The electric mobility sector of the country registered nearly 1.35 lakh sales in FY21 signalling a steady road to recovery, post lockdown induced losses, according to CEEW Centre for Energy Finance’s (CEEW-CEF) electric mobility dashboard. The updated dashboard released on Wednesday highlighted that electric vehicle (EV) registrations formed 0.88% of all vehicle registrations in the last financial year — the highest share ever achieved. The Indian automobile market has registered over 6.38 lakh EVs since 2011-12.
The mobility dashboard further indicates that the two-wheeler and three-wheeler EV sales accounted for nearly 96% of the electric mobility market in FY21. Three-wheeler EVs made up 65% of all EV registrations in FY21, having comprised 83% of the market in the year before. Two-wheeler EVs, on the other hand, made up 30% of all EV registrations in FY21, previously accounting for only 14% of the market (this includes only two-wheelers with speeds greater than or equal to 25 km/hr). Also, the two-wheeler EV market saw a 1.6-fold increase in FY21, from 24,839 units sold in FY20 to 40,837 in FY21.
Further, the four-wheeler segment is expected to grow rapidly with over 23 new electric car models scheduled for launch by FY22. The dashboard also highlights that a consumer shifting from a petrol-run sedan to an electric sedan in Delhi NCT could save nearly `30,000 annually in operational expenses.
Arunabha Ghosh, CEO, CEEW, said: “Electric mobility is poised to be at the forefront of India’s green recovery. In the coming years, the Central and state governments need to reduce uncertainty by rolling out detailed and clear long-term policies. Further, targeted efforts are needed to solve critical challenges such as higher upfront cost of EVs, lack of end-user financing, consumer’s range anxiety, and inaccessible charging. The CEEW-CEF dashboard provides key information of over 600 public charging stations in the country.”
The mobility dashboard shows that the Faster Adoption and Manufacturing of Electric Vehicles (FAME) in India – II scheme has achieved only 4.25% of its sales targets till now. One major barrier could be that many potential EV buyers are unaware of the financial incentives available to them such as user subsidies and significant exemptions from road tax and registration fees.
Meghna Nair, an analyst at CEEW-CEF said: “Uttar Pradesh, Bihar, and Karnataka were the top 3 states in terms of EV sales in FY21. Uttar Pradesh alone contributed 23% of the country’s sales, with 31,584 EVs sold in FY21. The top 10 states together made 88% of all EVs sold in India. Tripura, however, leads with the highest share of EVs per 1,000 internal combustion engine (ICE) vehicles, with 52 EVs sold for every 1,000 ICE vehicles in FY21.”
The CEEW Centre for Energy Finance (CEEW-CEF) is an initiative of the Council on Energy, Environment and Water (CEEW), one of Asia’s leading think tanks. CEEW-CEF acts as a non-partisan market observer and driver that monitors, develops, tests, and deploys financial solutions to advance the energy transition.
Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, Check out latest IPO News, Best Performing IPOs, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.