India’s sales of electric vehicles (EVs) have been trending upward in 2023, suggesting that the country is becoming more and more accustomed to using electric vehicles. Starting with 1,39,232 units sold in October 2023, the sales numbers for November 2023 grew to 1,52,610 units. Particularly noteworthy have been the sales of electric two-wheelers (E2W) and electric three-wheelers (E3W). E2W sales grew from 63,969 units in October 2023 to 74,623 units in November 2023, and then to 91,243 units. In a similar vein, E3W sales increased as well; however, different subcategories had different outcomes.
From November 2022 to November 2023, the entire sales trend shows a consistent upward tendency, reaching a peak of 1,58,420 units in May 2023. In the third quarter of 2023, EV sales in India hit 371,214 units, up 40% from the same period the previous year, according to a report by Mercom India. Electric three-wheelers made up roughly 45% of all EV sales during the quarter, whereas two-wheelers made up approximately 49% of all EV sales.
Reason behind the rapid growth of EV
The Faster Adoption and Manufacturing of (Hybrid &) Electric Vehicles (FAME-II) programme, the development of charging infrastructure, the availability of tax incentives, and better financing alternatives are some of the reasons for the spike in electric vehicle sales. The introduction of new models and the expanding supply of high-quality electric cars have both aided in the expansion of the electric vehicle market in India.
Electric four-wheeler (E4W) sales have also been trending upward; but, in November 2023, E4W sales were slightly down from 7,437 to 7,042 units. The total sales figures have also been influenced by the sales of electric buses (E Bus), which increased from 229 to 252 units in November 2023.
In conclusion, there has been a notable increase in the sales of electric two- and three-wheelers in India in 2023, indicating a good trend in the country’s electric vehicle sales. The country’s adoption of electric vehicles has been greatly aided by government programmes as well as the growing supply of high-quality electric vehicles.
