30 June, New Delhi, India : In a research released by the public policy think tank NITI Aayog and the Technology Information, Forecasting and Assessment Council (TIFAC), it was optimistically predicted that by FY 2026-27, there will be a complete market penetration of electric two-wheeler in India: The Department of Science & Technology established the independent TIFAC in 1988 with the mission to forecast technological developments, evaluate technological trajectories, and foster innovation.
Forecasting Electric Two-Wheeler Penetration in India was the report’s title. The study offered crucial perceptions into the sector’s priorities for technology development as well as the necessary industrial capacity, legislation, and infrastructure.
Even without extending demand-side incentives, the penetration of electric two-wheeler may reach about 72% in FY 2031-32 if an R&D programme is successful in increasing their range and power by 5% annually between FY 2023-24 and 2025-26 and by 10% in FY 2026-2027.
By FY 2028-29, the sale of electric two-wheeler could surpass 220 lakh units.
According to the analysis, a larger ratio of charging outlets to electric vehicles will be needed during the initial stage due to the low penetration of electric vehicles in order to inspire customer confidence.
Sales could possibly top 250 lakh units if there is enough infrastructure established for charging electric two-wheeler.
“This report provides a much-needed tool to the industry, academics, academicians, and policymakers to examine and respond to diverse scenarios,” NITI Aayog CEO Amitabh Kant said at the report’s introduction. It can be simply copied in other markets, such as four-wheeler, without any difficulty
Three key aspects that affect the market penetration of electric two-wheeler have been used to build the future scenarios. Demand incentives, battery cost, and vehicle performance in terms of range and power are these factors.
NITI Aayog report forecasts 100 pc electric 2-wheelers penetration by FY27
— ANI Digital (@ani_digital) June 30, 2022