India’s growing green generation is marked by an increase in EV sales and demand
In recent years, the growth rate of electric vehicle sales has outpaced all other vehicle forms in India. The EV segment, which hit its 1,00,000-unit sales last year itself, is seeing a staggering growth of over 200% compared to 2021. The Ministry of Energy announced that total sales of electric vehicles in India have exceeded 20,000 in the last six years. EVs are yet to take off in the country, but continued growth has prompted the center to take action to promote EVs in its 2023 budget.
In a reply to the Lok Sabha, Federal Energy Minister RK Singh said electric vehicle sales were based on government data collected up to 21 January this year. According to the Minister of Energy and New Renewable Energy, 20,40,624 electric vehicles have been registered as e-vahan portals under the Ministry of Road Transport and Highways (MoRTH).
Most of the growth is attributed to the electric tricycle segment. In 2018 it increased from 1.08 million to 3.38 million in 2022. In the passenger car segment, only 16,943 were registered in 2018, due to the motorcycle segment, which reached 6.28 million over the past year. Also, these figures do not include data for states and federal territories such as Telangana and Lakshadweep. 2023 promises to be even bigger, with 57,447 vehicles already registered in the year’s first month.
Ola Electric and Tata Motors are two of the biggest winners in the growing adoption of electric vehicles. Both EV makers now lead the two- and four-wheel segments. Tata Motors leads the electric vehicle segment in India with over 90% market share.
RK Singh said the center is taking several steps to promote electric vehicles. “The Bureau of Energy Efficiency (BEE) has prepared action plans for nine major cities towards the installation of public charging stations. (PCS),” he said.
At the 2023 budget presentation, Finance Minister Nirmala Sitharaman proposed lowering tariffs on imported capital goods for the production of lithium-ion batteries. The move aims to bring down the cost of locally manufactured electric vehicles.
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