Electric Vehicle Sales In 2023 Skyrocketed By 49.25% In India: Report

Sales of electric vehicles in India witnessed an upward trend of 49.25 per cent on an annual basis in 2023 to 15,29,947 units. The Federation Of Automobile Dealers Association shared this information on January 9, Tuesday. As per the data shared by FADA, the EV industry had sold a total of 10,25,063 vehicles in 2022. As per the data, the sale of Two-wheeler EV sales increased from 6,31,464 units in 2022 by 36.09 per cent to 8,59,376 units in 2023. Similarly, sales of three-wheeler electric vehicles surged from 3,52,710 units in 2022 to 5,82,793 units in 2023. This is an increase of 65.23 per cent on an annual basis. E-commercial vehicle sales increased based on 114.16 per cent year-on-year from 2,649 vehicles in 2022 to 5,673 units in 2023. FADA data said that Electric passenger vehicle sales grew 114.71 per cent to 82,105 units last year against 38,240 in 2022.

Union Minister Nitin Gadkari addressed the issue of Electric Vehicles at the 19th EV EXPO 2023. He said, “India might see one crore Electric Vehicles sales a year.” As per the Minister, this segment is expected to generate about five crore jobs by 2030. He said, “As per the Vahan database, 34.54 lakh EVs are already registered in India.” Vahan contains the data of all vehicles registered in the country. Gadkari also said that the government has permitted the retrofitting (replacing old parts with new ones) of the existing polluting vehicles. These vehicles will be retrofitted into hybrid and fully EVs.

The state governments have undertaken various measures to promote the sales of EVs across the country. They have provided subsidies on these vehicles and also waived the registration fee. People who are purchasing new vehicles in Uttar Pradesh will not have to deposit the registration amount for it. The government is also returning the registration amount to those who have already deposited it.

Besides the government incentives, various other measures have contributed to the sales of EVs. These factors include the rising fuel prices and the growing awareness amongst the consumers. Dinesh Arjun said that these factors have led to an EV revolution. Dinesh is the co-founder and chief executive officer of e-motorcycle startup Raptee Energy.