Hero’s Splendor became the best selling two wheeler for March 2020. Even HF Deluxe from Hero was able to overtake Honda’s Activa in Mar’20.
OEM-wise Snapshot –
Two Wheeler Modelwise Sales for March 2020 –
Electric Two Wheeler constituted to 97% of the electric vehicle sales in India. EV is in a very nascent stage in the Indian market and the government is slowly focusing to enhance the EV penetration in the subcontinent. We did highlight how the Indian government had revised the GST on EVs from 12% to 5% in 2019 (here). However; due to the lack of adequate electric infrastructure the EV sales haven’t been significant. Around 1.74 crore units Two Wheelers (gasoline powered) were sold in India for FY2019-20. But only 1.52 Lakh units Electric Two Wheelers were sold in the same time! We hope the push from the government and further breakthrough in battery technology shall help lower the costs of EVs even further and thus increase its volumes.
The Sales Figures was released by Society of Manufacturers of Electric Vehicles (SMEV) and do not include the sales volumes of the e-rickshaw segment. SMEV says that the electric three wheeler segment is still unorganised and almost 90,000 units were sold in FY20. “The EV industry is taking shape and we believe that despite Covid-19, FY21 will be a defining year for all EV segments,” SMEV Director General Sohinder Gill said, adding that given the right push by the government and the industry, “EV industry can spring back faster than the ailing IC vehicles segment”.
The biggest automobile markets in the world (likes of China & US) have been stagnant since past few years. The OEMs had thus shifted focus on developing markets like India & Russia to gain volumes and growth. However; things did not work as planned and India registered one of the highest YoY falls across the globe. India has undoubtedly been a victim of poor policy management and high taxation structure. The issues like BS6 transition, varying taxation and the economic slowdown took a toll on the automobile sales in India. The passenger vehicle sales was expected to surpass 35 Lakh units in 2019; but ended up at <30 Lakh sales figure.
Let us see on how the global markets performed in terms of passenger vehicle sales for 2019 –
Global Best Selling Cars for 2019 –