The electric vehicle (EV) sector in India maintains its impressive growth trajectory, with considerable numbers expected by the end of November 2023. In November 2023, total EV sales in India reached 152,610 units, a 26% increase over November 2022’s 121,598 units. This statistic falls just short of the all-time monthly high of 158,420 units set in May 2023, which was fueled by a rush of purchases prior to the FAME subsidy decrease on June 1. November 2023 is the 14th month in a row that India’s EV sales have exceeded 100,000 units, a run that began in October 2022 with 117,200 units and has continued through each month of CY2023, culminating in May.
The total EV industry sales for the year, comprising two-wheelers, three-wheelers, passenger vehicles, and commercial vehicles.
For the first 11 months of 2023, total EV sales, comprising two-wheelers, three-wheelers, passenger vehicles, and commercial vehicles, reached a record 1,387,114 units, indicating a significant 50% year-on-year increase from the 924,111 units sold in the same period in 2022. The more cheap divisions, such as two- and three-wheelers, are the key contributors to this boom. From January to November 2023, electric two-wheelers account for 56% of total EV sales (783,128 units), while three-wheelers account for 38% (524,949 units). With an expected 74,290 units sold, electric cars, SUVs, MPVs, and vans hold a 5.35% share, while commercial vehicles, including freight carriers and buses, account for a 0.35% share.
