new Delhi. After the rise in inflation and crude oil, now electric scooters are also preparing to give a jolt. In the coming three years, the prices of electric scooters can increase by up to Rs 45,000. Crisil said in a report that the demand for e-vehicles is increasing due to the increasing awareness among people about saving the environment. The demand for most e-scooters is seeing a boom.
With the increase in the attraction of people towards e-scooters, their prices may see an increase of up to Rs 45,000 by the year 2025. This can be compensated by the Production Linked Incentive (PLI) scheme for e-vehicles. The report said that the mass adoption of e-vehicles will continue due to cost-effectiveness, availability of multiple models and easy at-home charging options.
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Increasing attraction towards e-vehicles
Due to the increasing attraction of people towards e-vehicles, there has been a sharp increase in the turnover of electric two wheeler companies. WardWizard, an e-two-wheeler maker named Joy e-bike, has sold 4450 e-bikes in February 2022 on the back of the increase in demand in the country. This is 1290 percent more than in February 2021. In the current financial year (April-February 2022), the company crossed the sales mark of 25000 units.
132% increase in sales last year
Another company Hero Electric has developed and launched the first lithium-ion-based e-scooters in India. The company has sold 4.5 lakh electric two wheelers so far. Compared to the year 2020, there has been a growth of more than 132 percent in the total sales of electric two wheelers including high-speed and low-speed in 2021.
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85% incentive under FAME
Crisil has said in the report that the increase in EV sales has been made possible mainly by the FAME scheme under the National Electric Mobility Mission Plan and subsidies given by various states. These incentives make up the difference between the purchase cost of a conventional Internal Combustion Engine (ICE) vehicle and an EV. This incentive has gone up to 85 per cent under the second phase of FAME as compared to 60-65 per cent under the first phase of FAME.
cost will come down
Crisil says that the subsidy on EV sales in the last few financial years has grown sharply (over 20 per cent year-on-year across most segments) in comparison to the low base effect of FY17 and despite the pandemic. Due to the FAME incentives, the total acquisition cost (TCA) of electric scooters will be reduced by Rs 7,500-9,500 as compared to ICE variants in 2021-22 and 2022-23. In view of this, sales are expected to increase in the next few years, due to which the FAME-2 subsidy may increase in FY 2023.
Tags: Electric Scooter
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