EV registrations in India likely to cross 10 lakh by end of 2022

A total of 9.95 lakh electric vehicles have been registered in India so far in 2022, a threefold increase from 2021's 3.22 lakh and over eightfold from 2020's 1.21 lakh

Sales of electric vehicles in India are likely to cross a milestone of 10 lakh in 2022, according to government data.

As per data from the Ministry of Road Transport and Highway's Vahan database, a total of 9.95 lakh electric vehicles have been registered in India so far in 2022, a threefold increase from 3.22 lakh in 2021 and over eightfold from 1.21 lakh in 2020. The data does not include registrations made in Telangana, which could potentially mean the number has crossed 10 lakh already.

According to the database, a total of 19.28 lakh electric vehicles have been registered so far from the beginning of the database.

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EV fleet operators and individuals buying two-wheelers have been the main drivers of the growth. Manufacturers such as Ola Electric, Tata Motors and Ather Energy are the main gainers from the increased adoption of EVs, The Economic Times reported.

"Our aggressive approach in the EV segment helped us be the first Indian auto manufacturer to cross the 50,000 EV sales milestone this year,” Shailesh Chandra, managing director of Tata Motors Passenger Vehicles & Tata Passenger Electric Mobility, told the publication.

Multiple product launches announced by major industry players, rising acceptance of EVs with barriers to adoption reducing, and stringent emission regulations that make automakers to include EVs as a part of their portfolio are aiding industry growth, said Chandra.

“The growth momentum in the electric two-wheeler industry has been building positively in the last few months. In the next few years, there would be more electric two-wheeler product launches at competitive price points, which would help boost their adoption”, said Hero Electric chief executive Sohinder Gill.

Vehicle retail sales — including electric and fossil fuel-powered — stood at 15.37 lakh units in December, down from about 24 lakh units the previous month.

The government has set a goal for EVs to make up 30 per cent of private cars, 70 per cent of commercial vehicles, and 80 per cent of two- and three-wheelers by 2030.

Sales of electric two-wheelers in India are expected to grow 24 times from their current level to 1.769 crore units by 2030, the report said, citing a report by venture capital firm Blume.