Electric vehicle fleet operators and people purchasing two-wheelers have driven sales growth.
Electric vehicle sales in India are likely to cross 10 lakhs in 2022, as per the Ministry of Road Transport and Highway’s Vahan database.
This year witnessed the registration of 9.95 lakh electric vehicles till now which is thrice the figure of 3.22 lakh in 2021 and an eightfold increase from 1.21 lakh in 2020, as reported by Deccan Herald. A total of 19.28 lakh electric vehicles have been registered till now, as per the database.
The retail sales of EVs accounted for nearly 4.7% of the total automobile sales in the calendar year 2022, as mentioned in a report by Economic Times. The rise in financing and leasing of EVs could boost sales in 2023.
The growth in sales has been driven by EV fleet operators and people purchasing two-wheelers. December was a relatively slow month for two-wheeler EV sales compared to November, with 76,000 units sold in November and 56,976 units sold in December.
The growth is further propelled by new launches, increased availability of charging points, and low running costs. Manufacturers such as Tata Motors, Ola Electric, and Ather Energy stand to benefit from the growing adoption of EVs.
Earlier this week, Ola and Ola Electric co-founder Bhavish Aggarwal said that Ola Electric will have six different products in the market by 2027 including two electric motorcycles.
The government of India intends to make electric vehicles 30% of private cars, 70% of commercial vehicles, and 80% of two-wheelers and three-wheelers by 2030.
