Are you considering switching to an electric vehicle soon? Excellent! In the past few years, the EV industry has snowballed in India. That’s because people realise the consequences of climate change and how EVs can help combat that. Another significant reason for this popularity is the rising petrol rates. And when it comes to electric vehicles, electric two-wheelers are leading the market and are the preferred choice for most people.
Since the electric vehicle industry is already booming in India, we can expect new trends and rising sales figures in the coming year. Keep reading to learn more.
Surge in sales
According to some studies, more EV units were sold in the first 6 months of 2021 than in the whole of 2020. This shows rising demand for these vehicles, and we can expect a surge in sales for electric two-wheeler 2022. Also, with the rising pollution levels in India, EV sales numbers can blow up as the major companies are already getting impressive booking numbers.
Additional Read – Things to Look at While Choosing an Electric Vehicle
All the big players in the EV industry like Bajaj, TVS, Hero Motocorp, Yamaha, Ola, and Revolt are coming out with new models in the upcoming year. Even some new manufacturing companies have announced that they plan on entering the EV industry soon.
With reputed lending institutions offering easy two-wheeler loans, more people will be able to afford an electric scooter or bike.
Better charging infrastructure
Even with the rapid increase in the demand and supply of electric vehicles in India, there is still a shortage of charging stations. As of March 2021, India only had 1800 EV charging stations, and giants like Tata Power and Ola Electric are increasing their network. Further, many state governments have also initiated setting up charging stations and points for electric vehicles.
Since developing electric vehicles requires capital and expertise, investors play a significant role. Moreover, investing in EV manufacturing companies is a long-term game that will not fetch immediate returns.
The Government of India is also rolling out many production-linked incentive schemes for the domestic production of batteries and green automotive manufacturing. These schemes are open to new and old investors in the EV manufacturing industry.
Nowadays, leading financial institutions offer easy vehicle loans with attractive two-wheeler loan interest rates, making it easier to finance an electric bike or scooter.
Additional Read – Electric Scooter vs Petrol Scooter – Which One to Choose?
Considering a loan to buy an e-vehicle? Contact Tata Capital
So you see, electric vehicles and especially two-wheelers are here to stay and have a bright future ahead of them. And although these vehicles are a bit more expensive than traditional fossil fuel vehicles, they prove more cost-effective in the long run.
And to help you cover the initial cost of electric bikes or scooters, Tata Capital offers tailor-made bike loans. Why drain your life savings when you can fund this purchase with a quick loan by a trusted financier? To know more, contact us or visit our website today!