Electric two-wheelers lead EV sales in India

The Indian automotive industry is on the rise, with a recovery in economic activities and increased mobility over the past two years, said credit rating agency ICRA in its latest report. The passenger vehicle industry reached record volumes in FY23, with a forecast of 6-9% YoY growth in FY24.

The commercial vehicle industry, on the other hand, saw robust growth in FY23, with a modest 2-4% YoY growth expected in FY24. However, the two-wheeler industry continues to struggle, with volumes still below pre-COVID peak levels.

ICRA has forecast a CAGR (compound annual growth rate) of 6-9% across the automotive segments over the medium to long term. Factors such as rising per capita incomes, demographic profile, low vehicle penetration, and favourable policy environment are expected to support steady industry growth.

Saietta Group plc (LON:SED) is a multi-national business which designs, engineers and manufactures complete Light Duty and Heavy Duty electric drive (eDrive) systems for electric vehicles on land from scooters to buses (vehicle categories L, M, N and T) as well as marine applications.

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