Q4 2020 India EV update (Oct-Dec 2020)
The report analyses the major trends and the movement in market shares of the key players in the Oct-Dec, 2020 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 is growing at an enormous pace in India with rising sales and new product variants introduced across various categories. In last quarter i.e. Q4 2020, key updates across EV sector include:
- Launch of 4 electric two-wheeler models, 7 electric three-wheeler models, 1 luxury electric four-wheeler and one electric tractor
- Telangana released its ‘Electric Vehicles and Energy Storage Systems Policy 2020-2030.
- More than INR 282 Crore (USD 39 million) of funding raised across various segments. Biggest funding was raised by Ather Energy of Rs 260 crore from Sachin Bansal, Hero MotoCorp.
- The Q4 2020 sales of registered EVs have surged by 47% from previous quarter’s sales to reach 38,734 units. The cumulative sales of registered EVs from Jan-Dec 2020 was about 1,19,637 units.
- Globally, sales of battery electric vehicles (BEVs) rose by 40% worldwide from 1,396,000 units in 2019 to 1,975,600 in 2020.