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Data Point

September 9, 2023

GS Paper III Indian Economy

India Charges ahead on the Global EV Map

Context:

Research forecasts 15.4 million electric vehicles (EVs) to be shipped globally in 2023.

Cars make up 97.1 % of the global EV market.

9.3

More on News:

EV Growth Anticipated: Electric buses and vans are expected to see 200,000 shipments each in 2023.
- Total EV shipments are projected to reach 18.5 million in 2024.
Rising EV Sales in India: Sales of EVs in India have been on the rise, with significant growth recorded.
- In 2022-23 (FY23), EV sales surged by 173.6 percent to 1.25 million, up from 460,000 in the previous year. In 2018-19, EV sales in India were at 150,000.
Electric Two-Wheelers Dominating: Registered electric two-wheelers hold the majority of the market share, accounting for 48.8 % cumulatively until FY23.

News Source: Business Standard

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