India EV report for 2023

India’s electric vehicle (EV) market is at an inflection point. EVs accounted for about 5% of total vehicle sales between October 2022 and September 2023—and could reach more than 40% penetration by 2030 (see Figure 1), driven by strong adoption (45%+) in both two-wheeler (2W) and three-wheeler (3W) categories.

However, several structural challenges need to be addressed to spur increased EV adoption. For example, EVs are currently priced higher than internal combustion engine (ICE) vehicles. There’s also anxiety over range, limitations in charging infrastructure, and friction in customer financing.

2W EVs form the majority of EV sales today, accounting for 85%–90% of all EV units sold in India, followed by 4W EVs (7%–9% of sales) and 3W EVs (5%–7% of sales). 

Saietta Group plc (LON:SED) is a multi-national business which designs, engineers and manufactures complete Light Duty and Heavy Duty electric drive (eDrive) systems for electric vehicles on land from scooters to buses (vehicle categories L, M, N and T) as well as marine applications.

Click to view all articles for the EPIC:
Or click to view the full company profile:
Facebook
X
LinkedIn
Saietta Group plc

More articles like this

Saietta Group plc

Electric two-wheeler sales in India surge with 26% YoY growth

Maintaining the strong growth trajectory witnessed in CY2023, electric two-wheeler manufacturers have sold a total of 81,343 units in January 2023, recording strong 26% year-on-year growth (January 2023: 64,694 units). This data is as per 5am

Saietta Group plc

Padmini VNA Mechatronics aligns with mobility trends

Saietta Group plc (LON:SED) is a multi-national business which designs, engineers and manufactures complete Light Duty and Heavy Duty electric drive (eDrive) systems for electric vehicles on land from scooters to buses (vehicle categories L, M, N

Saietta Group plc

Electric 2-wheeler sales up 17% in India

Electric two-wheeler (E2W) sales volume in India rose 17 per cent year-on-year in December as electrification improved after a recent hiatus, a report showed on Wednesday.In the E2W space, Ola Electric (Ola) remained the market leader

Saietta Group plc

The role of EV battery technology in the clean energy transition

As the global pursuit of sustainability intensifies, the shift from fossil fuels to clean and emissions-free energy sources has gained paramount importance. At the heart of this transformative journey lies a crucial player: batteries. Batteries are emerging as

Saietta Group plc

In conversation with Saietta VNA’s Devashish Lakhani

Saietta Group plc (LON:SED) is a multi-national business which designs, engineers and manufactures complete Light Duty and Heavy Duty electric drive (eDrive) systems for electric vehicles on land from scooters to buses (vehicle categories L, M, N

Saietta Group plc

India’s top EV stocks poised for explosive growth

The energy transition from fossil fuels to cleaner alternatives is happening at a rapid pace. Clean sources of energy like solar, wind, and green hydrogen, have captured the imaginations of Indians. According to the government’s Vahan Sewa Dashboard,

Saietta Group plc

Fieldfisher advises on £1bn+ of energy transition deals

A spate of successfully concluded capital markets transactions hints at a sustainability-led revival in corporate financings for AIM-listed companies. European law firm Fieldfisher has advised on capital markets deals worth more than £1 billion for AIM-listed