Fuel price hike results in increased sale of e-vehicles

With the prices of petrol inching closer to Rs 100 per litre, the demand for battery-operated scooters is on the rise

Ludhiana (Punjab): With the fuel price hike, e-cycle, e scooter and e-rickshaw sale has increased in the last two-three months, one of the directors of Avon Cycles, Omkar Singh Pahwa said on Wednesday.

“Our company is growing at a pace of 15 per cent to 20 per cent every year in the sale of e-bikes and e-vehicles, especially after the fuel price hike. That bike is a great option to avoid traffic in big cities, the reason people are preferring e-bike. If the prices of petrol and diesel will keep going up, the market of the bike will get double in the coming time. This will benefit the industry immensely,”

With the prices of petrol inching closer to Rs 100 per litre, the demand for battery-operated scooters is on the rise. People want to save on fuel costs and as a result, the sale of e-scooters has increased considerably in Ludhiana.

Hero MotoCorp, which holds 70 per cent of the total sale, followed by Avon and other bicycle manufacturing companies, sold 14,000 e-bikes in 2019 and 30,000 e-bikes in 2020, which shows the rise in demand for battery-operated vehicles.

The number of inquiries from prospective buyers about e-scooters has also witnessed a three-fold rise from the past two-three months, after the hike in petrol and diesel prices, there is a growth of 20 per cent to 25 per cent in the e-vehicle business said the director of Hero MotoCorp, Abhishek Munjal.

“For the last two-three years, we have seen double the growth in eBike sale, so that we are likely to keep doubling every year in the coming years if the rates of petrol and diesel keep increasing. We are happy to say that Hero Group has the highest share of 70 per cent of e-bikes in India and we have created many new models to help people to travel 20 to 25 kilometers in cities,” said Munjal.

“The e-bikes are economic and good for health also,” he added.

Source: ANI