Indian electric vehicle market grew by 223% in Canalys:2022, with sales of 48000 vehicles

CTOnews.com February 8 news, Canalys released a report today that the Indian light vehicle market in 2022 growth of 23%, sales of up to 3.8 million vehicles. Among them, electric vehicles (EV) showed phenomenal growth, an increase of 223%, with sales of 48000 vehicles.

According to Canalys, the Indian electric car market is in its infancy, with Tata taking the lead with 86 per cent of the market share of the Nexon and Tigore models, followed by MG's ZS electric vehicles and Hyundai's Kona with 9 per cent and 1.6 per cent respectively.

According to reports, Tata electric vehicles priced under $20,000 (currently about 136000 yuan) have been a great success in the market, because it is an ideal choice for car owners who want to buy a second car. Brands such as Mg, Hyundai, Kia and BYD compete for high-end electric vehicles worth more than $25000 (currently about 170000 yuan), mainly attracting environmentally conscious professionals and electric car fans.

Luxury brands such as Audi, BMW and Mercedes-Benz sell their globally popular electric cars in India, but with low sales, the report said. In 2022, Gaohe brands grew by more than 34% in India, with total car sales reaching 36000. Sales of Mercedes-Benz and BMW hit record highs, but accounted for less than 1% of the market.

▲ Touyuan: CanalysCTOnews.com has learned that Canalys expects the Indian electric vehicle market to grow to more than 300000 units in 2025, accounting for more than 6% of the light vehicle market, with a compound annual growth rate of 59%.

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India's electric vehicle market grew by 223% in 2022, with sales reaching 48000 vehicles