Electric vehicle sales to cross 2 million in FY24: Experts – EQ Mag

EZ4EV transforms to EzUrja, expands its portfolio to energy management

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Electric vehicle sales to cross 2 million in FY24: Experts – EQ Mag

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The Faster Adoption and Manufacturing of Electric Vehicles (FAME) II scheme is expected to create momentum across all electric vehicle (EV) segments in FY24

With continuing current trends in the electric vehicle (EV) market in India, the upcoming fiscal year will witness over 2 million EV sales, according to media reports.

As per the reports, the FAME II scheme, which will end at the conclusion of the next fiscal year, is expected to distribute a significant amount of incentives, contributing to the momentum across all segments in FY24.

This fiscal year, EV retail sales have already surpassed 1.11 million units, representing more than 5% of total automobile sales, and experiencing an impressive growth surge of 147% from FY22.

According to data from the government’s Vahan portal, approximately 1.1 million EVs have been registered with regional transport offices this fiscal year.

Experts said that electric two-wheelers and three-wheelers have been the primary drivers of this growth, with EV fleet operators and individual buyers being the main contributors. The increase in the availability of charging points, new launches, and low operating expenses have attracted buyers. This fiscal year, the maximum sales were of electric two-wheelers and three-wheelers, with 690,000 units and 372,000 units sold, respectively.