The one-in-five achievement

The rising number of electric vehicles (EV) delivered by Tesla-1.8 million last year versus 1.3 million in 2022- is a good indication of the traction these vehicles have achieved globally.

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Although the annual growth rate is expected to slow down, the market continues to expand. BloombergNEF forecasts passenger EV sales of 16.7 million in 2024, up from almost 14 million last year. One in five passenger cars sold in the world will be electric this year. The two biggest manufacturers are Tesla and China's BYD.

India's electric car sales were close to the 100,000-vehicle mark last year. New models, cheaper batteries and cars, rising demand from cab operators and the possible entry of Tesla are all tailwinds for the country's EV market.

The electric two-wheeler market in India is seeing a lot more activity, though the industry faces headwinds from the phasing out of the government subsidy in March. "The end of subsidy could hit sales to private users, but it is a different story for commercial users. Lower operating costs will continue to drive demand in that segment," said Komal Kareer, BNEF's lead EV analyst for India.

Over 240,000 electric two-wheelers were sold in the country in the last three months of 2023, compared with 219,000 in the same period a year earlier.

Ola Electric remains the market leader.