Indians’ electric love to power EV sales to a record
Electric vehicles (EVs) are set to scale a new milestone, breaching the 100,000 sales mark this financial year (FY24), fuelling the government’s ambitious aim of electrifying up to 30% of all passenger vehicle sales by 2030.
The sales surge would be propelled by falling battery prices and resultant product price cuts by some automakers, robust government support for eco-friendly vehicles, higher prices of fossil fuels and growing environmental awareness among consumers. Launch of new models by automakers is also helping attract new buyers into this segment. This year’s sales performance would mark a 67% jump from the 60,910 electric PVs sold in FY23.
In the electric two-wheeler segment too, sales are expected to climb 25% to an all-time high of more than 758,000 units this fiscal, according to market research firm Jato Dynamics.
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Despite the robust sales, EV penetration in India remains low due to consumer concerns over affordability, range anxiety and inadequate charging infrastructure.
EVs currently comprise about 2.3% of all passenger vehicles sold in the country. In two-wheelers, the electric share is 4.8% of the domestic market.
Carmakers are raising their bets by launching more electric mass models. Tata Motors dominates the EV market with its Tiago, Nexon, Tigor and Punch models, followed by MG Motor India, and Mahindra & Mahindra. China’s BYD, a relatively new entrant, is also making strong inroads, surging
