Lower resale value than petrol-diesel counterparts, high battery replacement costs, stray incidents of vehicles catching fire, range anxiety, and withdrawal of government incentives are some of the factors that have hit growth, they added.
Two-wheelers are yet to achieve even half of their targeted market share for FY25 end. Against the predicted 13-15% by the end of FY25, the segment has seen only 4.6% penetration by the end of November. The government has predicted a 40% penetration by the end of FY30.
Experts said the lower levels of penetration in the segment can be blamed on slower-than-expected expansion and delayed entry by legacy players such as Hero MotoCorp, Bajaj Auto and TVS Motor. Besides, Honda, Suzuki, Yamaha and Royal Enfield are yet to make a debut.
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