Electric cars to remain niche segment in near future, ICE rule to continue
Despite
the push for electric
vehicles
and sustainability, the market share for automobiles will be
dominated by internal combustion engine (ICE)-driven cars for at
least a decade for a multitude of reasons, top-most of which is the
absence of an accompanying charging infrastructure across the nation.
According
to research by IHS Markit, for an ecosystem still grappling with
infrastructural issues, high costs of EVs and a greater OEM focus on
electrifying two-wheelers and commercial vehicles, the share for such
vehicles would be at four per cent by 2030. The passenger-car market
in India has seen sales volumes of over three million units during
the past few years.
A
study by Crisil Research shows that by 2024, 43-48 per cent of new
three-wheelers (excluding e-rickshaws), and 12-17 per cent of new
two-wheelers sold in India will be electric vehicles but traction may
be low for four-wheelers, with only five per cent of new sales likely
to be Evs.
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