India’s electric mobility sector is on a gentle road to recovery, post a lockdown-induced dip in sales. The world registered nearly 1.35 lakh EVs in FY21, consistent with 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 you look after all vehicle registrations within the last fiscal year – the very best share ever achieved. The Indian automobile market has registered over 6.38 lakh EVs since 2011-12.
Uttar Pradesh, Bihar, and Karnataka were the highest three states in terms of EV sales in FY21, said Meghna Nair, analyst, CEEW-CEF. “Uttar Pradesh alone contributed 23% of the country’s sales, with 31,584 EVs sold in FY21. the highest 10 states together made 88% of all EVs sold in India. Tripura, however, leads with the very best share of EVs per 1,000 combustion engine (ICE) vehicles, with 52 EVs sold for each 1,000 ICE vehicles in FY21,” Nair said.
The mobility dashboard further indicates that two-wheeler and three-wheeler EV sales accounted for nearly 96% of the electrical mobility market in FY21. Three-wheeler EVs made up 65% of all EV registrations in FY21, having comprised 83% of the market within the year before.
Two-wheeler EVs, on the opposite hand, made up 30% of all EV registrations in FY21, previously accounting for less than 14% of the market (this includes only two-wheelers with speeds greater than or adequate 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 predicted to grow rapidly with over 23 new electric models scheduled for launch by FY22. The dashboard also highlights that a consumer shifting from a petrol-run sedan to an electrical sedan in Delhi NCT could save nearly Rs 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. Within the coming years, the Centre and state governments got to reduce uncertainty by rolling out detailed and clear long-term policies. Further, targeted efforts are needed to unravel critical challenges like 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 within the country.”
The mobility dashboard shows that the Faster Adoption and Manufacturing of electrical Vehicles (FAME) in India – II scheme has achieved only 4.25% of its sales targets till now. One major barrier might be that a lot of potential EV buyers are unaware of the financial incentives available to them like user subsidies and significant exemptions from road tax and registration fees.