EV three-wheelers will be popular due to favourable operating economics
Electric three-wheelers are expected to gain traction due to favourable operating economics, and the government's focus on cleaner means of transportation, domestic credit rating agency Icra said on Monday.
According to a recent Icra report, the electric segment is likely to account for 14-16 per cent of new three-wheeler sales (excluding rickshaws) by FY2025, up from 8 per cent currently.
Penetration is estimated to rise to 35-40 per cent by FY2030 as the product gains more acceptance and financing-related challenges subside, as per the report.
Icra said, according to its recent channel check, most e3W dealers have seen double-digit growth in sales in the last two years, owing to various factors, such as lower operating costs, exemptions from registration and road taxes, and higher demand for last mile connectivity.
However, while demand for e3Ws (including e-rickshaws) is increasing, sales have been limited by a lack of financing options, with the loans being offered at ...