EV sales surge worldwide. Is India ready to embrace battery power?
India will see more electric car launches in 2025 than cars powered by engines. Does it signal a shift in preference?
Global sales of electric vehicles (EVs) in the first month of 2025 saw a determined increase of 18 per cent on a year-on-year basis. The latest figures released by London-based analysis firm Rho Motion highlights tailwinds powering demand for EVs in most parts of the world, led by China and the European region. How well then is India poised to contribute to this momentum?
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As per data released by Rho Motion, 13 lakh EVs were sold the world over in January of 2025, up by 18 per cent from figures in January of 2024. At pole position once again was China, the world's largest vehicle and EV market, where around seven lakh units were sold. This was a year-on-year jump of 12 per cent in the country. Countries in the European Union and European Free Trade Association (EFTA) as well as the United Kingdom saw sales of around 2.50 lakh units, up 21 per cent. The United States and Canada together accounted for round 1.30 lakh units of EVs sold, a jump of 22 per cent.
(Also read: Will Tesla emerge winner in Modi-Trump meet?)
While the indications for a strong 2025 are omnipresent, challenges emerging from potential trade wars remain a matter of concern with US President Donald Trump looking at imposing higher tariff on a number of products, including automobiles.
How is India placed in the EV game?
India's EV landscape has been dominated by electric two-wheelers which have a 55 per cent share in the overall EV market here, followed by electric cars and three-wheelers. And while e-two-wheelers are bridging the price gap with petrol-powered options consistently, the e-car market has been rather subdued. Subdued so far, that is.
India is all set to see around 18 electric car launches in 2025. This is the first year ever when the number of electric car launches will be higher than that of cars with engines. Highlighting the list is Hyundai Creta EV which has already been launched while other big-ticket models like Maruti Suzuki e Vitara, Tata Harrier EV, VinFast VF7, MG M9 and others are lined up. Luxury car makers too are looking at strengthening their respective EV portfolio with BMW launching its iX1 LWB at a price lower than the engine-powered X1.
The share of EVs across motor types in the overall automobile market in India is around seven per cent as against nine per cent in the United States and 40 per cent in China. But 2025 is likely to be a year that changes it all with the spotlight on battery-powered mobility options. The list is expanding and the big question of affordable choices is starting to be addressed. Experts believe that it is possible for the share of EVs in India's automobile sector to reach 10 per cent by the close of 2025, setting the foundation for the government's stated ambition of taking this figure to 30 per cent by 2030.