Electric vehicle sales in India hit a new high, up 218% in 12 months

According to a report by Inc42, the Indian electric vehicle transaction market is expected to be worth US$7.6 billion and US$20 billion in 2026 and 2030, respectively, with electric vehicle sales in India steadily increasing.

Recently, India released its 2022 financial report, which showed that since April 2021, India's electric vehicle retail sales have exceeded 400,000 units, an increase of 218% compared with the figures in fiscal year 21.

It is worth noting that electric two-wheelers account for the majority of electric vehicle sales in India so far, with the two-wheeler and three-wheeler segments leading the growth this fiscal, with the two-wheeler and three-wheeler segments leading the growth this fiscal with sales of 2.3 lakh units and 1.7 lakh units, respectively .

There are many reasons for the surge in electric vehicle sales. In addition to the continued rise in fuel prices and the gradual improvement of electric vehicle charging infrastructure, solutions such as Battery as a Service (BaaS) have also been launched simultaneously.

Policy support is also one of the important reasons. The Indian government has launched a number of plans to provide facilities and incentives for the electric vehicle manufacturing industry. For example , in 2021, the Indian government approved the production-linked incentive (PLI) plan for the manufacture of advanced chemical battery (ACC) batteries, with an expenditure of 1.8 trillion rupees.

Besides, the government had also approved the PLI scheme for the automobile sector in September last year with a budget outlay of Rs 2.6 lakh crore and electric vehicles are covered under this PLI scheme.

Recently, the Maharashtra government also announced that it would set up an electric vehicle-focused fund to help electric vehicle startups scale up their operations.

These initiatives are likely to drive further growth in the electric vehicle segment during the current fiscal year. However, despite the continued growth in the electric vehicle market.

But recent fires in electric scooters have raised safety concerns. On April 9, 20 Jitendra EV electric scooters caught fire while being shipped from its factory in Nashik. Such incidents could dampen enthusiasm for electric cars and electric scooters, especially at a time when the industry is just getting started.

But overall, electric vehicles in India are still in a rapid growth stage. It is foreseeable that accessories for electric vehicles will also be a hot spot in the Indian retail market in the future . Cross-border sellers exporting to India should pay attention to market trends when selecting products.

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