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ICRA projects Indian electric two-wheeler component market potential projected to exceed Rs 1 lakh crore by 2030

The report forecasts that by 2030, EVs are expected to represent nearly a third of Indias personal vehicle market

Car sales are on an uphill drive thanks to improved semiconductor supplies, robust demand for Sports Utility Vehicles (SUVs), healthy economic growth, favourable monsoon, and effective monetary policies

Premium car sales grew by 36% despite inflationary pressures, high-interest rates and prolonged waiting periods.

The comparison with November 2022 might be a `little tricky because this year’s numbers include the festive season bookings, which happened in October last year. Nonetheless, business has been good

Automakers including Mercedes, Audi, BMW, JLR and Volvo have sold around 33,000 units during the first nine months of this year as against 36,000 units sold in 2022

While entry-level hatchbacks are offered at discounted prices of Rs 20,000-30,000, some high-end premium e-SUVs are available at Rs 2 lakh less than the prevailing ex-showroom prices. No discounts are available on high-end SUVs which have heavy demand

Carmakers said they will continue to sell aggressively in October, when the peak of the festive season sets in with Navaratri, till Diwali, which is in November

This year, the festival season kicked off in late August and will continue till the third week of November.

With consumers increasingly opting for technology-equipped cars, all major carmakers in India are redrawing their strategies by rolling out models loaded with hi-tech features.