Rapid fuel price hike in country led to 25% increase in sale of e-vehicles: Reports

Omkar Singh Pahwa, one of the directors of Avon Cycles, informed on Wednesday that the sales of vehicles including e-cycle, e-scooter and e-rickshaw have gained momentum in the last 2-3 months due to the continuous increase in the prices of petrol and diesel. He said that if the prices of fuel will continuously rise then the market for e-vehicles will get doubled. 

E-vehicles sale increases in the last 2-3 months

Pahwa opined, "Our company is growing at a pace of 15% to 20% every year in the sale of e-bikes and e-vehicles, especially after the fuel price hike. That bike is a great option to avoid traffic in big cities, the reason people are preferring e-bike. If the prices of petrol and diesel will keep going up, the market of the bike will get double in the coming time. This will benefit the industry immensely." 

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As the per litre petrol price touched ₹100-mark in some cities, people are switching to battery-operated vehicles at a huge rate. The increase in demand for e-bikes, e-scooters and other electronic vehicles can be estimated by reviewing the total sale done by the top sellers. Moto giant Hero MotoCorp holds 70% of the total sale of e-bikes. It is followed by Avon and other bicycle manufacturing companies which sold 14,000 e-bikes in 2019 and 30,000 e-bikes in 2020. 

Fuel price hike increases sale of battery-operated vehicles

Director of Hero MotoCorp, Abhishek Munjal, said that the company has seen a growth of 20% to 25% in the e-vehicle business after the hike in fuel price. Also, the buyers, in the last 2-3 months, mostly enquired about electronic vehicles. Munjal said, "For the last two-three years, we have seen double the growth in eBike sale so that we are likely to keep doubling every year in the coming years if the rates of petrol and diesel keep increasing. We are happy to say that Hero Group has the highest share of 70% of e-bikes in India and we have created many new models to help people to travel 20 to 25 kilometres in cities. The e-bikes are economic and good for health also" 

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