Electric Vehicles

EV Sales surge by 42% in FY2024 to clock 1.67 million units

EV Sales surge by 42% in FY2024 to clock 1.67 million units EV sales in India increased 42% year on year (YoY) in FY2024, with 1.67 million units registered. The e-car segment registered maximum YoY growth of 90%. Riding on the booming logistics and e-commerce sector, as well as favourable cost economics, the E3W cargo segment saw an 82% rise in sales. Further, even with the limited models in the e-cars segment in India, the sector was able to achieve…

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Market share of top 2 OEMs in E2W segment grew by 12% in CY2023

Market share of top 2 OEMs in E2W segment grew by 12% in CY2023 India has shown ~5% E2W adoption in overall 2W segment in CY2023. The segment has shown a 35% year-on-year sales growth in the country.  The overall E2W market is fragmented with more than 150 players in the category. However, the top 2 E2W players captured more than 50% of the market share in CY2023. Fig 1: Market share analysis of E2W OEM’s in India Source: Vahan…

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6.5% of total vehicles sold in India in 2023 were EVs

6.5% of total vehicles sold in India in 2023 were EVs The Electric vehicle industry in India is witnessing rapid growth with a year-on-year (y-o-y) surge of ~50% in CY2023. EVs accounted for 6.5% of total vehicle sales during the last calendar year. The E2W segment has been the torchbearer with 56% of the total EV sales in CY2023. In terms of y-o-y sales growth, the Electric car segment saw the highest growth rate of 116% in 2023 followed by…

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VIBRANT GUJARAT SUMMIT 2024 HIGHLIGHTS: Investments of More Than INR 9000 Crore Announced in Electric Vehicle Sector

VIBRANT GUJARAT SUMMIT 2024 HIGHLIGHTS: Investments of More Than INR 9000 Crore Announced in Electric Vehicle Sector The Vibrant Gujarat Summit is organised by Government of Gujarat from 10th -12th January 2024 to understand and explore business opportunities in Gujarat. The summit’s primary objective is to promote Gujarat as an attractive investment destination and to facilitate partnerships and collaborations across different sectors including automotive sector. The 3-day summit saw MOUs, partnerships, and investment from different foreign and domestic companies in…

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