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The graph represents the annual EV sales in India by segment, starting from fiscal 2016 to 2020. The electric vehicle market in India is comparatively small compared to the United States, China, and other major countries in the world. However, the India’s EV industry is taking shape as many tech companies have launched electric vehicles such as electric scooters, cars, bikes, motorcycle, e-rickshaws, etc in the last 4 years. In FY20, a record 156,000 units of electric vehicles were sold in the country. This figure was excluding the e-Rickshaws as it is still an unorganised sector.
Segment-Wise EV Sales In India: In-Depth
|Source||Society of Manufacturers of Electric Vehicles (SMEV)|
|Note||India fiscal year starts from April 1st|
In India’s electric two wheeler segment, about 152,000 units were sold in FY20, up 20.6% YoY. Interestingly, a whopping 97% of those were electric scooters and the rest 3% were electric motorcycles and cycles.
About 3,400 units were sold India’s electric four wheelers segment during the year ended March 31, 2020, compared to 3,600 units in the previous year. This 5.6% YoY decline in the four wheelers EV sales was primarily due to the lack of bulk purchase of E-cars during FY20, as well as the discontinuation of one of the top car models. However, it is expected that the sales of E4Ws will increase in years to come as Indian govt have pushed car aggregators Ola and Uber to go electric by April 2026.
Interestingly, the sales of EV buses in India increased a strong 50% YoY, from 400 units in FY19 to 600 units in FY20. However, E-Buses still accounts for less than 1% of the total electric vehicle sales in India.
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