Around half that total is the potential revenue to fiscal 2026 for various stakeholders including original equipment manufacturers (OEMs) and component manufacturers. Disbursements for vehicle financiers account for Rs 90,000 crore (£9bn), with shared mobility and insurance making up the balance
The EV market in India has witnessed a sharp spike in FY22 compared to that of FY21, as more people are shifting from internal combustion engine (ICE) vehicles to EVs of various kinds.
“The penetration in terms of sales indicate that the percentage of two-wheeler (2W) EVs has risen by 2 per cent, while that of 3Ws has gone up by 5 per cent,” said Hemal Thakkar, director, CRISIL Research, at a CRISIL media webinar on the electric vehicle ecosystem. “The passenger vehicles (PVs) has witnessed an increased adoption as people view it as a second vehicle. What is interesting is that EVs have found a market in tier cities and rural India,” he continued.
Driven by the...