India’s Electric Vehicle Sector All Charged Up to Go the long distance, But Speed Bumps Remain
There is a small question about India’s electric vehicle segment being the most famous & happening field in its automobile landscape. As per records from the India Energy Storage Alliance, venture capitalists invested a huge $1.7 billion here in 2021. To date in 2022, this amount has touched upto $66 million.
The Electric Vehicle market in India is touted to grow at a CAGR of 49%, touching sales figures of 17 million units annually in this decade & between these, 2-wheeler Electric Vehicles take the biggest share. In fact, electric 2-wheelers constituted 3.6% ( 2,40,662 units) of overall 2-wheeler sales (66,95,434 units) between January & July of 2022.
Vahan is India’s digital national vehicle registry, according to which Electric Vehicle sales increased 3 times during the first 6 months of 2022. Till 7th month of this year, about 4,445 electric cars had been sold in India. Clearly, signs are pointing toward a budding awareness & rising will to switch to Electric Vehicles.
Also, as per the recent NITI Aayog-TIFAC report, there is a possibility of a momentous & sooner-than-expected shift to electric mobility in India, especially in the 2-wheeler segment. A solid 72,474 Electric Vehicles were registered on Vahan in June of this year, zooming up 547% as compared to the same time last year. But the single and the biggest impediment to their progress is their steep prices. As per the international car shopping database iSeeCars, while conventionally powered cars, i.e., ones fuelled by gas, petrol or diesel saw their prices surging by around 10.1% this year, Electric Vehicle four wheeler prices skyrocketed by as much as 54.3%.