Electric two-wheeler registrations made a recovery in the month of July, albeit a very modest one. After suffering a significant decline due to the Covid-19 pandemic and subsequent lockdowns, the industry has started to show signs of recuperation.
According to the data released by the Society of Manufacturers of Electric Vehicles (SMEV), 4,634 electric two-wheelers were registered in July. Though this figure is a marked improvement from the previous months, it is still pale in comparison to the pre-pandemic numbers. The industry was hit hard by the nationwide lockdown, which resulted in a significant drop in sales and registrations.
One of the key reasons behind this sluggish recovery is the uncertainty prevailing in the market. With the pandemic still looming large over people’s lives and the economic situation unstable, consumers remain cautious about making big-ticket purchases, including electric vehicles. Financial crunch, job losses, and pay cuts have further dampened the buying sentiment.
Another factor contributing to the slow recovery is the lack of government incentives and support for the electric vehicle industry. With other sectors also seeking assistance to revive their businesses, resources have been stretched thin. The industry had hoped for a boost from the government in the form of tax incentives, reduced GST rates, or subsidies to promote electric vehicles, but so far, no significant measures have been announced.
However, there is a silver lining amidst this gloomy scenario. The demand for green mobility is steadily rising as people become more conscious of environmental issues and the need for sustainable transportation options. With technological advancements and increasing awareness, electric two-wheelers offer a promising solution. Given the rising fuel prices and the advantages of low operating costs and zero-emission, the industry is hopeful that the recovery will gather pace in the coming months.
And in the last, while the electric two-wheeler industry experienced a modest recovery in July, it still has a long way to go to reach pre-pandemic levels. Uncertainty and lack of government support continue to hamper growth. However, with increasing consumer awareness and favorable market conditions, the industry remains hopeful for a brighter future.