India emerges as global leader in electric three-wheeler market

This shift underscores India's rapid adoption of electric vehicles (EVs) fuelled by increasing domestic demand and supportive government policies

April 29, 2024

Experts hailed India's leadership in E3W sales, citing its crucial role in decarbonizing last-mile connectivity and intra-city small goods deliveries

Falling prices and consistent government support as key factors bringing electric vehicles closer to price parity with internal combustion engine (ICE) counterparts

The momentum of transportation electrification in India is led by two and three-wheelers

The focus on sustainable transportation solutions is poised to reshape the future landscape of the global automotive market

India has exceeded China to become the world’s largest market for electric three-wheelers (E3W), with over 580,000 sales recorded in 2023, according to the International Energy Agency (IEA).

This shift underscores India’s rapid adoption of electric vehicles (EVs) fuelled by increasing domestic demand and supportive government policies. Despite economic challenges, the global EV market is expanding, with projected electric car sales reaching about 17 million in 2024, capturing over a fifth of the total car market share.

Experts hailed India’s leadership in E3W sales, citing its crucial role in decarbonizing last-mile connectivity and intra-city small goods deliveries. Falling prices and consistent government support as key factors bringing electric vehicles closer to price parity with internal combustion engine (ICE) counterparts.

The momentum of transportation electrification in India is led by two and three-wheelers. However, there is a need to extend this transition to other vehicle sectors, including trucks, to align with India’s ambitious net-zero targets.

The IEA report also underscores significant investments and policy support, such as India’s Production Linked Incentives (PLI) Scheme, crucial in boosting domestic manufacturing capacities and adoption rates.

As India continues to lead in E3W sales, the focus on sustainable transportation solutions is poised to reshape the future landscape of the global automotive market.

Source: Economic Times

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