India EV Sales Nearly Double in 2023, to Rise 66% in 2024

  • India’s EV* sales* nearly doubled in 2023, driven by rising consumer interest, government initiatives, infrastructure development, and concerns over climate change.
  • Projections for 2024 show EV sales rising 66% to constitute 4% of total passenger vehicle (PV) sales, driven by new entrants and government subsidies.
  • By 2030, EVs are expected to represent nearly one-third of India’s PV market, signaling a robust long-term growth trajectory in the country’s automotive sector.

New Delhi, Beijing, Boston, Buenos Aires, Fort Collins, Hong Kong, London, San Diego, Seoul, Taipei – April 5, 2024

In 2023, even as India’s passenger vehicle (PV) sales* grew 10% YoY, its electric vehicle (EV*) sales nearly doubled to account for 2% of the overall PV sales. This EV surge can be attributed to multiple factors, including increasing urban consumer interest, government initiatives, infrastructure development, and concerns over climate change.

With a strong portfolio and strategic tie-up with Uber, Tata Motors held more than two-thirds of the country’s EV market in 2023 but lost some share to Mahindra & Mahindra and BYD. Recording a 2476% increase with just one model in its portfolio, Mahindra & Mahindra was the fastest-growing brand in 2023, followed by BYD and MG Motor.

Mahindra’s growth can be attributed to its aggressive marketing efforts around the all-electric SUV XUV400 launched in 2023.

BYD, with just two models in its India line-up – e6 MPV and Atto 3 SUV, grew over 1500% in 2023. Despite belonging to the premium category, BYD secured a position among the top five EV brands in India, showcasing remarkable success in the growing EV market.

BYD’s recent launch of the Seal model is expected to further enhance the brand’s market presence and competitiveness, adding to the dynamic shifts occurring in India’s EV market.

EV Brands Market Share in India 2023 vs 2022
Source: Counterpoint Research’s India Passenger Vehicle Model Sales Tracker
Note: Citroën entered the market in 2023


According to Counterpoint Research’s India Passenger Vehicle Model Sales Tracker, EV sales in India are expected to increase by 66% in 2024 to constitute 4% of total PV sales. Looking at 2030, EVs are expected to constitute nearly one third of the India’s PV sales.

Maruti Suzuki’s entry into the EV market is expected to shake up Tata’s dominance. Moreover, VinFast’s move to build a factory in India’s Tamil Nadu state highlights the growing interest and investment in EV manufacturing in the country. All this not only signifies increased competition but also reflects the evolving landscape of the automotive industry toward sustainable and eco-friendly technologies.

Commenting on the supply chain development, Associate Director Liz Lee added, “India’s EV landscape is on the cusp of significant growth. The rise in EV battery manufacturing, supported by key players like Ola, Reliance New Energy and ACC Energy Storage, alongside the Make in India initiative, will lower manufacturing costs and boost EV sales. Government initiatives such as the PLI scheme for Advanced Chemistry Cells (ACC) and the recent reduction in import duties on EVs over $35,000 to 15% are game changers. All this not only opens doors for Tesla but also signals India’s readiness to welcome significant investments and foster a new ecosystem for EVs and their component suppliers. It is a clear sign that India’s journey to become a major player in the global EV market is accelerating.”

Rising share of EVs in India's PV sales, 2023 vs 2030E
Source: Counterpoint Research’s India Passenger Vehicle Model Sales Tracker

Commenting on the market outlook, Research Vice President Neil Shah said, “The EV ecosystem is in a fairly nascent stage. As the infrastructure and consumer traction develops, we will see the entry of newer players such as Tesla and fast-growing Chinese brands like Xiaomi, which will catalyze innovation and competition in the world’s fourth-largest PV market. Besides, while the conventional automobile manufacturing ecosystem is mature, the building blocks for a robust smart car manufacturing ecosystem, from the battery to infotainment to sensors to full ADAS/ADS, beckon. We will see players in the broader value chain prioritizing India’s market not only to target domestic consumption but also for technology R&D and export opportunities. This would span from the likes of Qualcomm and MediaTek designing and offering advanced auto components to BlackBerry providing safety and security software, to Foxconn reducing barriers for new entrants to India with its innovative MIH consortium-based ‘localized’ design and manufacturing model.”


EVs here include battery EVs (BEVs) but not plug-in hybrid EVs (PHEVs).

Sales here refer to wholesale figures, i.e. deliveries out of factories by respective brands.


Counterpoint Technology Market Research is a global research firm specializing in products in the TMT (technology, media and telecom) industry. It services major technology and financial firms with a mix of monthly reports, customized projects and detailed analyses of the mobile and technology markets. Its key analysts are seasoned experts in the high-tech industry.

Follow Counterpoint Research


Related Posts

Counterpoint research is a young and fast growing research firm covering analysis of the tech industry. Coverage areas are connected devices, digital consumer goods, software & applications and other adjacent topics. We provide syndicated research reports as well as tailored. Our seminars and workshops for companies and institutions are popular and available on demand. Consulting and customized work on the above topics is provided for high precision projects.

Term of Use and Privacy Policy

Counterpoint Technology Market Research Limited


In order to access Counterpoint Technology Market Research Limited (Company or We hereafter) Web sites, you may be asked to complete a registration form. You are required to provide contact information which is used to enhance the user experience and determine whether you are a paid subscriber or not.
Personal Information When you register on we ask you for personal information. We use this information to provide you with the best advice and highest-quality service as well as with offers that we think are relevant to you. We may also contact you regarding a Web site problem or other customer service-related issues. We do not sell, share or rent personal information about you collected on Company Web sites.

How to unsubscribe and Termination

You may request to terminate your account or unsubscribe to any email subscriptions or mailing lists at any time. In accessing and using this Website, User agrees to comply with all applicable laws and agrees not to take any action that would compromise the security or viability of this Website. The Company may terminate User’s access to this Website at any time for any reason. The terms hereunder regarding Accuracy of Information and Third Party Rights shall survive termination.

Website Content and Copyright

This Website is the property of Counterpoint and is protected by international copyright law and conventions. We grant users the right to access and use the Website, so long as such use is for internal information purposes, and User does not alter, copy, disseminate, redistribute or republish any content or feature of this Website. User acknowledges that access to and use of this Website is subject to these TERMS OF USE and any expanded access or use must be approved in writing by the Company.
– Passwords are for user’s individual use
– Passwords may not be shared with others
– Users may not store documents in shared folders.
– Users may not redistribute documents to non-users unless otherwise stated in their contract terms.

Changes or Updates to the Website

The Company reserves the right to change, update or discontinue any aspect of this Website at any time without notice. Your continued use of the Website after any such change constitutes your agreement to these TERMS OF USE, as modified.
Accuracy of Information: While the information contained on this Website has been obtained from sources believed to be reliable, We disclaims all warranties as to the accuracy, completeness or adequacy of such information. User assumes sole responsibility for the use it makes of this Website to achieve his/her intended results.

Third Party Links: This Website may contain links to other third party websites, which are provided as additional resources for the convenience of Users. We do not endorse, sponsor or accept any responsibility for these third party websites, User agrees to direct any concerns relating to these third party websites to the relevant website administrator.

Cookies and Tracking

We may monitor how you use our Web sites. It is used solely for purposes of enabling us to provide you with a personalized Web site experience.
This data may also be used in the aggregate, to identify appropriate product offerings and subscription plans.
Cookies may be set in order to identify you and determine your access privileges. Cookies are simply identifiers. You have the ability to delete cookie files from your hard disk drive.