Since the globe accelerates the transition to electric vehicles (EV), it is critical that the world’s major markets lead the way in terms of adoption, as this will have the greatest impact on decreasing exhaust emissions. Norway, for example, leads the way in terms of EV proportion of new car sales.
For the entire year 2022, BEVs had 79.3% of the market, while PHEVs held 8.5%, totaling 87.8% in Norway. However, in terms of total vehicle sales per year for all powertrains, China has long been the greatest market, followed by the United States and Japan. As a result, EV adoption will be important in these areas.
According to recent news, India has surpassed Japan to become the world’s third largest automobile market across all drivetrains. Last year, new vehicle sales were at 4.25 million units, beating Japan that had 4.2 million.
To demonstrate how sluggish the Indian electric car market has been, in January 2018, just 25 electric cars were sold, with barely over a thousand EVs sold for the entire year. The first month to surpass 1,000 EV sales was March 2021. Since then, sales have steadily increased as a result of firms like as Tata launching new models and gradually ramping up manufacturing.
Tata controls over 90% of the Indian electric car industry with models such as the Nexon and Tigor EV. Mahindra is likewise expanding its EV line, having just introduced the XUV400, the company’s first electric SUV. As a result, the number of battery-electric vehicles available to Indian consumers is increasing. So far, two- and three-wheelers have been the rock stars of India’s EV revolution. Hopefully, 2023 will be a watershed moment for India’s electric car sector.
Reference- livemint, Economic Times, Money Control, HT Auto, Rushlane, Autocar India
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