There is a positive trend emerging across all vehicle segments in the EV space as per FADA data.
The EV passenger vehicle market share grew by 0.6 percent year on year, from 1.3% in September 2022 to 1.9% in September 2023. However, the market share was 2.1% in August 2023, indicating a decline of 0.2%.
The EV 2-wheeler market share remained constant on a year on year basis at 4.9%, but fell marginally by 0.1% on a month on month basis.
The three wheeler market share rose 1.3% on a year on year basis, from 54.8% in September 2022, to 56.1% in September 2023. Here again, on a month on month basis a decline of 0.7% was noted.
In the commercial space, EVs have nearly doubled their market share from 0.35% in September 2022, to 0.68% in September 2023, although there was no change on a month on month basis.