Sales of electric passenger vehicles have increased rapidly in the country in the last few years. The market for these vehicles has doubled in the last month. It increased from 1.3 per cent in March last year to 2.6 per cent in the same month this year. Retail sales of electric passenger vehicles grew nearly 130 percent year-on-year in March.
According to the Federation of Automobile Dealers Association (FADA), 8,566 electric passenger vehicles were sold in March. The sales stood at 3,718 units in the same month last year. Compared to February, this increase is 87.85 percent. In February this year, 4,560 electric passenger vehicles were sold. Tata Motors stood first in this segment by selling 7,137 units. FADA said that the retail sales of vehicles data Collected from RTOs across the country in association with Ministry of Road & Transport.
Sales of electric two-wheelers grew by 57.71 percent on a year-on-year basis in March. Last month, 85,793 electric two-wheelers were sold. This figure stood at 54,400 units in March last year. The market share of electric two-wheelers has increased to 5.9 percent. It was 4.2 per cent in the same month of the previous year. Sales of electric three-wheelers grew by 82.21 percent on a year-on-year basis. 45,229 electric three-wheelers were sold in March. The sales stood at 24,823 units in the same month last year. The market share of electric three-wheelers has increased to 52.1 percent. Sales of electric commercial vehicles in March have been higher by 171.32 percent on a year-on-year basis. Last month, 350 electric commercial vehicles were sold. It was 129 units in the same month last year.
This year’s Economic Survey said, “The automotive industry can play an important role in moving towards green energy. The country’s EV market is expected to grow at a compound annual growth rate (CAGR) of about 49 percent between 2022 and 2030.” It may reach one crore units by 2030. Last year it was around one million units.” About five crore direct and indirect jobs can be created by this industry by 2030.