: Electric 2-wheeler companies all charged up to raise production