According to government figures, sales of electric vehicles in India are expected to surpass 10 lakh in 2022. According to data from the Ministry of Road Transport and Highways’ Vahan database, 9.95 lakh electric vehicles have been registered in India as of 2022, a threefold rise from 3.22 lakh in 2021 and an increase of more than eightfold from 1.21 lakh in 2020. The statistics does not include Telangana registrations, which could indicate that the number has already surpassed 10 lakh.
According to the database, a total of 19.28 lakh electric vehicles have been registered since the database’s inception. The major drivers of growth have been EV fleet operators and people purchasing two-wheelers.
According to The Economic Times, manufacturers such as Ola Electric, Tata Motors, and Ather Energy stand to benefit the most from rising EV usage.
“Our aggressive approach in the EV segment helped us be the first Indian auto manufacturer to cross the 50,000 EV sales milestone this year,” Shailesh Chandra, managing director of Tata Motors Passenger Vehicles & Tata Passenger Electric Mobility, told the publication.
Multiple product launches announced by major industry participants, increased acceptance of EVs with hurdles to adoption decreasing, and stringent pollution rules requiring automakers to include EVs in their portfolio are all boosting market growth, according to Chandra.
“The growth momentum in the electric two-wheeler industry has been building positively in the last few months. In the next few years, there would be more electric two-wheeler product launches at competitive price points, which would help boost their adoption”, said Hero Electric chief executive Sohinder Gill.
Vehicle retail sales, including electric and fossil-fuel-powered vehicles, totaled 15.37 lakh units in December, a decrease from about 24 lakh units the previous month. By 2030, the government expects EVs to account for 30% of private automobiles, 70% of commercial vehicles, and 80% of two- and three-wheelers. According to the newspaper, sales of electric two-wheelers in India are predicted to increase 24 times from their current level to 1.769 crore units by 2030, citing a survey by venture capital firm Blume.
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