Indians buy over 2 million electric vehicles in six years

Over the past few years, EV sales have grown at a rate that has eclipsed all other models in India. Compared to 2021, the electric vehicle segment sold 100,000 units last year, a staggering increase of more than 200%. The Ministry of Power has now revealed that total EV sales in India have crossed the 2 million mark in the past six years. Over the years, the EV segment has seen rapid growth as Indians have increased their buying spree. Although EVs are not yet mainstream in the country, continued growth has encouraged the Center to introduce pro-EV measures in Budget 2023.

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Updated on:
February 3, 2023 at 10:19 am

Tata Motors is India’s leader in EV passenger vehicles with a market share of more than 90 percent and is one of the major EV makers driving the surge in EV sales in the country.

In a reply to the Lok Sabha, Electricity Union Minister RK Singh said the EV sales figures were based on government data collected as of January 21 this year. “According to the e-vahan4 portal of the Ministry of Road Transport and Highways (MoRTH), there are 20,40,624 electric vehicles registered in the country as of January 31, 2023,” said the Minister of Electricity and New and Renewable Energy in the Lok Sabha. .

A large part of the growth is attributed to the electric three-wheeler segment. It will grow from 108,000 in 2018 to 338,000 in 2022. In the passenger car segment, the bulk of the growth came from the two-wheeler segment, which registered just 16,943 units in 2018, up from 628,000 last year. These figures do not include data from states or union territories such as Telangana and Lakshad. With 57,447 vehicles already registered for the first month of 2023, even more are expected.

Ola Electric and Tata Motors are two of the biggest winners from rising EV penetration. Both EV makers are currently leaders in the two- and four-wheeler segment. Tata Motors leads the EV segment in India with over 90% market share.

RK Singh said the center has taken several measures to promote electric vehicles. “The Bureau of Energy Efficiency (BEE) has drawn up an action plan for the installation of public charging stations in nine major cities. According to preliminary estimates, there will be a total of 46,397 public charging stations (PCS) in these cities by 2030,” he said.

While presenting Budget 2023, Finance Minister Nirmala Sitharaman proposed reducing duties on imported capital goods used to make lithium-ion batteries. The move is expected to help reduce the cost of locally manufactured electric vehicles.

First published date: Feb 3, 2023 at 10:19 AM CST

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