Growth of Electric Vehicles in India

Jemima Grace B.*
Periodicity:July - December'2024

Abstract

The global electric vehicle (EV) market is developing at a rapid pace. According to JMK Research, a staggering 455,733 EV units were sold in FY2022. India's Ministry of Road Transport and Highways also claimed that 1,334,385 electric vehicles in India were on the road as of July 2022. These numbers are sure to increase, with central and state governments, as well as private sector players, actively pushing for greater electrification on Indian roads. EVs are gaining attention across the globe as they help reduce emissions and depletion of natural resources. The Indian EV market is also evolving fast as close to 0.32 million vehicles were sold in 2021, up 168% YoY. Ongoing electric vehicle adoption in India is based on the Paris agreement to reduce carbon emissions, to improve the air quality in urban areas and reduce oil imports. In India, Uttar Pradesh held the highest share in EV sales in 2021, with the number of units sold across all segments reaching 66,704, followed by Karnataka with 33,302 units and Tamil Nadu with 30,036 units. Uttar Pradesh dominated the three-wheeler segment, while Karnataka and Maharashtra led the two-wheeler segment and four-wheeler segment, respectively.This study aims to identify the growth of electric vehicles in India and to analyses the production as well as sales of electric vehicles. Secondary data facts have been collected.

Keywords

Electric Vehicles, Sales, Production, Two Wheelers, Three Wheelers

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