Switch Mobility, owned by Ashok Leyland, forecasts a notable shift towards electric vehicles (EVs) in India’s light commercial vehicle (LCV) sector by 2030. CEO Mahesh Babu anticipates EV penetration in LCVs, primarily used for last and mid-mile deliveries, to rise to 12-13% by the end of the decade.
Currently, EVs constitute about 5% of the LCV market, a figure expected to grow to double digits in the next few years. Babu outlined the industry’s growth trajectory, projecting LCV volumes to increase to 8 lakh units by 2030, with electric variants accounting for around 1 lakh units.
Factors driving this adoption include lower total cost of ownership, environmental commitments by businesses, government incentives, and advancements in EV technology meeting customer needs. While optimistic about EV adoption even without subsidies,
Babu highlighted the potential for faster growth if government incentives like FAME subsidies are reintroduced for LCVs. Switch Mobility, which recently launched its first electric LCV IeV3 and began deliveries of the IeV4, aims to capture a 15-20% market share in the EV segment by 2030.
Addressing concerns about charging infrastructure, Babu emphasized that LCVs typically operate within manageable distances, reducing dependency on extensive charging networks. Looking ahead, Switch Mobility plans to expand its EV product lineup to cover a broader spectrum of market needs in the coming years.
