EV sales in India to surpass 2 million in FY24

The Faster Adoption and Manufacturing of Electric Vehicles (FAME) II scheme is expected to create momentum across all electric vehicle (EV) segments in FY24

March 27, 2023

EV retail sales have already surpassed 1.11 million units in FY23

More than 5% of total automobile sales in this fiscal were captured by EVs

Electric two-wheelers and three-wheelers have been the primary drivers of this growth, with EV fleet operators and individual buyers being the main contributors

690,000 units of electric two-wheelers and 372,000 three-wheelers were sold in the current fiscal

With continuing current trends in the electric vehicle (EV) market in India, the upcoming fiscal year will witness over 2 million EV sales, according to media reports. 

As per the reports, the FAME II scheme, which will end at the conclusion of the next fiscal year, is expected to distribute a significant amount of incentives, contributing to the momentum across all segments in FY24.

This fiscal year, EV retail sales have already surpassed 1.11 million units, representing more than 5% of total automobile sales, and experiencing an impressive growth surge of 147% from FY22. 

According to data from the government’s Vahan portal, approximately 1.1 million EVs have been registered with regional transport offices this fiscal year.

Experts said that electric two-wheelers and three-wheelers have been the primary drivers of this growth, with EV fleet operators and individual buyers being the main contributors. The increase in the availability of charging points, new launches, and low operating expenses have attracted buyers. This fiscal year, the maximum sales were of electric two-wheelers and three-wheelers, with 690,000 units and 372,000 units sold, respectively.

Source: Economic Times

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