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Electric Vehicle Market in India & Growth - Quarterly Reports

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Report Summary Find out what’s new in India’s current electric vehicle market space. Learn about the status of state wise operational EVs in India, operational & upcoming EV charging infrastructure, market share and volume of players across EV segment, their expansion plans, fresh investments, state wise regulatory & policy support for setting EV ecosystem etc.

Electric Vehicle Market in India & Growth - Quarterly Reports

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    India observed a growth of approximately 20% in the count of battery-operated electric vehicles from Dec’22- till April ’ 23. The number of total EVs registered in India during this period increased by more than 6 Lakhs approximately. As of 7 Dec,2022 the total number of EVs registered in India were 1,802,967 which increased to a count of 2,467,535 as of 7 May,2023. As per Eninrac EV visionboard the total EV fleet in India would hover b/w 34-36 lakhs by Mar’24 under the base case scenario.

    Some of the most exciting developments that relates to the growth of electric vehicles in India is the small format mobility that includes electric two & three wheelers. Cumulatively both e-2W & 3W commands 95% of the total EVs share in the country. For e-2Ws much of the demand is witnessed by low to medium income group people, fleet aggregators that deals in – last mile deliveries, bike taxis etc. such as Zepto, Blink it, Zomato,Swiggy, Ola, Uber etc. For the e-3Ws, a lot of demand is observed for the e-rickshaws from the riders due to its affordability. Also, with the increase in ecommerce options, e-bulk order home deliveries etc. - many such service providers have also started adopting e-3W good carriers for meeting door to door deliveries of bulk items.

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