The sales figure of electric vehicles is skyrocketing in India. In fact, this is the trend in most western countries as well. As per a report by the Centre for Energy Finance at Council on Energy, Environment and Water at Centre for Energy Finance (CEEW-CEF), the sales figure of EV in India has tripled in the first half of the current fiscal. And this is not a surprise at all.
The demand is pretty much evident in the market, largely in the two-wheeler segment and three-wheeler segment. The report by CEEW-CEF mentions that more than 1.18 lakh EVs were sold in H1 FY2022. This figure is almost 90 percent of the total EV sales last fiscal. When broken down as per segment, the sales figure results in 58,264 electric 2-wheelers and 59,808 3-wheelers.
Factors Propelling The Sales Of EVs In The Market
One of the significant factors that are making the customers make this shift is the increasing fuel prices. In the recent few months, the fuel price has hit the century figure in some states. And this is indeed creating a significant impact on the customer’s decisions while choosing which vehicle to buy.
Adding to this, the lucrative incentives provided by the various state governments on top of the central government’s FAME II subsidies. Customers are responding quite positively to the above-mentioned factors as evident from the sales figure. Moreover, electric vehicles also have a host of other advantages as compared to traditional ICE-powered vehicles.
Why Should One Choose An EV In 2021?
If you want a cynical answer to the above question, then we would say, electric vehicles are way cheaper to own. Starting from the fuel expenses to the maintenance bills, EVs will cost much less. And for altruists and environment lovers, EVs will help them achieve their target of being carbon neutral. But, we feel you need not necessarily be an environment lover to reduce your carbon footprint and control pollution. Carbon footprint reduction is something we as responsible citizens should make it an integral part of ours live. If the charging infrastructure is perfected, days are not far, when EV sales will outnumber ICE-powered vehicles sales.