Increased Demand for Electric Vehicles in Pakistan

Abdullah

27 Nov 2024

150

Increased Demand for Electric Vehicles in Pakistan

The ongoing fiscal year has witnessed a remarkable surge in vehicle sales, signaling a shift in consumer behavior, especially towards eco-friendly options such as electric vehicles (EVs). This increase reflects growing confidence in the automotive market and changing preferences for innovation and sustainability.

Impressive Growth Across Vehicle Categories

Statistics from the Pakistan Bureau of Statistics highlight a significant rise in sales for multiple EV & Non-EV Vehicle segments:

Heavy vehicles like buses and trucks recorded an 82% growth, indicating robust activity in commercial transport.
Utility vehicles, including jeeps and pickups, experienced a 60% rise.
Two- and three-wheelers, such as motorcycles and rickshaws, grew by 23.4%, driven by their affordability and widespread usage.

Driving Forces Behind the Boom

The primary driver behind this surge is the reduction in lending rates, making vehicle financing more accessible. As financial institutions further cut interest rates and launch attractive financing plans, coupled with new model launches by manufacturers, auto sales are expected to climb even higher.

Investment in Textile Machinery Expands

According to State Bank of Pakistan data, the first four months of the current fiscal year saw an expenditure of $147.78 million on textile machinery imports, reflecting a substantial 23.12% increase from the previous year's $120.028 million during the same period. This rise demonstrates Pakistan’s focus on enhancing industrial efficiency and global competitiveness in the textile sector.

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