🚗🔌 Transitioning to Electric Vehicles (EVs) is a top priority for India. 🇮🇳 With ambitious goals set by the government, EVs are expected to make up 25% of two-wheeler sales and 15% of passenger vehicle sales by 2030.
💡 According to ICRA, this shift presents a huge opportunity for auto component suppliers. Market potential for EV components is projected to exceed Rs 1 lakh crore for e-2Ws and Rs 50,000 crore for e-PVs by 2030.
🔋 However, several factors need addressing for rapid adoption. This includes expanding charging infrastructure and service centers to boost consumer confidence in EVs. Challenges like insurance coverage and resale value also need resolution, especially for passenger vehicles.
📈 January's e-PV retail sales data show promising signs with a 13% month-on-month rise and a staggering 137% year-on-year increase. Yet, e-2W sales saw a robust 54% year-on-year growth but a decline in month-on-month sales.
💰 Vehicle pricing is crucial for customer acceptance. Tata Motors' recent price drop in e-PVs could be a game-changer, potentially spurring adoption. While some speculate weaker demand, Tata Motors attributes it to passing on cost reductions to customers to aid in purchase decisions.
#EVs #India #Sustainability #ElectricVehicles
💡 According to ICRA, this shift presents a huge opportunity for auto component suppliers. Market potential for EV components is projected to exceed Rs 1 lakh crore for e-2Ws and Rs 50,000 crore for e-PVs by 2030.
🔋 However, several factors need addressing for rapid adoption. This includes expanding charging infrastructure and service centers to boost consumer confidence in EVs. Challenges like insurance coverage and resale value also need resolution, especially for passenger vehicles.
📈 January's e-PV retail sales data show promising signs with a 13% month-on-month rise and a staggering 137% year-on-year increase. Yet, e-2W sales saw a robust 54% year-on-year growth but a decline in month-on-month sales.
💰 Vehicle pricing is crucial for customer acceptance. Tata Motors' recent price drop in e-PVs could be a game-changer, potentially spurring adoption. While some speculate weaker demand, Tata Motors attributes it to passing on cost reductions to customers to aid in purchase decisions.
#EVs #India #Sustainability #ElectricVehicles
