India EV sales surpassed 1.5 million in 2023 with 46% growth

After clocking a million units in CY2022, the shift to electric mobility picked up even more pace in 2023 with sales growing 46% to over 1.5 million units and all segments – two- and three-wheelers, cars and SUVs, goods vehicles and buses – recording stellar growth.

At the end of November 2023, India EV Inc needed 111,395 units to hit the big number which it has done in 27 days of December 2023. As of December 27 (6.30pm), as per the government of India’s Vahan website which tracks retail sales across the country, total EV sales were 15,00,219 units, a year-on-year increase of 46% and an additional 475,101 EVs over CY2022’s 10,25,118 units when EV sales crossed a million units for the first time.

A deep dive into 10-year retail sales (see decadal data table above) reveals that a total of 3.42 million EVs have been sold in India since CY2014. In the early days of electric mobility in the country, demand understandably was tepid between 2014 and 2017, but crossed the 100,000-unit sales mark for the first time in 2018 with 130,252 units, up 49% YoY.

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.

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