Electric Vehicles 2024 Outlook India. The latest canalys research reveals that india’s light vehicle market grew by 20% in q3 2023, reaching 1.1 million units, compared to 0.92 million units in q2 2023. India’s faster adoption and manufacturing of hybrid and electric vehicles (fame) ii scheme, which provided subsidies for evs and funding for ev charging, ended on 31 march 2024.
In may 2024, electric vehicle sales in india surged by 20.88% to 1.39 million units. In 2023, there were over 250 000 new registrations per week, which is more than the annual total in 2013, ten years earlier.