EV Registrations Cross 1 Million Mark In 2023, Attain 6 Per Cent Share In Total Vehicle Sales

The total EVs (electric vehicles) registered (including all segments) have surpassed one million units in this calendar year, with a total of 1,433,545 units being sold as of 12 December this year.

Replying to a question in the Rajya Sabha, Minister of State for Heavy Industries, Krishan Pal Gurjar, informed that over 2.27 crore vehicles have been registered in the calendar year (CY) 2023, which includes over 1.8 crore petrol vehicles, 24 lakh diesel vehicles and the rest being electric vehicles.

For this calendar year, the total EV registrations are at 1,433,545 units, accounting for 6.3 per cent of total vehicles sold. In 2022, total EV registrations in the country stood at 1,025,118 units. For the calendar year 2021 and 2020, the total EV registrations stood at 331,634 units and 124,681 units respectively.

According to Vahan Dashboard, which tracks vehicle registrations, there has been consistent increase in the ratio of EVs to total vehicles, with the EVs accounting for 4.75 per cent of all vehicles sold in CY 22, 1.75 per cent for CY 21 and 0.67 per cent for CY 2020.

In recent years, the uptake of electric vehicles in the country has gained notable traction, thanks to proactive initiatives undertaken by the Centre and various state governments, addressing both demand and supply factors.

The 2023 Economic Survey anticipates a significant expansion in India's domestic electric vehicle market, with a projected 49 per cent CAGR between 2022 and 2030, leading to an annual sales figure of 10 million EV units by 2030.

To incentivise the adoption of electric vehicles, the Phase II of FAME India scheme provides for subsidy to buyers of electric vehicles in the form of an upfront reduction in the purchase price of electric vehicles. FAME refers to Faster Adoption and Manufacturing of Electric vehicles, which the heavy industries ministry has implemented.

The incentive is linked to battery capacities, ie, 10,000KWh for electric three wheelers (e-3W) and electric four wheelers (e-4W) with a cap of 20 per cent of the cost of vehicle. Further, the subsidy for electric two wheelers (e-2W) has been fixed at Rs 10,000 per KWh with cap of 15 per cent of the cost of vehicle.