Posted on 21 Sep 2023
India has registered over 1 million battery electric vehicles (BEVs) so far this year, Kallanish learns from data published by the country’s Ministry of Road Transport and Highways.
As of 20 September, 10.41 million BEVs have been registered with regional transport offices in the country – that is 1.6% higher than the registrations in the whole of 2022. So far in 2023, BEV sales represent 6.4% of the total vehicle sales in the country.
Each month saw BEV sales crossing 100,000 units, with May registering the highest number of vehicles, followed by March and August.
A recent McKinsey report suggests that the South Asian country’s electric car adoption is driven by consumers and their preferences related to product features, charging infrastructure, and flexible ownership models. The report notes that 70% of tier-one Indian car consumers are willing to consider electric cars, compared to the global average of 52%.
The growing EV adoption in the country is also driven by favourable central and state government policies such as the Faster Adoption and Manufacturing of Electric Vehicles (FAME) scheme.
First launched in 2015, the second phase of the scheme is a 5-year subsidy programme that has allocated $1.2 billion to develop charging infrastructure, as well as incentivise electric vehicle adoption in the country. As of 27 July 2023, more than 800,000 EVs have been sold in the country under the FAME II scheme, according to India’s Press Information Bureau.
Increased accessibility to EVs, growing consciousness of the environmental impact of ICE vehicles, and the lower cost of ownership have also contributed to EV adoption in the country, according to McKinsey.
Source:Kallanish
