The demand for electric vehicles is estimated to be increased by 15 times in the upcoming 6 months. The rise in the prices of fuel is one of the major factors for the rise of EV in the CV segment. The boost in the EV segment in the Indian market is also growing with the rise of ecommerce activity. In addition to this, the government has rolled out various incentives to inspire vehicle owners to buy electric vehicles. These incentives are being provided by both Central and State governments.
Because of these incentives, it has become affordable to purchase electric vehicles. The rate of interest for purchasing these electric vehicles is also very low. Choosing electric vehicles over petrol or diesel vehicles can be very profitable for vehicle owners. With fuel vehicles, a vehicle has to incur an expenditure of Rs. 4 for every km of distance travelled. However, with electric vehicles, this can come down to Re. 1 per km.
In the month of July and August alone, the demand for electric vehicles in the commercial space has increased by three times. This is in comparison with sales figure of pre-pandemic years. Now, the rise of the demand is expected to increase by 15 times in the upcoming six months. Sameer Aggarwal, founder of RevFin, in this regard, has said, “The momentum is already there, sizeable scale will kick in in the next 9-12 months.”
RevFin has been financing the purchase of electric vehicles since the year 2018. Aggarwal further said the demand for electric vehicles in the commercial vehicles industry is expected to grow by $15-20 billion in the next five years. He further said, “There is already a sharp uptick in demand for electric vehicles for commercial use in Delhi, Madhya Pradesh, Odisha, Jharkhand, Uttar Pradesh, Uttarakhand, Punjab and Haryana.” RevFin is aiming to disburse the loan amount of Rs. 200 crores with the help of loans for funding the purchase of the 80,000 electric vehicles in the country for the upcoming three years.