Electric vehicle sales in India FY 2023, by type

In the financial year of 2023, two-wheelers led the electric vehicle market in India, with sales reaching approximately 782 thousand units. This represented a substantial growth compared to the sales figures from the previous year. Meanwhile, the sales of four-wheeler electric vehicles stood at around 54.3 thousand for the same period. Notably, all sectors of the electric vehicle market witnessed significant growth that year.

Electric vehicle market

The market projection for electric vehicles (EVs) in India is promising, with a significant increase in sales volume expected in the coming years. In the passenger vehicle segment, Tata Motors has carved out a substantial market share. Meanwhile, Ola Electric is leading the charge in the two-wheeler EV segment. However, the share of EV sales in total vehicle sales in India, while growing, is still relatively small. This points to a gradual yet steady shift towards EV adoption across various vehicle segments in the country.

Challenges in EV adoption

With the growing environmental concerns, the acceptance of EVs is on the rise in India, with the willingness to invest in sustainable modes of transportation. However, this transition is not without challenges. Concerns about the availability of public charging infrastructure and the safety of battery technology are prevalent. Addressing these issues will be crucial in accelerating the adoption of EVs in the country.