Scooter sales hit 589,802 units in October, best in first 7 months of FY2024
India’s electric vehicle (EV) market has reached a significant milestone, surpassing 3 million units in cumulative sales by the end of October 2023.
This remarkable growth, marked by a 209% increase in annual sales in 2022, continued into 2023, with sales already exceeding 1.23 million units in the first ten months. The data, sourced from the government’s Vahan portal, shows a staggering 42,796% increase in sales from 2014 to 2022.
The electric two- and three-wheeler segments dominate the market, accounting for nearly 95% of all EVs in India.
☑️ Two-wheelers make up over half of the total EVs, while three-wheelers, including passenger and cargo carriers, account for about 40%.
☑️ Maharashtra leads in electric two-wheelers, passenger vehicles, and buses, while Uttar Pradesh has the highest number of electric three-wheelers.
The growth is widespread across states and Union Territories, with 12 states each recording six-figure sales, cumulatively accounting for 83% of all EVs in India.
☑️ Uttar Pradesh, Maharashtra, and Karnataka are the top three states in EV ownership. The southern region of India, including Karnataka and Tamil Nadu, is particularly active, with significant manufacturing operations and a combined 26.30% market share.
The surge in EV adoption is attributed to various factors, including government initiatives like the FAME Scheme and PLI Scheme, increasing consumer awareness of eco-friendly mobility, and the economic benefits of EVs compared to traditional fossil fuel vehicles. Most states and Union Territories have implemented EV-friendly policies, further boosting adoption rates.
Challenges remain, such as inadequate charging infrastructure and high initial costs, primarily due to battery prices. However, efforts are underway to expand the charging network and reduce costs through localization and technological advancements.
The Indian EV industry is expected to continue its growth trajectory, with a forecasted 45.5% CAGR between 2022 and 2030, potentially reaching annual sales of 1.6 crore EVs by 2030.