EV Popularity Surges in UP With Record Number of EV Registrations

According to statistics, after Uttar Pradesh, Maharashtra had the most electric vehicles with 1,24,558 and Karnataka had 1,00,235.

With 1,70,269 electric vehicles registered in the state between January and September, Uttar Pradesh has the highest adoption rate of electric vehicles in the country.

According to Vahan, which tracks EV registrations, the overall number of electric vehicles registered in India increased by 4.9 percent between January and September of CY23 compared to CY22, with 10,24,781 registered.

According to statistics, after Uttar Pradesh, Maharashtra had the most electric vehicles with 1,24,558 and Karnataka had 1,00,235.

EV Registrations
Image Credit Business Lines

After the Union government reduced the FAME II subsidy, sales of electric two vehicles fell in June, with only 46,025 vehicles registered, compared to 1,05,316 in May. However, sales increased in August, with 62,315 electric vehicles registered.

“Because 85 percent of India’s energy needs are imported, shifting away from ICE could benefit the country’s economy as well.”

Enabling policies at both the national and state levels have created a climate suitable to e-mobility in India, aiding the country’s objective of electrifying 30% of its vehicle fleet by 2030, according to a KPMG report on electric vehicle technology.

Also read: Does Battery Capacity Reduce With Fast Charging?

Home EV Charger
Image Credit: Dominion Energy Solutions

Infrastructure for charging

While OEMs extend their electric car portfolios, firms are developing and collaborating to expand charging infrastructure for electric vehicles on local and national highways.

According to ICRA, electric two-wheeler penetration in the country will reach 10-12% of new vehicle sales by FY25, while electric three-wheelers and electric buses will reach 14-16% and 11-13%, respectively.

“Investments in developing a local vendor ecosystem and the gradual improvement in charging infrastructure have also contributed to the rapid adoption of EVs.”

At least 70,000 crore in investments for the OEM market and 30,000 crore for the components segment have already been announced. “Continued technological advancements to reduce import dependence, expand consumer choices, and ensure the availability of adequate financing options are critical factors to sustain and accelerate EV adoption,” according to an ICRA statement.

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