Q1 2021 India EV update (Jan-Mar 2021)
The report analyses the major trends and the movement in market shares of the key players in the Jan-Mar, 2021 period in the Indian electric vehicle (EV) space. The report focuses on new product launches announced during the quarter as well as the sales trend for electric two-wheelers (e-2W), electric three-wheelers (e-3W), and the overall EV market. An attempt has also been made to compare the Indian EV market with the top EV markets of Norway, China, United States, and other such countries. The recent policies announced have paved way for increase in EV adoption and investments in the sector. Hence separate sections on investments and policy announcements during the quarter have also been included in the report.
EV segment continues to grow at an enormous pace in India with rising sales and new product variants introduced across various categories. For the last quarter i.e. Q1 2021, key updates across the EV sector include:
- Launch of 12 electric two-wheeler models, 2 electric three-wheeler models, and 2 luxury electric four-wheelers.
- Chandigarh and Meghalaya released their ‘Electric Vehicles Policy’.
- More than INR 236 Crore (USD 32.6 million) of fundings was raised across various segments.
- The Q1 2021 sales of registered EVs have surged by 59% from the previous quarter’s sales to reach 61,396 units.
- Globally, sales of battery electric vehicles (BEVs) have declined by 17.5% from 894,202 units in Q4 2020 to 737,722 in Q1 2021.