Two-Wheeler EV Market Surge To 9.12% First Time: FADA.

Two-Wheeler EV Market Surge To 9.12% First Time: FADA.

The Federation of Automobile Dealers Association (FADA) in its report identified a surge in electric vehicle sales. The report identified a notable increase in the two-wheeler electric vehicle (EV) market share.

The EV market received a jump to 9.12% for the first time according to FADA. The 2024 vehicle data on the challenges faced by the electric vehicle market such as economic concerns, election uncertainties, and intense competition, the two-wheeler segment showcased strategic evolution, especially in the premium and electric vehicles. The report indicated a positive trend in the three-wheeler segment. It identified a growth in the three Wheler segments, with the sector receiving growth driven by the increasing acceptance of electric vehicles, showing an optimistic trend despite potential challenges from election uncertainties and policy changes.

In the report, FADA President, Manish Raj Singhania highlighted that “The 2W segment demonstrated resilience and adaptability, with electric vehicle (EV) sales surging due to the expiration of the FAME 2 subsidy on March 31st. This led to a notable boost in the two-wheeler-EV market share to 9.12%. Positive market sentiment was supported by seasonal events, improved vehicle supply, and financial incentives. Despite facing market volatility and intense competition, the industry is strategically evolving, particularly in the premium and EV categories, signaling a bright future.”

All India Vehicle Retail Data for Mar’24

Heading into FY’25, the Indian Auto Industry is poised for growth amidst a mix of optimism and challenges. The excitement around new product launches, particularly electric vehicles, sets a forward-looking tone. Manufacturers are gearing up with better supply chains and an array of models to meet diverse consumer demands. Economic growth, favorable government policies and an anticipated good monsoon are expected to fuel demand, especially in rural areas and the commercial vehicle sector, which is closely linked to infrastructure projects and economic activity.