IEA report: Sales of electric vehicles increased by 50% in the country, record 1.70 crore e-cars will be sold in the world
IEA report: EV sales are gaining momentum in various countries and a record 1.70 crore e-cars are expected to be sold worldwide this year. One in five cars sold during this period will be electric. Global sales of e-cars may cross 40 million by 2030.
There is a tremendous increase in demand and sales of electric vehicles (EVs) in the country and across the world. Sales are expected to grow at a faster pace in the coming years. According to the report of the International Energy Agency (IEA), sales of e-vehicles in India have increased by more than 50 percent in the first quarter (January-March) of 2024. At the global level, this increase has been 25 percent.
A record 1.70 crore EVs are expected to be sold globally this year, according to these figures, which demonstrate how EV sales are picking up steam in many nations. During this period, one out of every five cars sold will be electric. By 2030, there might be over 40 million e-cars sold globally. Global sales of e-cars in 2023 were estimated to be 1.40 crore. Weekly registrations of e-cars exceeded 2.50 lakh during this time. The yearly sales of e-cars ten years ago were less than this amount. Of the 14 million electric vehicles sold worldwide in 2017, more than half were produced in China.
The growth rate of car sales in India remained less than 10 percent in 2023, while registration of e-cars increased by 70% year-on-year to 80,000. The share of e-cars in the total cars sold in the country was two percent.
FAME-2 subsidy, PLI scheme, tax benefits and the government's 'Go Electric Campaign' have played an important role in increasing the sales of e-cars.
There was an 18 percent decline in sales of e-two-wheelers in global markets last year. The main reason for this was a 25 percent decline in sales in China due to Covid-related restrictions. In contrast, there was a 40 percent increase in sales in India compared to 2022. Last year, a total of 8.80 lakh e-two-wheelers were sold in the country.
About 10 lakh e-three-wheelers are expected to be sold in the world in 2023. The share of India and China in this was more than 95 percent. The special thing is that India left China behind in sales. During this period, India sold more than 5.80 lakh e-three-wheelers, which is 65 percent more. In China, it declined by 8 percent to 3.20 lakh units.
The report said that apart from China, India is the only developed economy that has a significant share in the global venture capital (VC) markets. India's EV sector has an investment potential of around $200 billion, which shows that there is still a lot of opportunity for domestic entrepreneurs and startups.
