China’s EV share is expected to surpass 50% of new car sales by 2025, with electric vehicles (EVs) making up the majority. The International Energy Agency’s Global EV Outlook 2023 notes China’s EV market share reached 36% in 2023, up from 22% in 2022. This growth is fueled by sales, government incentives, and EV infrastructure.
India, with a 6.3% EV market share in 2023, faces challenges despite a 137% increase in EV sales in the first half of 2023 compared to the same period in 2022. The gap between China and India highlights the impact of government policies on electric mobility.
China’s EV sales exceeded 8 million units in 2023. BYD, Tesla, and Changan Automobile are leading players. Government policies and infrastructure developments have supported this growth. Beijing and Shanghai have high EV penetration rates.
India’s EV sector, with over $600 million in government subsidies from the FAME-II program, sees Tata Motors, MG Motors, and Mahindra leading sales. However, high costs, insufficient charging infrastructure, limited consumer awareness, and a developing manufacturing ecosystem hinder growth.
Globally, EVs accounted for 14% of all car sales in 2023. Norway, Germany, the United States, and South Korea show diverse adoption rates, with Norway at 90% EV market share in the first half of 2023.
India’s potential growth in the EV market is supported by government initiatives like FAME-II and PLI schemes. Overcoming challenges related to cost, infrastructure, public perception, and manufacturing capabilities is crucial.
China’s approach to achieving a majority EV market share by 2025 contrasts with India’s slower adoption, reflecting different strategies and challenges in the global shift towards sustainable transportation.
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