2023 year-ender- A look back at the EV segment

2023 year-ender: A look back at the EV segment

Only a decade ago, electric vehicles seemed like a distant future with technology still being researched. However, the EV market picked up like wildfire in recent years, with several startups emerging in the electric automotive industry and mainstream carmakers shifting focus to EVs. Soon, EVs saw an 82 percent increase in March 2023 compared to the previous year, while overall sales increased by 157 percent from FY22 to FY23.

In the electric two-wheeler industry, Ola, Ather, and TVS lead the segment, with multiple offerings from Ola and Ather, both being startups. Ather achieved the 2 lakh sales milestone in India a few days ago, and the company managed to sell one lakh electric scooters in just under a year despite the reduction in FAME subsidies.

Luxury carmakers such as Mercedes-Benz, Audi, and BMW also launched new EVs in India, slowly growing their portfolio. The EV segment also saw new names in the performance segment with Lotus launching the Eletre in India. While 2023 saw the EV market grow multiplefold, 2024 has a lot more to offer.