India Now The World’s 3rd Largest Auto Market -- Will Electric Car Sales Start Taking off?

, 15.4 million vehicles in the US, and 4.44 million units in Japan. So EV adoption in these markets will be critical.

China is ahead of the pack again in terms of volumes of EVs sold, and is well on its way to transitioning to full EVs much faster than previously thought. In 2022, over 5 million plug-in vehicles were sold in China. In 2022 the battery-electric market share was close to 20%. The number was close to 30% for all plug-in vehicles. The US recently crossed an important mark of 5% EV share for new vehicle sales, a sign that EV sales are starting to come in decent numbers as well.

. New vehicle sales were at least 4.25 million units in India last year, beating Japan that had 4.2 million. To show just how slow the Indian electric car market has been, if you look back to January 2018, only 25 electric cars were sold in that month and just over a thousand EVs were . The first month to cross the 1,000 EV sales mark was in March 2021. Sales have been increasing steadily since then thanks companies like Tata introducing some new models and slowly ramping up production.

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Source: Reuters - 🏆 2. / 97 Read more »