Chart Of The Week: EV Sales Hit Record High in India

India has been making big strides towards its climate ambitions with rising penetration of electric vehicles (EVs). Sales of EVs in India reached record high level in 2023, with around 1.53 million units sold. It was a strong jump of 49%, y-o-y. Moreover, EVs accounted for around 6.4% of total vehicles sold in the country, compared to 4.8% share in 2022.

Electric two-wheelers accounted for the majority (56%) of the total EV sales during 2023, followed by electric three-wheelers (38%) and electric four-wheelers (5%). Different companies are dominating sub categories of EV market. For instance, Ola Electric was the market leader in two-wheeler category with sales of 266,869 units and TATA Motors was the leader in four-wheeler category with sales of 51,189 units.

As India aims to achieve net zero status by 2070, EVs will remain the most important tool for the country to clean its road transportation.


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