In a testament to India’s accelerating electric vehicle (EV) adoption, the year 2023 has witnessed a remarkable milestone as EV sales surged past the one million mark in less than nine months. This achievement comes in stark contrast to the previous year, where it took the entirety of 2022 to achieve this feat.
Data from the Ministry of Road Transport and Highways’ Vahan Dashboard reveals that, as of September 19, a total of 1,037,011 EVs have been registered with regional transport offices. Impressively, this accounts for 6.4% of the country’s total automobile sales for the year.
Several factors have contributed to this surge in EV sales. Firstly, there has been an uptick in individual purchases of electric vehicles. Additionally, businesses have also been actively acquiring EVs for their fleets, driving substantial growth in the sector. The Faster Adoption and Manufacturing of (Hybrid &) Electric Vehicles (FAME-II) initiative has played a pivotal role in encouraging EV adoption. Furthermore, the ongoing expansion of charging infrastructure across the nation has made EV ownership more convenient and accessible.
Preetesh Singh, a specialist in CASE (Connected, Autonomous, Shared, Electric) and alternate powertrains at NRI Consulting and Solutions, pointed out several key factors fueling the EV industry’s rapid growth. This includes the introduction of high-quality electric vehicles, favorable tax incentives, improved financing options, and the establishment of robust battery swapping facilities.
Breaking down the EV sales by segment, two-wheelers emerged as the frontrunners, accounting for a significant 56% of all EVs sold in 2023. Three-wheelers and passenger vehicles followed closely behind.
Notably, monthly EV sales consistently exceeded 100,000 units throughout 2023, reaching a peak in May with a record sale of 158,374 vehicles. While the industry experienced a dip in June due to subsidy reductions under FAME-II, causing a 35% decline in sales, it swiftly rebounded in July. By August, sales had surged to 126,741 units, marking a remarkable 23% increase from the levels witnessed in June.
This extraordinary surge in EV adoption not only highlights the changing dynamics of India’s automotive landscape but also reflects the increasing enthusiasm among consumers and businesses for sustainable and eco-friendly transportation options. With a supportive policy environment, enhanced infrastructure, and a growing portfolio of EV offerings, India’s electric mobility revolution is undoubtedly in full swing.
Article source:- Business Standard