Electric Vehicle Market in India - VB

As of 7 Dec,2022 the total number of EVs registered in India were 1,802,967 which increased to a count of 2,467,535 as of 7 May,2023. As per Eninrac EV visionboard the total EV fleet in India would hover b/w 34-36 lakhs by Mar’24 under the base case scenario.

Some of the most exciting developments that relates to the growth of electric vehicles in India is the small format mobility
that includes electric two & three wheelers. Cumulatively both e-2W & 3W commands 95% of the total EVs share in the country. For e-2Ws much of the demand is witnessed by low to medium income group people, fleet aggregators that deals in – last mile deliveries, bike taxis etc. such as Zepto, Blink it, Zomato,Swiggy, Ola, Uber etc. For the e-3Ws, a lot of demand is observed for the e-rickshaws from the riders due to its affordability. Also, with the increase in ecommerce options, e-bulk order home deliveries etc. - many such service providers have also started adopting e-3W good carriers for meeting door to door deliveries of bulk items.

During a period from Jan-Mar’23 , nearly 2.1 lakh e-2W were registered in India, making the total fleet to reach to a count of 11.4 lakhs. Whereas the fleet of e-3W increased by 1.1 lakhs, with total e-3W count reaching 11.03 lakhs. In India, Uttar Pradesh operates maximum number of EVs & accounts nearly 21% of the total EV count of India. As of Mar,’2023 Uttar Pradesh boasted a fleet of 4.9 lakh electric vehicles. In a bid to promote electric vehicles adaptability in the state, the government of Uttar Pradesh announced 100% exemption in the road tax & 100% waiver in the registration fees of EVs (As stated in UP Electric Vehicle Policy 2022). This exemption is valid for a period of five years on the purchase of EVs manufactured in the state itself. Further, state government has also mandated to achieve all electric fleet by 2030 for the respective state government departments in a phased manner.