EV Industry all set to surpass 1-million sales milestone this year

30 Dec 2022 , 12:04 PM

India’s Electric Vehicle Industry is well poised to cross the 1-million milestone this year.

EV retail sales are expected to exceed one million units in the calendar year 2022, accounting for approximately 4.7% of total automobile sales.

Approximately 989,000 EVs have been registered with regional transport offices as of Thursday, according to data on the government’s Vahan website. The figures show a more than threefold increase since 2021. Telangana data is not included in these figures.

EV fleet operators and individuals purchasing two-wheelers have been the primary drivers of growth. New launches, increased charging point availability, as well as low operating costs, are some of the attractive points for buyers. Manufacturers such as Ola Electric, Tata Motors, and Ather Energy stand to benefit the most from increased EV adoption.

Multiple product launches by major industry players, rising acceptance of EVs as a mainstream choice with barriers to adoption decreasing, and stringent emission regulations requiring automakers to include EVs in their portfolio are all major contributors for the industry’s growth.

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