Electric Vehicle sales skyrocket to over 1 million units in FY2023 with 58% growth
In recent years, the electric vehicle (EV) market in India has undergone significant growth, with a rapid increase in sales of both commercial and consumer electric vehicles. One of the primary reasons for this is the EV's cost-effectiveness in the long run, which has urged the general public towards purchasing electric two and four-wheelers.
Resultingly, Indian electric vehicle sales crossed one million units for the first time in FY23. Citing data from the Society of Manufacturers of Electric Vehicles (SMEV), the overall EV sales in India have reached a figure of 11,52,021 units, including the sale of e-buses, e-cars, e-three-wheelers and e-two-wheelers combined.
Sales figures from the past 3 financial years
Reportedly, an effective growth of 58% has been recorded as compared to FY22 during which 7,26,861 units were sold.
Recent sales data from SMEV has further indicated that the Indian electric vehicle (EV) market is primarily driven by the sale of two-wheelers, accounting for 62% of total EV sales in India. During the period of FY, a total of 7,26,976 2-wheelers were sold.
Electric 3-wheelers followed the two-wheeler segment, constituting the second-largest portion of EV sales, with 4,01,841 units sold during the same period. The four-wheeler segment had sales of 47,127 units, whereas electric buses comprised only 0.16% of the total EV sales, with a mere 1,904 units sold.
Overall EV sales during calendar years 2021 & 2022
In previous years, the EV industry has experienced impressive growth. During the calendar year (CY) 2022, a notable 210% year-on-year increase in sales was recorded as compared to 2021. With this, a total of 9,99,949 EV units were sold compared to 2021's 3,22,871 units. Looking at the current number of sales, the Indian EV industry is eyeing even bigger numbers by the end of CY 2023. In addition, SMEV's statistics about EV sales in India can be found here.
Overall, the electric vehicle market in India is growing at a rapid pace, driven by favourable government policies, increasing awareness about the benefits of EVs, and the affordability of electric two and four-wheelers.
To get all the latest content, download our mobile application. Available for both iOS & Android devices.