Indians bought more than 20 lakh electric vehicles in six years
The growth rate of electric vehicle sales has eclipsed all other vehicle forms in India in the past few years. With one lakh units sold in last year itself the EV segment has seen a staggering growth of more than 200 per cent compared to 2021. The Ministry of Power has now revealed that the overall EV sales in India has crossed 20 lakh mark over the past six years, concurring the rapid growth in the electric vehicle segment amid rise if buying spree among Indians. Though EVs are yet to become mainstream in the country, continuous growth has encouraged the Centre to take pro-EV measures in the Budget 2023.
During a reply in the Lok Sabha, RK Singh, Union Minister for Power, said that the EV sales figure was based on government data collected till January 21 this year. “As per e-vahan4 portal of Ministry of Road Transport & Highways (MoRTH), there are 20,40,624 electric vehicles registered in the country as of 31.01.2023," said the Minister Of Power and New & Renewable Energy in Lok Sabha.
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A large part of the growth is attributed to the electric three-wheeler segment. It grew from 1.08 lakh units in 2018 to 3.38 lakh units in 2022. In the passenger vehicle segment, the major bulk of the growth came from the two-wheeler segment with just 16,943 units registered in 2018 to 6.28 lakh units last year. And these numbers do not include data from states or Union Territories like Telangana and Lakshadweep. 2023 promises to be even bigger with 57,447 vehicles already registered in the first month of the year.
Ola Electric and Tata Motors are two of the biggest gainers from the higher adoption of EVs. Both EV makers lead the two-wheeler and four-wheeler segment currently. Tata Motors leads the electric car segment in India with more than 90 per cent market share.
RK Singh said that the the Centre has taken several steps to promote electric vehicles. “Action plans for 9 major cities have been prepared by the Bureau of Energy Efficiency (BEE) for installation of Public Charging Stations. As per the initial estimates, a total of 46,397 Public Charging Stations (PCS) are being targeted in these cities by 2030," he said.
During her presentation of the Budget 2023, Finance Minister Nirmala Sitharaman proposed reduction in customs duty on capital goods imported for the manufacturing of lithium-ion batteries. The move is expected to help bring down cost of EVs which are manufactured locally.
