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According to SMEV, Electric Vehicle Sales in India Will Reach 10 Lakh Units by 2022

According to SMEV, the growing demand for high-speed electric two-wheelers will boost EV adoption in India.

According to the Society of Manufacturers of Electric Vehicles, electric vehicle sales in India will reach 10 lakh units this year (SMEV). On Thursday, the organisation claimed that the total number of electric vehicles sold this year would equal the total number sold in the previous 15 years.

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Electric two-wheelers’ high traction is expected to accelerate this trend, according to SMEV

According to SMEV, Electric Vehicle Sales in India Will Reach 10 Lakh Units by 2022
According to SMEV, Electric Vehicle Sales in India Will Reach 10 Lakh Units by 2022

In 2021, electric two-wheelers sold 233,971 units, which was more than double the number of units sold in 2020. In the year 2020, the Indian EV industry sold 100,736 electric two-wheelers. According to SMEV, the increased demand for high-speed electric scooters in India is driving this growth.

SMEV, which sells high-speed electric two-wheelers with a top speed of more than 25 kmph and require a full licence, saw a 425 percent increase in 2021, with 142,829 units sold compared to 27,206 in 2020. Last year, sales of low-speed electric two-wheelers increased by 24% YoY, with 91,142 units sold compared to 73,529 units in 2020.

SMEV also stated that sales of low-speed electric two-wheelers fell in the last two quarters of 2021, with a market share of less than 15% in the last quarter of October-December 2021, compared to more than 70% in previous years. The reason for this drop is that under the FAME II scheme, low-speed electric two-wheelers are not eligible for a subsidy.

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Buyers of high-speed electric two-wheelers are currently eligible for incentives based on the battery capacity of the vehicle at a rate of $15,000 per kWh. As a result, many entry-level high-speed electric two-wheelers are less expensive than low-speed electric two-wheelers.

According to SMEV, Hero Electric was the top selling high-speed electric two-wheeler brand in 2021, with 46,214 units sold, followed by Okinawa with 29,868 units, Ather with 15,836 units, Ampere with 12,417 units, and Pure EV with 10,946 units.

According to SMEV, Electric Vehicle Sales in India Will Reach 10 Lakh Units by 2022
According to SMEV, Electric Vehicle Sales in India Will Reach 10 Lakh Units by 2022

Sohinder Gill, director-general of SMEV, stated that the last few months have been the best in the Indian EV industry’s history. “We collectively sold around 1 million electric two-wheelers, electric three-wheelers, electric cars, and electric buses in the last 15 years, and we will most likely sell the same one million units in just one year starting in January 2022.”

He also stated that the FAME II scheme’s recent positive changes in EV policy have proven to be a game-changer. The government’s push for a cleaner and greener transportation sector, as well as a reduction in reliance on expensive and dirty liquid fuel, have all aided demand for and sales of electric vehicles, according to Gill.

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Customers are switching in large numbers from petrol two-wheelers to electric two-wheelers because of lower prices, lower operating costs, and lower maintenance, according to him. A significant percentage of customers also consider the environment and sustainability when making their decision to buy an electric two-wheeler. According to recent monthly trends, EV sales could grow five to six times in the next 12 months compared to the previous year.

In the next two to three years, EVs are expected to penetrate all segments in India, including electric scooters, electric motorcycles, and electric cycles from large and organised players, according to Gill. “We can now confidently predict that around 30% of the two-wheeler market will be electric in four to five years.”

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