in India Electric Vehicle (EV) Sales of EVs to cross 1 million mark in less than nine months in 2023 According to data from the vehicle dashboard of the Ministry of Road Transport and Highways, 1,037,011 EVs were registered in regional transport offices till September 19, which is It accounts for 6.4 percent of total automobile sales in the country.
Increase in sales attributed to individual purchases as well as EV fleet operators
Industry sources said the increase in sales can be attributed to individual purchases as well as business-to-business (B2B) acquisitions by EV fleet operators. Additionally, the Faster Adoption and Manufacturing of (Hybrid and) Electric Vehicles (FAME-II) initiative and expansion of charging infrastructure have played a significant role in boosting EV adoption, he said.
Sales increased due to better finance options and exchange options
Pritesh Singh, NRI Consulting & Solutions, said the growth of the EV industry has been driven by the recent launch of high-quality vehicles, besides tax incentives, better finance options and the presence of a strong swapping facility.
Record sales in the month of May
Two-wheelers accounted for 56 percent of EVs sold in 2023, followed by three-wheelers and passenger vehicles. Throughout 2023, monthly EV sales are expected to exceed 100,000 units. Reached a peak in May with record sales of 158,374 vehicles.
What are the reasons for increasing sales of EVs?
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Government subsidies and incentives: The Government of India has provided several subsidies and incentives to promote EVs. These include subsidies, tax exemptions and subsidies for the construction of charging stations.
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Growing Awareness: People are now becoming more aware about the environmental benefits of EVs. They are choosing to adopt EVs to reduce fuel costs and reduce pollution.
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Increasing commitment of companies: Many major automakers are committed to launching EVs in India. This has promoted competition in the market and reduced prices.
Many possibilities for growth of EVs in India
There are many possibilities for the growth of EVs in India. The government has set a target of 30% of new vehicle sales being EVs by 2030. To achieve this goal, India needs to expand the network of charging stations and develop infrastructure for EVs.
Scooty is the most popular range of EVs in India
The most popular category of EVs in India is Scooty, these vehicles are ideal for intra-city travel. Along with this, the demand for cars is also increasing, many major vehicle manufacturers are launching electric cars in India. The demand for EVs with larger batteries is also increasing. Customers are now demanding EVs with sufficient range for long distance travel. This has boosted the demand for EVs with larger batteries. The growth of EVs in India is a significant development. It can help the country solve its energy crisis and save the environment.