The latest report by Canalys on electric vehicles (EVs) in India reveals promising growth in the market. In 2022, the overall car market grew by 23%, and the EV sector saw an impressive increase of 223% with 48,000 vehicles delivered.
Despite the economic uncertainties in the country, the demand for EVs and luxury EVs remains high due to rising consumer buying power.
Tata dominates the Indian EV market with 86% share, thanks to their two models. Chinese automaker MG holds 9% and Hyundai 1.6% with only the Kona being sold in the country. Luxury brands such as Mercedes, BMW, and Audi also saw growth of 34% but account for less than 1% of the total market.
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According to Canalys, the Indian EV market is set to grow to over 300,000 units by 2025, making up 6% of total car sales. Major automakers such as Toyota, Honda, VW, Skoda, Nissan, and Renault are expected to miss out on early adoption sales as they have yet to launch their EVs in India.
