Electric Two Wheelers and Three Wheelers sales to shoot up by 2024: Crisil

Around 43-48 percent of new three wheelers and up to 17 percent of the new two wheelers sold in the country by 2024 could be Electric Vehicles (EVs), a report by Crisil Research said

In the four wheeler segment, however, the traction is expected to remain low with EV sales accounting for just 5 percent of the new sales, it noted.

Faster adoption of two- and three-wheelers is a function of cost. Typically, Electric Scooters are cheaper to run compared with ICE scooters. And, e-autos are cheaper to both own and run compared with their ICE counterparts, it said.

The top five electric two-wheeler manufacturers are expected to increase their capacity for electric variants from 0.4 million units in fiscal 2020 to over 3 million units by fiscal 2024,” Crisil Research Director Hetal Gandhi said.

In three-wheelers, even incumbent original equipment manufacturers are launching e-autos at a rapid pace.

Sales of personal Electric Cars will remain in the slow lane due to high acquisition and ownership costs in the absence of demand incentives, Crisil said.

In the commercial vehicles space, subsidies to state transport undertakings will drive sales of electric buses for intra-city operations.

That said, poor public #charging infrastructure will impact adoption,” Crisil Research added.