Electric two-wheeler sales in the country are expected to grow to around 22 million by 2030 amid a demand for affordable transportation and the focus on reducing carbon emissions, a report said on Tuesday. A predominantly two-wheeler market, India ‘s overall EV penetration, including two-wheeler stood at around 3 per cent of the total automobile sales in 2022 calendar year. Most developed countries are four-wheeler-dominated markets with as high as 63 per cent and 56 per cent penetration, in the US and China, respectively, Redseer Strategy Consultants said in its report released on Tuesday. It noted that though the electrification of mobility in India is still at a nascent stage, there is a massive headroom for growth. Consumers are increasingly picking EVs understanding that the Total Cost of Ownership ( TCO ) is more favourable than their petrol counterparts; it said and added that many brands and players have entered the field given a low barrier to entry through imports. As the market matures and regulations tighten, the market will consolidate, favouring more integrated players even as range anxiety remains a concern for customers and charging infrastructure will be key in removing this barrier to further adoption, Redseer said. One… Read full this story
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