New Delhi, Apr 6 (KNN) India's electric vehicle (EV) sales are poised for a remarkable 66 per cent surge in 2024, fueled by government subsidies and the rapid development of supporting infrastructure, according to a report by Counterpoint Research.

The report forecasts that with this projected growth, EVs will constitute around 4 per cent of India's total passenger vehicle (PV) market by the end of 2024.

Furthermore, it predicts that by 2030, nearly a third of the country's personal vehicle market will comprise EVs.

The Indian EV sector concluded the fiscal year 2023-24 on a strong note, setting new records for sales across vehicle types. Annual sales rose by an impressive 41 per cent, reaching 1.66 million EVs sold.

Notably, the month of March witnessed a new record, with over 197,000 units sold, partly driven by consumers rushing to benefit from the expiring FAME-II subsidy scheme.

To succeed the FAME-II initiative, the government has introduced the Electric Mobility Promotion Scheme 2024, allocating Rs 500 crore to encourage the adoption of electric two and three-wheelers. This scheme will remain in effect from April until the end of July this year.

Data from the Vahan website revealed that from April 2023 to March 2024, India witnessed the purchase of 1,665,270 EVs, averaging an impressive 4,562 EVs sold each day.

This figure represents a significant jump from the previous year's daily sales of 3,242 units, reflecting the growing consumer interest in EVs despite high prices for petrol, diesel, and CNG.

(KNN Bureau)