The two- and three-wheeler segment in electric vehicles has seen an impressive 95.94 per cent and 18.18 per cent growth in July on a yearly basis, respectively, observed the Federation of Automobile Dealers Associations (FADA) in its latest report.
Both segments have seen current market shares of 7.4 per cent and 57.6 per cent respectively, as per the data released. This can be seen as an indication of enhanced acceptance and demand for electric vehicles, the FADA said.
However, the private vehicle segment witnessed a marginal YoY decline of 2.92 per cent and maintains a market share of 2.4 per cent. The growth of electric two-wheelers in the month of July was recorded at 34.56 per cent MoM, while the growth rate for electric three-wheelers stood at 21.72 per cent, the data showed. The yearly growth rate of three-wheelers stood at 18.18 per cent.
FADA President Manish Raj Singhania on July’24 EV sales said, “The commercial vehicle (CV) segment has shown remarkable growth with a YoY increase of 124.2 per cent and a current market share of 1.02 per cent, underscoring the expanding adoption of electric commercial vehicles.”
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“The combination of attractive discounts and the anticipation of the EMPS scheme’s end, despite its extension, has significantly boosted sales. This momentum reinforces our commitment to driving sustainable mobility and furthering India’s journey towards a greener future,” he said.
Retail automobile sales in India saw double-digit yearly growth in July, with almost all vehicle categories witnessing an increase. To be precise, the sales jumped 13.84 per cent during the month.
According to the dealers’ association, the two-wheeler segment experienced notable growth due to a “thriving” rural economy, positive monsoon effects, and government support programs enhancing rural incomes.
The introduction of new products and better stock availability also contributed significantly, despite market slowdowns in certain regions, excessive rains, and increased competition. The segment also saw an increase in EV sales due to discounts and the Electric Mobility Promotion Scheme deadline.
Electric Mobility Promotion Scheme 2024 (EMPS) with an outlay of Rs 778 crore for a period of six months, April 2024 to September 2024, provides incentives to buyers of e-2W and e-3W. Further, passenger vehicle sales saw a robust 14 per cent growth, driven by new model launches and attractive pricing strategies.
(Except for the headline, this story has not been edited by Newsx staff and is published from a syndicated feed.)
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