India’s Electric Vehicle Market Surges: 16.8 Million EVs Registered in FY 2023-24
New Delhi – India has witnessed a significant increase in electric vehicle (EV) registrations, with the total number reaching 45,74,938 as of July 29, 2024, according to the e-Vahan portal managed by the Ministry of Road Transport & Highways (MoRTH). This surge reflects the country’s growing commitment to sustainable transportation.
The data reveals a substantial rise in EV registrations over the past five financial years:
- FY 2019-20: 1,73,604
- FY 2020-21: 1,42,383
- FY 2021-22: 4,59,058
- FY 2022-23: 11,83,341
- FY 2023-24: 16,81,127
The latest figures show that the number of EVs registered in FY 2023-24 surged by 42.06% compared to the previous fiscal year. This notable increase highlights the accelerating adoption of electric vehicles in India.
Minister of State for Heavy Industries and Steel, Bhupathi Raju Srinivasa Varma, shared these figures in a written response to the Rajya Sabha, underscoring the government’s efforts to promote cleaner and more sustainable transportation options.
The steady growth in EV registrations aligns with India’s broader goals of reducing carbon emissions and enhancing environmental sustainability.
