The electric two- and three-wheelers (E2W and E3W) have been gaining a lot of momentum in recent years. With urbanization occurring at a fast pace, E2W and E3W are at the forefront of shaping the mobility of the country. India is recognized as the largest market for two-wheelers across the globe and hence is expected to spearhead the adoption of E2W.
Along similar lines, the E2W and E3W segments projected double-digit growth throughout the year, propelling the EV sector to reach close to the two million mark during the period. Moreover, between January and November 2024, the E2W segment itself accounted for 60% sales of total 1.80 million units of EV volume. Elaborating on the same, in the month of October, the segment achieved a significant milestone, clocking a phenomenal 85% sales growth, reaching 1,39,031 units during the month. Simultaneously, even the E3W segment witnessed a 20% surge during the period between January and November, taking sales to 631,855 units as compared to 583,597 units in the previous year.
The E2W and E3W are being invariably preferred by the masses for their ability to provide a seamless and efficient mode of transportation. In the process, they come in handy for reducing urban congestion while contributing to lowering of pollution levels at the same time. There are various factors fuelling the growth of these segments in the EV sector, where cost saving can be considered the major reason behind the transition to E2W. The vehicles have an added advantage over their ICE counterparts, exhibiting affordability on account of lower operational and maintenance costs. Given to this, the segment is eventually emerging as the most convenient and cost-effective mode of transport among the masses.
Simultaneously, even the E3W is making strong inroads facilitating last-mile connectivity with smooth integration into urban transportation. Coming with the advantage of compact size, the vehicles exercise an edge over the others in meandering the narrow streets seamlessly even in highly populated areas. Looking at the agility of vehicles, offering a speedy, dependable, and accessible option, people are invariably preferring them for everyday commuting to bus stops, metro stations, etc.
Looking at the surging preference for E2W and E3W, the segments can be considered to be at the forefront of spurring the growth of electric vehicles. Additionally, the significant strides being made at the battery technology front, it is further giving the desired impetus to these segments in the EV sector. Aimed at improving the performance of the vehicles, the innovations happening around batteries are contributing to upgrading the range and mileage of the vehicles. Likewise, progress in charging infrastructure is further bolstering the prospects of the vehicles in the segment.
The introduction of government schemes such as the Electric Mobility Promotion Scheme (EMPS) offering subsidies to electric two- and three-wheelers, is strengthening the stance of the vehicles in the EV sector. The scheme aims at reaching a target of 500,080 E2W and 60,709 E3W sales across the country. Altogether the electric two- and three-wheelers are transforming urban mobility with their cost-effective, smooth transportation and environmentally friendly solutions. Hence, they are a force to reckon with for streamlining green mobility across the automotive sector and drive the deeper penetration of EVs.
