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India surpasses 1 mn EV sales in just 9 months, driven by growth factors
Industry News- Sep 21,23
According to data from the Vahan Dashboard of the Ministry of Road Transport and Highways, a total of 1,037,011 EVs were registered with regional transport offices by September 19, constituting 6.4% of the nation's total automobile sales for the year.
In 2023, India achieved a remarkable milestone in the electric vehicle (EV) industry by surpassing one million EV sales in under nine months, a feat that had taken a full year in 2022. According to data from the Vahan Dashboard of the Ministry of Road Transport and Highways, a total of 1,037,011 EVs were registered with regional transport offices by September 19, constituting 6.4% of the nation's total automobile sales for the year.
This surge in EV sales can be attributed to a combination of increased individual purchases and substantial business-to-business (B2B) acquisitions by EV fleet operators, as indicated by industry sources. Furthermore, the Faster Adoption and Manufacturing of (Hybrid &) Electric Vehicles (FAME-II) initiative and the expansion of charging infrastructure have played pivotal roles in driving the adoption of EVs.
Preetesh Singh, a specialist in CASE (Connected, Autonomous, Shared, Electric) and alternate powertrains at NRI Consulting and Solutions, highlighted that the growth of the EV industry was also fuelled by the introduction of high-quality vehicles, along with the availability of tax incentives, improved financing options, and a robust vehicle swapping facility.
Breaking down the sales by vehicle type, two-wheelers constituted the largest portion, accounting for 56% of all EVs sold in 2023, followed by three-wheelers and passenger vehicles.
Throughout the year 2023, monthly EV sales consistently exceeded 100,000 units. The pinnacle of this achievement occurred in May, with a record-breaking sale of 158,374 vehicles.
Although the impact of subsidy reductions under the FAME-II program was most noticeable in June, leading to a 35% decline with sales dropping to 102,447 units, the industry began its recovery in July. By August, with 126,741 units sold, sales had rebounded significantly, marking a 23% increase from the June levels.
Source: Business Standard
India
EV sales
FAME-II
Preetesh Singh
CASE (Connected
Autonomous
Shared
Electric)
Vahan Dashboard
Ministry of Road Transport and Highways
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