As the world continues its push towards sustainable mobility, India is at the forefront of the electric vehicle (EV) revolution. With its growing urbanization, booming transportation needs, and rising environmental concerns, commercial EV finance in India has emerged as one of the largest markets for electric two-wheelers (2Ws) and three-wheelers (3Ws) globally. For commercial operators, the question is no longer "if" they should transition to electric vehicles, but rather "when" and "how" they can capitalize on the growth of electric mobility.In this blog, we will explore why investing in commercial EVs, especially in India, can be a game-changing opportunity for businesses and whether it will pay off in the long run.India's Dominance in the Electric 2W and 3W Markets
- India, along with China and ASEAN countries, is one of the biggest markets for two-wheelers and three-wheelers globally. In 2023, India saw remarkable sales figures in electric vehicle financing options, highlighting the country's potential to lead the EV revolution in the region.3W Segment:
- In 2023, India sold 580,000 Battery Operated Electric Vehicles (BOEVs), accounting for a significant 53% of the total 3W sales for the year. This demonstrates how the shift to electric 3Ws has already taken root in India, particularly in urban areas and for commercial use.2W Segment:
On the two-wheeler front, 9,54,164 electric 2Ws were sold in 2023, which represented 5% of the total two-wheeler sales. India’s electric two-wheeler market is the second largest in the world, following only China, with a 40% growth rate compared to 2022.
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