Kerala overtakes Bengaluru in EV! Records 19.5% Penetration rate
In the month of March, India witnessed a sharp momentum on EV – Electric vehicle adoption & saw a noteworthy upsurge, as the customers hurried to make purchases of funding reductions that came into the effect from April 1.
The latest data report published by BNP Paribas underscores that, as a leading forerunner in adopting EVs, the state of Kerala witnessed a remarkable penetration rate of 13.5 percent especially in the two-wheeler segment. Backing behind closely, Karnataka & Maharashtra registered a swaggering EV adoption rates of 11.5 percent & 10.1 percent correspondingly.
Though, the recent reports for March 2024 illustrates an even more noticeable trend of EV adoption, Karnataka tails at 18.3 percent followed by Kerala at 19.5 percent.
In the sphere of Electric passenger vehicles, again Kerala sustains to lead the stream by attaining a penetration rate of 5.2 percent in the financial year 2024. March month signifies that Kerala sustained with its dominance with an e-car penetration rate of 6.4 percent nearly followed by Delhi & West Bengal at each 6 percent.
The market of Electric three-wheeler is observing a robust march towards complete Electrification with Delhi booming as an outstanding leader with an impressive 82.6 percent rate of penetration. Remarkably, the month March registered that Delhi achieving an astounding 95 percent in the electric three wheeler segment.
Analysts anticipate a subsequent recovery over the following months. Moreover, consumers may face a potential price hike ranging from 9% to 15%, should companies choose to pass on the subsidy reduction to customers.
Though the decline in subsidies is projected to utilize descending pressure at sales in EV, especially in the two-wheeler segment in April. Analysts expect a succeeding retrieval after several months.
