As attached CareEdge has published a report on Electric Vehicles
Synopsis:
- For electric vehicles, CY23 recorded significant growth as the sales volume of EVs surpassed 1.5 million, a 50% increase compared to CY22. Total EV volume sold was recorded at 1.53 million in CY23 compared to 1.02 in CY22. Growth was driven by the increasing adoption of EVs and several exciting new EV models across segments giving better options.
- The overall EV share of auto sales in India has increased to 6.38% in CY23 from 1.75% in CY21, in just 2 years.
- Category-wise, 2W and 3W recorded growth of 37% and 66%, respectively, while PV was at 113% and CV at 169% given the lower base.
- CY24 looks promising with the industry expecting to surpass sales volume of 2 million in CY24, underpinned by surging demand and sustained government support through incentives. However, investments in the EV ecosystem remain crucial for fostering EVs’ massive adoption.