2021 will see EVs disrupt 2W segment: Hero Electric
NEW DELHI: Electric two-wheeler maker Hero Electric believes 2021 is going to be a disruptive year for India’s auto sector because the electric vehicle segment—even though it was severely impacted by the Covid-19 lockdowns—is set to grow exponentially. The company expects substantial growth this fiscal year and is confident of doubling its current volumes by FY2022.
“We estimate that the electric two-wheeler market will be 10-20 per cent of the ICE market in the next five years. Even at the lower level of 10 per cent, the market will expand to 2 million units per annum. If it goes to 20 per cent, around 4 million units will be sold a year. So, irrespective of which way we look at it, we are looking at exponential growth happening in the coming years,” Naveen Munjal, MD, Hero Electric told this publication. At present, share of EVs in total vehicle sales in India is less than one per cent.
