Electric vehicle (EV) sales in 2023 experienced remarkable growth, reaching a total of 15,29,614 units, a 49 per cent increase from the 10,25,123 EVs registered in the prior year, as per data from Vahan, the government's vehicle registration portal. Two-wheelers remained the primary driver of registrations, accounting for 8,59,198 units. However, the most significant surge in numbers was observed in four-wheelers, with registrations soaring to 72,625 from 33,232 in 2022, marking a growth of over 118 per cent.
The registration figures for electric three-wheelers, largely used by commercial entities such as fleet operators, also witnessed an increase, rising from 3,50,244 units in 2022 to 5,82,527 units in the last year. Notably, there were 9,270 registrations for 'light' passenger vehicles, 3,003 for e-goods vehicles, 2,592 for e-buses, and eight for tractors in 2023. Additionally, 277 EVs fell into the 'others' category. Comparatively, the previous year saw 114 electric vehicles registered in categories that are yet to gain significant traction.
EV Revolution
Among the total EVs registered in 2023, 1,52,324 were in Karnataka, making up for almost 10 per cent of overall sales in the country. Industry insiders are optimistic about the future, attributing the record-breaking growth in EV sales to a combination of factors. Government incentives, coupled with rising fuel prices and growing consumer awareness, have paved the way for an EV revolution.
Despite the higher upfront cost of EVs, experts highlight that the low total cost of ownership over the long term is a major driving factor in India, particularly benefiting fleet operators and delivery services grappling with soaring fuel prices. Looking ahead, The expansion of charging infrastructure, advancements in battery technology, and sustained government support are expected to further fuel the accelerated growth of the EV market.
Ola Electric Rules Market
Ola Electric has also disclosed its statistics for December, 2023, reporting 30,219 registrations and securing a 40 per cent market share in the electric two-wheeler (EV 2W) segment. The company clocked its highest-ever monthly registrations, marking a year-on-year (Y-o-Y) growth of 74 per cent compared to December, 2022. Furthermore, Ola Electric posted a Q-o-Q growth of 48 per cent with 83,963 registrations during the quarter ended December and a Y-o-Y growth of 68 per cent when compared to the same quarter last year.
The company achieved another achievement in December last year by reaching an industry-first production milestone of 4,00,000 scooters in the span of just two years. The company has also emerged as the first ever EV 2W manufacturer to record over 2.65 lakh registrations (as per VAHAN Portal) in a calendar year.
