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INDIA'S ELECTRIC REVOLUTION: LEADING THE GLOBAL THREE-WHEELER MARKET
Extraordinary and Plenipotentiary Diplomatist
|June 2024
Globally, long-term EV growth is expected to lower battery prices and advance next-generation battery technology, enhancing the economic viability of electric vehicles. According to a BNEF report, the three-wheeled vehicle segment is on track to reach net zero emissions by mid-century, with India's growth positioning it as a global leader.
Electric vehicle sales are expected to exceed 90% globally by 2040, with three-wheeled vehicle sales continuing to rise, especially in emerging economies. A Bloomberg report showed that electric vehicles are no longer only a phenomenon in wealthy countries. Countries like Thailand, India, and Brazil are experiencing record sales of low-cost electric models. This means that electric vehicle adoption would not be restricted to countries like China.
In 2024, India saw a significant increase in three-wheeler electric vehicle sales, surpassing China as the largest market. The International Energy Agency (IEA) reported that one in five three-wheelers sold globally in 2023 was electric, with nearly 60% of these sales in India.3 The three-wheeler market grew by 13% in 2023, reaching 4.5 million in sales, nearly 1 million of which were electric, reflecting a 30% growth compared to 2022. This growth is due to the low cost and accessibility of electric three-wheelers.
The IEA reported that electric three-wheelers in India are more than 50% cheaper to own after eight years of service, even without subsidies. Despite the upfront price being 55% higher than gasoline equivalents in 2023, the overall cost of ownership is significantly lower over time.
To support three-wheeler EVs, the government introduced the Electric Mobility Promotion Scheme 2024 (EMPS 2024). This scheme, launched by the Ministry of Heavy Industries, aims to boost electric vehicle adoption and manufacturing with a total outlay of Rs. 500 crores from April 1, 2024, to July 31, 2024. It focuses on the adoption of electric two-wheelers and three-wheelers, providing incentives for vehicles with advanced batteries. The scheme targets 38,828 e-3Ws, including 13,590 rickshaws and e-carts, and 25,238 e-3Ws in the L5 category. The scheme may be extended in the new government budget.
Denne historien er fra June 2024-utgaven av Extraordinary and Plenipotentiary Diplomatist.
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