In India, EV sales surpassed the one million mark in less than nine months in 2023, whereas in 2022 it took a full year. Data from the Vahan Dashboard of the Ministry of Road Transport and Highways shows that as of September 19, 1,037,011 electric vehicles (EVs) have been registered with regional transport offices, making up 6.4% of the nation’s total vehicle sales for the year.
According to industry sources, the sales boom can be ascribed to a rise in private purchases as well as business-to-business (B2B) acquisitions by EV fleet operators. They added that the extension of the charging infrastructure as well as the Faster uptake and Manufacturing of (Hybrid &) Electric Vehicles (FAME-II) project have both had a substantial impact on accelerating EV uptake.
In addition to tax advantages, better financing choices, and a strong swapping facility, Preetesh Singh of NRI Consulting and Solutions, a specialist in CASE and alternate powertrains, claimed that the recent introduction of high-quality automobiles also contributed to the EV industry’s rise.
India’s EV sales numbers
In 2023, the two-wheeler market accounted for 56% of EV sales, followed by the three-wheeler and passenger car segments. Monthly EV sales in 2023 have surpassed 100,000 units. With a record-breaking 158,374 vehicle sales in May, the high was reached.
While the effects of the FAME-II subsidy reduction were most noticeable in June, when sales fell by 35% to 102,447 units, the industry started to rebound in July. Sales had recovered by August when 126,741 units had been sold. The sales boom in August marked a 23% increase above June levels.
