"ICRA Report Forecasts Full Charge for Electric Vehicle Market by 2025"

The electric vehicle (EV) market is experiencing steady growth, thanks to government support, subsidies, and increasing awareness. ICRA's latest research, published on Tuesday, underscores this positive trend and anticipates significant penetration of electric buses, two-wheelers, and three-wheelers by FY25.

ICRA's report highlights the remarkable performance of electric two-wheelers (e2W), which have taken the lead, contributing to 85-90 percent of total EV sales in FY23. The penetration of e2Ws in the overall two-wheeler market has already witnessed a nearly 5 percent increase. This segment is poised to expand its market share by 10-12 percent by FY25, indicating its sustained popularity.

Electric three-wheelers have also gained momentum, achieving a 7 percent penetration rate in FY23 (excluding the rickshaw segment). The report predicts that penetration will reach 14-16 percent by FY25. Meanwhile, e-buses, driven by government initiatives, have seen a surge in sales, with over 1,800 units sold in FY23. The expected penetration rate for e-buses is projected to rise to 11-13 percent by FY25.

Electric cars are not lagging behind in the EV revolution. ICRA's forecast for e-car penetration anticipates a 4-6 percent share of the market by FY25. As the Indian electric vehicle landscape evolves, these projections offer a promising outlook for the industry's future growth."

BS