The penetration of electric vehicles (EVs) in India is running significantly behind schedule, with most segments failing to reach even the 5% market share level. This is owing to a variety of factors, including steep acquisition costs and inadequate charging facilities, said analysts.
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.
This story is from the December 17, 2024 edition of Financial Express Hyderabad.
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This story is from the December 17, 2024 edition of Financial Express Hyderabad.
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