EV sales in India touched 10,75,859 units in 2022, 212% up from 3,45,067 units sold in 2021. This stupendous growth was led by states of Uttar Pradesh (15.2%), Maharashtra (12.7%), and Karnataka (8.8%), according to a new report by JMK Research.
High-speed electric two-wheelers (E2Ws) accounted for the largest share (63%) with sales of 6,81,336 units. This segment recorded a 297% increase in sales y-o-y. Electric three-wheelers – passenger (E3W-P) constituted 28% with 3,05,889 units sold in 2022. Electric four-wheelers (E4Ws) registered sales of 50,305 units, which implies a 236% increase in sales over 2021.
The report attributes the domestic EV industry’s sales growth to an increase in the availability of products in the market, high prices of conventional fuels (petrol, diesel and CNG), and state subsidies and incentives offered under the FAME-II scheme. “The growing consumer awareness about the need to use eco-friendly transport is also helping to drive the sales. The prompt action taken by the government, to implement safety standards for EVs after the fire-related incidents last year, has been another reason that has increased confidence of apprehensive customers again in EVs,” it added.
The report stated 23 states in India and three union territories (UTs) have rolled out EV-friendly policies. Chhattisgarh, Himachal Pradesh, Tripura, Haryana, and Ladakh introduced their EV policies in 2022. In addition, 4 states and one UT also came up with a revised EV policy in 2022 with additional incentives.
The introduction of PLI scheme for advanced chemistry cells has instilled confidence among manufacturers that sooner or later India will be a hub of EV components including batteries and hence their import dependency may reduce, stated the report.
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