New Delhi, India’s total related automobile (CV) know-how grew greater than 60 per cent (on-year) within the first quarter of this yr, with the electrical automobile (EV) market exhibiting stupendous development by 48 per cent YoY, a report confirmed on Tuesday.
The related 2-wheeler (C2W) autos grew round 92 per cent YoY, with its market share rising to almost 60 per cent, based on information from market analysis agency CMR.
The electrical 2-wheeler (E2W) market grew by 44 per cent YoY. The electrical 3-wheeler (E3W) market grew steadily masking round 50 per cent share inside the section.
“There may be rising client consciousness round related automobile applied sciences. For example, related automobile tech has persistently elevated its footprint within the trade,” stated John Martin, senior analyst, sensible mobility observe, CMR.
The superior driver-assistance system (ADAS) adoption grew round 50 per cent YoY in Q1 2023.”With security turning into a high client precedence, ADAS function tech has witnessed gradual adoption, with 70 per cent YoY 2023 development market share of autos that includes Stage 2 autonomy,” Martin added.
The electrical passenger automobile (EPV) section grew over 114 per cent YoY in Q1 in India.
Related options within the passenger automobile (PV) section have been grabbing the market quick with 56 per cent development, of which, round 58 per cent of the related passenger automobile (CPV) market share is pushed by standard powertrains.
By Q1 2025, the EV market share in India is anticipated to surpass 24 per cent, whereas related autos are projected to account for over 30 per cent of the market.
“By 2025-26, related and software-driven autos shall be key income drivers for the automotive industries,” stated Martin.
