Electric two-wheelers to comprise 60-70% of India’s 2W market by 2030

This is about three times the amount (US$ 150 billion) spent in 2019, the last pre-covid year of average consumption

October 19, 2023

This number is aided by a growing economy, swelling incomes and a youthful population

The number of aggregate trips is expected to rise from 2.3 billion to about 5 billion during the period

India saw the strongest post-COVID rebound in domestic and foreign travel among Asian countries

The business of online travel agents (OTAs) is also growing four times faster than online direct ordering and offline intermediaries

Electric two-wheelers are expected to comprise 60-70% of India’s two-wheeler market by 2030, according to Heavy Industries Secretary Kamran Rizvi. 

He noted that an estimated 1.2 million scooters are expected to be sold this year and emphasised the long journey ahead. Rizvi further projected that by 2030, they hope to see 60-70% of electric two-wheelers and, in a few years, 70-75% of three-wheelers being electric. Additionally, the ministry aims to oversee the sale of one lakh electric cars, with plans to double that number in the coming months.

These remarks were made during the ‘Green Plate EV Rally’ in Delhi. The Heavy Industries Minister, Mahendra Nath Pandey, also stated that there are currently 9.4 lakh electric vehicles on Indian roads.

The minister also discussed the positive impact of the production-linked incentive (PLI) scheme on battery development and domestic manufacturing, to reduce India’s reliance on imports. He expressed confidence that India would become a significant hub for battery manufacturing in the years to come and mentioned the discovery of lithium deposits in Jammu and Kashmir.

Source: Economic Times

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