With a contribution of 45% to the country’s total EV sales, South India has emerged as a key participant in the electric vehicle eletric vehicle market. The country is making a rapid change towards sustainable transportation. Frost & Sullivan’s report, “An Overview of Indian Electric Vehicle Market: Trends and Future Outlook,” highlights this tendency. The report was published in conjunction with India EV 2024.
Highlights from India EV sales 2024 Report
- By the end of 2024, it is anticipated that over 123,000 battery-electric vehicles passenger cars will be sold in India.
- With a 64% market share, Tata Motors’ best-selling car in 2023 will be the Nexon EV.
- The nation’s EV sales are 45% the product of South India.
- With significant investments from major OEMs like Hyundai, Stellantis, Renault-Nissan, and BMW, Tamil Nadu is a hotspot for EV production and research and development.
A Hub for Innovation and Collaboration
The Chennai Trade Center hosted the 4th Edition of India EV 2024, the country’s largest EV Expo & Conference, on June 29 and 30.Jio-BP powers this event. Entrepreneur India arranges the event in collaboration with Citroën as the Title Partner.
The event brings together industry executives, government representatives, and innovators from the electric vehicle (EV) sector. The conference intends to investigate the integration of sustainable EVs in smart cities. It promotes a future that combines environmental awareness with technical advancement.
The Chief Guest Thiru S. S. Sivasankar, the Honourable Minister for Transport in the Government of Tamil Nadu, and the Guest of Honor was V. Vishnu, the IAS MD & CEO of Guidance Tamil Nadu. Industry heavyweights including Dr. Ashok Jhunjhunwala, a professor at IIT Madras, and Harish Mehta, CEO of JIO BP, had shared their perspectives at the event.
The Powerhouse of India’s EV sales
According to the Frost & Sullivan analysis, a strong ecosystem of original equipment manufacturers (OEMs), component suppliers, and battery manufacturing businesses based in Tamil Nadu is what propels South India’s leadership in the EV sector.Â
Due to the state’s investment-friendly policies and strategic initiatives, big businesses like Hyundai Motor and Stellantis have decided to start local EV production. It’s also anticipated that BMW and Renault-Nissan will open EV manufacturing plants in Tamil Nadu soon.
Market Leaders and Trends
As per the survey, Tata Motors holds a dominant 64% market share in the Indian EV market, with the Tata Nexon EV emerging as the top-selling model in 2023. Experts predict that the Indian EV market will see tremendous growth, with over 123,000 Battery Electric Vehicles (passenger cars) expected to be sold by the end of 2024.This represents a 47.9% year-over-year rise from 2023.
Future Outlook and Industry Insights
The India EV 2024 conference explores several critical topics for the EV sector. These include the production of batteries, the integration of AI, funding, and the standardization of charging and EV infrastructure. OEMs aim to localize 60–70% of EV sales components by 2030. There is a major emphasis on Tamil Nadu’s participation in the EV production environment and the localization of EV components.
Establishing a favourable electric vehicle ecosystem in India is crucial, according to Citroën India Brand Director Shishir Mishra. “India can position itself as a global leader in the electric car market by prioritizing innovation, investing in infrastructure, and establishing supportive regulations,” he said. We have to maintain our commitment to sustainability, concentrate on research and development, and encourage cooperation with industry stakeholders.
Conclusion
The contribution of South India to India’s EV sales underscores the region’s importance in the nation’s shift to electric transportation. India has the potential to become a global leader in electric vehicle production and adoption. This potential hinges on continued support from government agencies, business associations, and creative projects like India EV 2024. These elements collectively drive the country towards sustainable mobility solutions. In India, electric vehicles are the way of the future, and South India is setting the pace.
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