45% of India's EV Sales Comes From South

123,000 units of Battery Electric Vehicles (passenger cars) are likely to be sold in India by end of 2024

A report titled “An Overview of Indian Electric Vehicle Market: Trends And Future Outlook” was released in conjunction with India EV 2024, that highlights the nation’s EV goals, trends and outlook

FinTech BizNews Service

Mumbai, June 29, 2024: With the objective to discover innovative solutions, achieve sustainable EV integration in smart cities, and envision a future that blends environmental consciousness with technological progress, India’s largest EV Expo & Conference is back with its 4th Edition – India EV 2024, happening on 29th & 30th June 2024 at the Chennai Trade Centre. A report titled “An Overview of Indian Electric Vehicle Market: Trends And Future Outlook” by Frost & Sullivan is being released in conjunction with India EV 2024, that highlights the nation’s EV goals, trends and outlook.

India EV 2024 is organised by Entrepreneur India, with Citroën as the Title Partner and Powered by Jio-BP. Other sponsors include LUBI and EV Lubricant, complemented by significant support from esteemed industry bodies and ministries including the Ministry of Heavy Industries, the Ministry of Environment Forest & Climate Change, Guidance Tamil Nadu, the Indo-Italian Chamber of Commerce, ARAI (Automotive Research Association of India), and ICAT (International Centre for Automotive Technology).

Thiru S. S. Sivasankar, Hon’ble Minister for Transport, Government of Tamil Nadu is the Chief Guest for the event, and V. Vishnu, IAS MD & CEO Guidance Tamil Nadu is the Guest of Honour. Eminent industry leaders including, Harish Mehta, CEO of JIO BP, Shishir Mishra, Brand Director of Citroen India, Dr. Sauro Mezzetti, Chairman of the Indo–Italian Chamber of Commerce, and Dr. Ashok Jhunjhunwala, Professor at IIT Madras, are sharing visionary insights on the future of electric mobility at the conference.

With an expected attendance of over 2000 participants, the 2-day conference is packed with 120+ distinguished exhibitors, 55+ notable speakers, 10+ panel discussions, B2B roundtables, product launches and networking sessions. Day-1 of the conference emphasizes integration and global expansion, while Day-2 covers battery manufacturing, AI integration, and the prominence of Tamil Nadu's EV production. Themes being discussed at the expo include funding, charging standardisation, EV infrastructure, the availability of semiconductors, and the future of electric mobility in India.

Highlights from the report by Frost & Sullivan on India’s EV market:

• Over 123,000 units of Battery Electric Vehicles (passenger cars) are likely to be sold in India by end of 2024; recording an estimated y-o-y growth of 47.9% as compared to ~83,000 units sold in 2023.
• Tata Motors leads the way with over 64% market share; Tata Nexon EV was the highest selling EV in 2023.
• South India leads India EV sales with almost half the sales in the country coming from the region. 
• The growing presence of OEMs, component suppliers and battery/cell manufacturing companies in Tamil Nadu makes the State a central force for the growth of EV sales and the EV R&D hub in India.
• Presently, Hyundai Motor and Stellantis have commenced production of EV passenger vehicles in Tamil Nadu, and other prominent automotive companies like Renault-Nissan and BMW are expected to establish themselves and produce EVs in the State.
• OEMs are aiming at localising the production of 60-70% EV components by 2030, including critical EV components, apart from the battery.

With Citroën being the title partner of India EV 2024, Shishir Mishra, Brand Director of Citroen India delivered a keynote address, sharing his views on building a conducive EV ecosystem in India. He said, "By prioritizing innovation, investing in infrastructure, and implementing supportive policies, India can establish itself as a global leader in the electric vehicle industry. We must focus on research and development, foster collaboration with industry stakeholders, and remain committed to sustainability."

"The 4th edition of the India EV Show is a testament to the growing importance of electric vehicles in the global automotive industry. We are excited to bring together a stellar lineup of industry leaders, top manufacturers, suppliers, and enthusiasts to drive forward the transition to cleaner, greener transportation. Hosting this event in Chennai for the second time reiterates the city's strategic importance as a hub for automotive innovation and sustainable development.  With a diverse range of exhibitors and cutting-edge technologies on display, attendees will have the unique opportunity to experience firsthand the advancements that are shaping the future of mobility,” said Sachin Marya, Managing Director of Franchiseindia.com Ltd.