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Uttar Pradesh has emerged with the highest adoption rate of electric vehicles in the country, with 1,70,269 electric vehicles registered in the state between January and September.
According to Vahan, which tracks vehicle registrations, there has been a 4.9 per cent jump in the overall number of electric vehicles registered between January and September of CY23 as compared to CY22, with 10,24,781 registered in India.
As per the statistics, after Uttar Pradesh, Maharashtra registered the highest number of electric vehicles with 1,24,558 and Karnataka with 1,00,235.
Top 5 states with the highest electric vehicle registrations between January and September 2023, according to VAHAN.
The sales of electric two vehicles saw a dip in June after the Union government slashed the FAME II subsidy, and only 46,025 vehicles were registered as against 1,05,316 vehicles registered in May. However, sales saw a pickup, with 62,315 electric vehicles registered in August.
“Considering that 85 per cent of India’s energy needs are imported, the transition away from ICE can be advantageous for the country’s economy as well. Enabling policies both at a national and state level have made the environment conducive for e-mobility in India, helping drive towards its goal of achieving 30 per cent electrification of the country’s vehicle fleet by 2030,” states a KPMG report on electric vehicle technology.
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Charging infrastructure
While original equipment manufacturers (OEM) are expanding their electric vehicle portfolios, companies are developing and partnering to ramp up the charging infrastructure for electric vehicles on city and national highways.
ICRA estimates that electric two-wheeler penetration in the country will reach 10–12 per cent of new vehicle sales by FY25, while electric three-wheelers and electric buses are expected to reach 14–16 per cent and 11–13 per cent, respectively.
“The gradual improvement in charging infrastructure and investments in developing a local vendor ecosystem have further contributed to the rapid adoption of EVs. Investments of at least ₹70,000 crore for the OEM segment and ₹30,000 crore for the components segment have already been announced. To sustain and accelerate EV adoption, continued technological advancements to reduce import dependence, expand consumer choices, and ensure the availability of adequate financing options are critical factors,” mentions a statement from ICRA.
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