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India Largest Market For Electric Three-Wheelers: IEA
- India remains the largest market for electric three-wheelers for the second consecutive year, with sales reaching around 700,000 vehicles in 2024, representing a 20% increase.
- The Global EV Outlook 2025 report by the International Energy Agency (IEA) highlights India's significant role in the growth of the global electric three-wheeler market.
- Electric three-wheeler sales surpassed 1 million vehicles in 2024, with electric sales accounting for nearly one-quarter of all three-wheeler sales.
- China and India collectively dominate over 90% of electric and conventional three-wheeler sales, with India leading in electric three-wheeler sales.
- Policy support in India, like the PM E-DRIVE scheme, has boosted the adoption of electric three-wheelers for commercial use, with plans to introduce over 300,000 electric three-wheelers.
- India's electric two-wheeler market is also evolving, with increasing competition leading to more affordable electric models being offered by OEMs like Ola.
- Government policies like the PM Electric Drive Revolution aim to bridge the affordability gap between electric and ICE (Internal Combustion Engine) two-wheelers by offering purchase incentives.
- India's electric car sales witnessed a modest increase, with high import duties on EVs and competitive pricing of domestically produced electric models impacting Chinese imports.
- Indian electric bus deployment has seen rapid growth, with the stock increasing significantly since 2020, indicating a shift towards cleaner public transportation.
- The IEA report emphasizes the ongoing transformation in India's transportation sector towards electric mobility across various vehicle segments.
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