In the fiscal year 2023-24, India witnessed a remarkable surge in the adoption of electric vehicles (EVs), with a total of 18,15,333 units registered nationwide. This significant milestone underscores the growing consumer interest and market potential for EVs in the country. Moreover, the projections indicate a cumulative consumer opportunity of USD 206 billion for EVs by the year 2030, highlighting the immense economic prospects associated with the transition towards electric mobility.
The EV market in India is diverse, encompassing various categories of vehicles catering to different consumer needs. Electric three-wheelers emerged as the most penetrated category, constituting 15% of the total EV market, followed by electric two-wheelers with 5.3%. Electric four-wheeler commercial vehicles, electric buses, and electric four-wheelers accounted for 4.1%, 3.9%, and 2.2% of the market share, respectively.
Among the states leading the EV adoption charge, Karnataka emerged as the frontrunner with 2,86,090 units registered, followed closely by Maharashtra, Tamil Nadu, Gujarat, and Uttar Pradesh. These states demonstrated a robust appetite for electric mobility, driven by favorable policies, infrastructure development, and consumer awareness initiatives.
Furthermore, certain states showcased remarkable EV penetration rates, indicating a strong inclination toward sustainable transportation solutions. Goa led the pack with a penetration rate of 13.3%, followed by Kerala, Delhi, Tripura, and Karnataka, each boasting significant adoption rates above the national average.
In terms of market players, Ola Electric emerged as the top-selling original equipment manufacturer (OEM), with 3,26,449 units sold, followed by TVS, Bajaj, Ather, and Tata EV. These OEMs played a pivotal role in driving EV adoption through innovative product offerings, competitive pricing, and extensive distribution networks.
Additionally, regional transport offices (RTOs) across the country played a crucial role in facilitating EV registrations and regulatory compliance. Pune (MH12) led the tally with 34,886 units registered, followed by Transport Nagar RTO Lucknow (UP32), Electronic City RTO (KA51), Surat (GJ5), and Bengaluru South RTO (KA5). These RTOs played a pivotal role in streamlining the registration process and ensuring adherence to safety and environmental regulations.
The data and analysis presented above are derived from the CEEW-CEF Electric Mobility Dashboard, providing valuable insights into the evolving landscape of electric mobility in India. As the country continues its journey towards sustainable transportation, the momentum in EV adoption is expected to accelerate further, driving economic growth, reducing carbon emissions, and fostering a cleaner, greener future for generations to come.
