From Fuel Savings to Perks: Why Your Next Scooter or Rickshaw Could Be Practically Free

India is seeking to attain 30% share of electric vehicles sold, by 2030. Sale of EVs in India rose from 50,000 in 2016 to 2.08 million in 2024 as against global EV sales having risen from 918,000 in 2016 to 18.78 million 2024.

How Your Next Electric Scooter Or Rickshaw Can Pay For Itself

Electric scooters and rickshaws can be surprisingly economical, potentially paying for themselves as they have lower operating costs and potential revenue generation.

Additionally, factors such as lower fuel and maintenance costs, combined with the opportunity to earn income through ride-sharing or rentals, can offset the initial purchase price and make them a financially sound investment.

EV Sales Growth In The 2/3 Wheeler Segment

The NITI Aayog in its report ‘NITI Aayog: Unlocking a $200 Billion Opportunity - Electric Vehicles in India’, noted that since 2015, electric vehicle sales in the 2/3 wheeler segment has grown at a steady pace over the years starting from 1,500 in 2023 to 1,900 in 2024, where the initial number was as low as 7 in 2015.

While India's transition has been slow to start, it is picking up, the report noted.

"India’s EV penetration was only about one-fifth of the global penetration in 2020, but has picked up to over two-fifth of the global penetration in 2024. It continues to show an increasing trend, though relatively slow," the report added.

EV Penetration Growth In India

The EV penetration in India, when compared with that of the US, EU and China for different types of vehicles, it can be seen that India has done fairly well in the he 2-wheeler and bus segments,
but has been slow in e-cars and electric trucks. It is a leader in the electric 3-wheelers segment, the report said.

China is the leader in all categories, except 3-wheelers, it added.

As far as electric trucks are concerned, this has been very slow. Out of 8,34,578 trucks sold in India in 2024, only 6,220 were electric. 95% of these (5940) were of less than 3.5 tonne capacity. These are generally used for carrying short haul freight, largely in urban areas. In fact, several countries do not count trucks of less than 3.5 ton capacity in the category of trucks, given their usage pattern, it further noted.

According to the report, only 280 of these electric trucks sold in India in 2024 were of more than 3.5 ton capacity, which
are used for longer hauls.

What Does This Mean?

EV adoption has been increasing in India but has been slower than the pace in some of the leading countries like the US, EU and China.

Additionally, India is also doing well with electric two-wheelers and electric three-wheelers. With regards to electric buses, there has been some progress in terms of EV adoption but with electric cars it has been slow.

The country has progressed to only about 7.6% of the sales in 2024 being electric, which is far behind its target of 30% by 2030. Thus, it has taken nearly 10 years to reach a penetration level of 7.6% and now needs to increase this share by over 22% in the next 5 years alone.

There is a need for a major step up in the pace of transition from ICE vehicles to electric.

Also Read: India’s Electronics Exports Boom: 47% Jump In Q1 FY26, Mobile Phones Lead The Way