India Seeing Huge Growth In Electric Vehicle Sales Across Segments: Nitin Gadkari

Electric vehicle sales in India have been picking up pace in recent years with more and more manufacturers entering the market with newer models. The increase in choice has seen sales in the EV segments grow year-on-year with Minister of Road Transport and Highways, Nitin Gadkari recently commenting on the same. Speaking at the 62nd Society of India Automobile Manufacturers (SIAM) Annual Convention, Gadkari touched upon the growth witnessed by EVs across segments.

Electric vehicle sales have picked up over the past few years, particularly in the two-wheeler segments

Speaking at the event, Gadkari said that over 15 lakh EVs had been registered in India with overall sales rising by 162%. Electric two-wheelers reported one of the sharpest growth in sales among all segments with a 425% growth. Electric four-wheelers sales meanwhile picked up 230%. Electric three-wheeler sales were up 75% while electric buses, which have gained popularity in recent years with state and city transport departments witnessed a growth of 1,600%.

As per data from the Federation of Automobile Dealers Associations, total sales of electric two-wheelers in India in the last financial year amounted to over 2.31 lakh. Next in line was the by the three-wheeler segment which reported EV sales of over 1.77 lakh units.

Sales in the electric four-wheeler segments is also gaining momentum with newer model launches being lined up

In comparison, passenger vehicle sales were a relatively low 17,802 units in the financial year though numbers are expected to grow in the current financial year.

Gadkari also provided insights into the growth of the electric vehicle industry with 250 new start-ups have emerged in the EV space. A large number of these start-ups have emerged in the two- and three-wheeler space with the four-wheeler space largely still dominated by established car brands.