How Indian EVs zipped past the 1 million mark in 2022

India’s EV market is now on the global map, having sold over one million units, contributing 12% of global EV volumes in 2022. It has exceeded prominent EV markets such as the US. The greening of India’s auto sector (along with power and industry) is critical to India’s decarbonisation efforts, representing a USD 206 billion market.

India appears to be a bright spot in an otherwise weak global economy. Many countries are heading into what is expected to be a sluggish year for economic activity and growth. Continued and active policy push (e.g. more states introducing EV policies) and a comparatively cushioned economy may see the Indian EV market achieve an even larger share of global volumes over the next 12 months.