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Indian Electric Vehicle industry witnesses 124 per cent growth this fiscal year

October 19, 2018, 06:07 PM IST by Nikhil Puthran
Indian Electric Vehicle industry witnesses 124 per cent growth this fiscal year

- Electric Vehicle industry in India witnesses 124 per cent growth in FY 2017-18

- Electric two-wheelers grow by 138 per cent in FY 2017-18

- Electric four-wheeler witnesses drop in sales by 40 per cent in FY 2017-18

The electric vehicle industry in India has witnessed a strong 124 per cent growth with 56,000 units sold in the fiscal year 2017-2018 as against 25,000 units sold in the previous fiscal year. Electric two-wheelers have shown a substantial growth of 138 per cent with 54,800 units sold in this fiscal year as compared to 23,000 units sold in 2016-17. The electric four-wheelers have however witnessed a considerable drop in sales by 40 per cent with 1,200 units sold this year as against 2,000 units sold in the financial year 2016-2017. As seen in the reports, the electric two-wheelers have been the major contributors in terms of the positive growth chart.

The positive growth trend for electric vehicles indicates that the citizens are accepting electric vehicles as an economic and cleaner mode of transportation as compared to the conventional vehicles. It is believed that an electric four-wheeler segment has witnessed a negative growth this year due to lack of infrastructure, the absence of adequate finance mechanism and ambiguity over policies pertaining to the electric cars. Most of the electric two-wheeler manufacturers have started using lithium-ion batteries, which has helped increase the performance and develop the confidence of the consumers. 

Moving ahead, the electric vehicle segment expects further growth especially for the electric two-wheelers. The report also indicates the growth potential for the electric vehicle industry provided there is sufficient help from the government in terms of improved incentives and better infrastructure support.

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