New Delhi, April 30
Government incentives and infrastructure investments are boosting local electric vehicle (EV) manufacturing and a range of policy measures and infrastructure developments are underway to help bridge the gap and push the market closer to the 2030 goal, a report showed on Wednesday.
India’s passenger vehicle (PV) sales grew 4.6 per cent in 2024 (year-on-year), surpassing 4.3 million units. Battery electric vehicles (BEVs) accounted for 2.5 per cent of total PV sales, marking a 16 per cent YoY increase, according to Counterpoint’s latest ‘India Passenger Vehicle Model Sales Tracker’.
The increase in passenger BEV sales can be attributed to the launch of several new models, including the Tata Curvv.ev, MG Windsor, BYD Seal, BYD eMax 7 and the Tata Punch.ev refresh, among others.
India’s government has set ambitious targets for EV adoption. It aims to achieve 30 per cent EV penetration in the passenger vehicle segment, 80 per cent in the combined two-wheeler and three-wheeler segment and 70 per cent in the commercial vehicle segment by 2030.
According to Abhik Mukherjee, automotive market analyst, US tariff hikes for automobiles and their components threaten India’s growing component exports, but at the same time, they create opportunities for increasing component exports to other markets.