Electric Vehicles are capturing the market | 1 million sales crossed in 2022

India's electric vehicle (EV) market is on pace to sell 1 million units this year. According to a report by the Economic Times, the retail sales of EVs made up roughly 4.7% of all vehicle sales in the calendar year 2022.

In 2023, sales of EVs are anticipated to be further boosted by the growing financing and leasing of EVs. 90,000 electric vehicle registrations were made this month through December 29th, according to the government's Vahan website.

In comparison, 1,19,000 EVs were retailed in November. Due to consumers waiting until the new year to purchase a vehicle, December is often a lower month for auto sales.

By the end of this month, the figure is still anticipated to reach one million. Approximately 9,89,000 EVs had been registered with regional transport offices as of Thursday, according to the Vahan website.

According to the calculations, the increase from 2021 has already tripled. It should be mentioned that Telangana's data is not included in the statistics. The owners of EV fleets and customers who buy two-wheelers have been the main propellers of the increase.

Since the beginning of December, sales in the two-wheeler market have decreased sequentially from 76,000 units the month before to 56,976 units. The market, though, is probably going to pick more steam in 2019.

Consumers are being drawn in by new products, more charging stations, and affordable operating costs. The biggest beneficiaries of the increasing EV adoption include manufacturers like Tata Motors, Ola Electric, and Ather Energy.

"Our proactive approach in the EV market helped us become the first Indian auto manufacturer to reach the 50,000 EV sales milestone this year," said Shailesh Chandra, managing director of Tata Motors Passenger Vehicles & Tata Passenger Electric Mobility.

Tata Motors has an 85% market dominance in the electric passenger vehicle market. In the following five years, the company intends to introduce ten EVs.

More than 1.48 million vehicles, both electric and gasoline-powered, were sold at retail in December. In the upcoming years, more electric two-wheeler product introductions at competitive pricing points are anticipated, according to Sohinder Gill, chief executive of Hero Electric.

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