Whalesbook
EV Market Mein Toofani Tezi, Par Thoda Suspense Bhi
FY26 mein India mein electric vehicles ki demand ne ek naya high banaya hai. Vahan Portal ke data ke anusaar, 24.3 lakh units bikne ka record bana hai, jo ekdum 23% ki growth hai pichhle saal ke comparison mein. Aisa pehli baar hua hai ki EV registrations 20 lakh ka figure cross karein! Is boom ke peeche government ke incentives, naye models ka launch aur logon ka crude oil prices badhne se energy security par focus karna bhi hai.
Tata Motors ne toh 92,000 se zyada EVs bechi FY26 mein, jo 43% zyada hain. Aur TVS Motor Company ne toh 339,000 electric two-wheelers register kiye! Lekin, yeh sab ek badalte hue competitive environment aur kuch infrastructure issues ke beech ho raha hai.
Electric Cars Bhagi, Par Two-Wheelers Ka Rajmat
Sabse zyaada growth electric cars mein dekhi gayi hai, sales 80% se upar badhi hain aur 1.97 lakh units bikin. Is segment mein Tata Motors aage hai (77,658 units), uske baad JSW MG Motor India (52,408 units) aur Mahindra & Mahindra (42,006 units) hain. March 2026 tak Mahindra ne JSW MG ko peeche chhod diya hai aur unka market share 21.2% ho gaya hai FY26 mein, jo pehle 7.8% tha.
Electric two-wheelers abhi bhi volume mein sabse aage hain, 13.9 lakh units FY26 mein bikin. TVS Motor ismein bhi leader hai, 340,758 units ke saath (43% growth aur 24.3% market share). Bajaj Auto ne 288,866 units bechi hain (20.6% share). Electric three-wheelers bhi 18% badhkar 8.27 lakh units tak pahunch gaye hain.
Par bhai, competition bhi badh raha hai. TVS aur Bajaj jaise purane players mazboot ho rahe hain, jabki Ola Electric jaise naye players thoda peeche ho rahe hain.
Charging Stations Ka Scene Aur Service Network Abhi Bhi Kamzor
Itni sales hone ke baad bhi, charging infrastructure abhi bhi ek bada challenge hai, especially electric cars ke liye. Cities mein charging stations ke liye jagah nahi hai aur unhe install karne ka karcha bhi bahut zyada hai - ek 60-kW DC charger lagane mein ₹500,000 se ₹700,000 tak lag sakte hain. Gharon mein charger lagane ke liye sufficient power backup ka issue bhi hai. Saath hi, kai charging stations theek se kaam nahi karte.
Service aur repair network bhi peeche hai. Lagbhag 85% mechanics ke paas EV components ke liye special skills nahi hain. Yeh sab cheezein future growth ko slow kar sakti hain.
Investors Ke Mann Mein Bhi Kuch Sawal
Sales badhne ke baad bhi, investors ka confidence utna nahi badha hai jitna hona chahiye tha. Kuch bade manufacturers ke shares bhi gire hain aur unki valuation ko lekar sawal uth rahe hain. Jaise, Tata Motors ka stock ₹300-400 mein trade kar raha tha March 2026 mein, despite record sales. Investors profit margins aur competition ko lekar chintit hain. Mahindra & Mahindra ka P/E ratio bhi 20.1 se 24.42 ke beech hai. Input costs aur supply chain issues se margins par pressure aa sakta hai.
Future Growth Policy Aur Infra Par Depend Karti Hai
Agale saal FY27 mein auto sector ki growth thodi slow rehne ki ummeed hai, 3-6% ke aas paas. Iska kaaran hai pichhle saal ki strong base aur global factors. EV sector ki growth abhi bhi government schemes jaise FAME par bahut depend karti hai. Sirf subsidies nahi, charging infrastructure ko improve karna bhi zaroori hai. GST mein 5% (normal cars ke liye 28% ke muqable) aur interest subsidies bhi buyers ke liye important hain.
India EV Market Ke Liye Bade Risks
Sabse bada risk charging infrastructure ka kami, jisme jagah ki problem, high setup cost aur unreliable stations shamil hain. Policy aur subsidies par zyada nirbharta bhi uncertainty laati hai. Intense competition aur volatile commodity prices profit margins ko kam kar sakte hain. Skilled technicians ki kami aur India ka coal-dependent power grid bhi long-term mein challenges hain.