India's EV sales to grow by 66% in 2024
Date: 12/04/2024
Counterpoint Research reported that the India's electric vehicle (EV) market witnessed remarkable growth in 2023, nearly doubling its sales amidst rising consumer interest, government support, and environmental concerns. Projections by Counterpoint for 2024 indicate a 66% surge in EV sales, constituting 4% of total passenger vehicle (PV) sales. Looking ahead to 2030, Evs are anticipated to capture nearly one-third of India's PV market, signaling a robust long-term trajectory in the automotive sector.
Further findings by Counterpoint includes:
EV sales surged in 2023, driven by urban consumer interest, government initiatives, and infrastructure development.
Tata Motors led the market but faced competition from Mahindra & Mahindra and BYD, with Mahindra recording exceptional growth attributed to its all-electric SUV XUV400.
BYD emerged as a top player with impressive growth, despite limited model offerings in India.
EV sales are projected to increase by 66% in 2024, comprising 4% of total PV sales, with expectations of significant growth by 2030.
Maruti Suzuki's entry into the EV market and VinFast's investment in manufacturing facilities highlight increasing competition and investment in India's EV sector.
Developments in EV battery manufacturing and government incentives are expected to drive down costs and boost sales, signaling India's readiness to embrace Evs.
Source: Counterpoint
