Electric vehicle sales in India are expected to cross 10 Lakhs units by the end of FY 2022, considering the two-folds jump in EV sales at 2,33,970 units in 2021. Two-wheeler sales are expected to contribute majorly to the sales figures.
- SMEV expects electric vehicle sales in India to cross 10 Lakhs units by end of FY 2022.
- Supportive GOI policies and subsidies to play a major role in the increased sales of EVs in India.
- India witnessed a whooping two-folds jump in electric vehicles sales in FY 2021 at 2,33,970 units.
- Tata motors and Hero electric sold the highest number of electric 4W and 2W respectively.
New Delhi, Thursday:
Society of Manufacturers of Electric Vehicles (SMEV) released a statement about EV sales in India, wherein they expect electric vehicle sales in Indian to cross 10 Lakh Units by the end of the FY 2022. The expected sales figure of 10 Lakhs units in 2022 equals the total collective EV sales in 10 years, wherein two-wheelers contributed majorly to the sales figures.
In FY 2021, India witnessed a two-fold jump in the sales figure of electric two-wheelers at 2,33,970. A total of 1,33,235 new electric 2W were added to the Indian EV ecosystem, which was at 1,00,736 in 2020.
According to the Centre for Energy Finance (CEF), 1,27,000 electric vehicles were sold under the FAME II subsidy in India.
In the two-wheeler segment, Hero electric sold the highest number of electric 2W at 23,380 units, and in the four-wheeler segment, Tata Motors sold the highest number of electric cars at 4547 units.
Sohinder Gill, Director General, SMEV stated,” We haven’t seen better days than the last few months in the entire EV journey. In the last 15 years, we collectively sold around 1 million e2w, e-three wheelers, e-cars, and e-buses, and we will most likely sell the same 1 million units in just one year beginning January 2022.”
According to SMEV, a total of 1,42,829 units of high-speed electric two-wheelers were sold in 2021 in India with a 425 percent growth rate compared to 2020.
Electric vehicle sales in India in 2020-2022:
The supportive government policies and the state-wise incentives to lower the initial cost of owning an electric vehicle made a very positive impact on the overall sales of electric vehicles in India. History is being made with the largest shift in the mobility pattern in India.
The major factors driving the sales of electric vehicles in India include customer awareness, less reliability on battery imports due to indigenous manufacturing, rising fuel prices, and the deployment of nationwide charging infrastructure.
A major portion of EV buyers states their reason for the shift to electric mobility being environment and sustainability consciousness, post-pandemic scenario.
With 23 upcoming electric car models and 18 electric two-wheeler models according to CEF, the expected sales figures stated by SMEV seem achievable.