As one of
the early adopters of electric vehicles (EVs) in the country, the three-wheeler
segment has reported an EV penetration of 53 per cent in this fiscal, while the
penetration of EVs in the two-wheeler and passenger vehicle segments stands at
about 5 per cent and 1 per cent, respectively, in FY23, according to the data
Vahan Dashboard.
However, the
three-wheeler segment is currently driven by unorganised e-rickshaws.
Affordability, lower maintenance costs and minimal compliance requirements seem
to lead to faster adoption of e-rickshaws
“Given the lower upfront costs and operational
savings, coupled with minimal compliance needs, this segment has flourished
over the past 5-7 years. However, e-autos,
with a higher load-bearing capacity and top speed vis-à-vis e-rickshaws, are
also gaining prominence now,” says Shamsher
Dewan, Senior Group Vice President & Group Head — Corporate
Ratings, ICRA Ltd.
The
adoption of e-autos could be faster if only the financial institutions come
forward to lend to this segment.
“Since over
95 per cent of the vehicles are bought through financing, the government could
ensure in providing adequate financing options to these buyers. This will
also help the manufacturers to achieve scale. We have come out with 6 years
warranty for our E3Ws to give confidence to banks and other lenders. But, this
space still faces challenges in getting adequate financing,” says Uday
Narang, Founder and Chairman, Omega Seiki Mobility, a manufacturer
of electric three-wheelers.