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EVs Already Account For Over 45 Percent of The 3W Market: FADA

TNI || New Delhi || 7th April 2022

In FY21-22, three-wheeler y-o-y increase was 27 percent, followed by 15 percent for commercial vehicles. Sales of two-wheelers, passenger vehicles, and tractors all fell by 4%, 5%, and 8%, respectively.

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Due to the semi-conductor deficit, the PV industry witnessed high demand with low supplies throughout the year.

The market for the 3W sector is declining. A move from ICE to EV is also noticeable, with EVs now accounting for 45 percent of the 3W market.

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Total vehicle retail climbed 7% year over year in FY ’22, but declined by 25% as compared to FY ’20, which was mostly a pre-COVID year.

The Indian Auto Industry during March did its utmost to be at par YoY but fell short by -3% and -30% when compared to March ’20, stated FADA President Vinkesh Gulati.

The 2W category, which was already underperforming due to rural poverty, was further harmed by increased vehicle ownership costs combined with rising gasoline prices.

Gulati advises all 2W OEMs to implement unique plans to promote sales by boosting the segment’s morale.

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He adds that due to permit concerns, educational institution closures, and the work-from-home phenomenon, the 3W segment’s market size was shrinking.

With India’s total opening, the segment is growing at a double-digit rate year over year. In this sector, EVs now account for 45 percent or more of the market. Load vehicles are likewise in high demand by captive clients.

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Despite marginally improved supplies from the previous month, PVs continue to suffer from strong demand and extended wait times as semi-conductor availability remains an issue.

The Russia-Ukraine conflict and China’s lockdown will further stifle supplies and, as a result, put the brakes on car availability, making customers’ wait periods even longer.

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CVs continue to improve, despite the fact that full recovery from FY ’20 is still a long way off. The segment’s sentiment is still upbeat, thanks to the government’s infrastructure drive and replacement demand.

The Indian auto industry’s near-term outlook remains challenging, as the ongoing Russia-Ukraine conflict and China’s blockade do not point to a simple route.

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Crude oil is at an all-time high, and as a result, gasoline prices have increased by about 10%. Increased raw material costs have caused OEMs to raise vehicle prices, which will harm the 2W segment, which is a highly price-sensitive market.