Statsguru: Record run for electric cars globally, lower pickup in India

The value-conscious nature of the Indian consumer is playing a role. The cost of ownership over the lifetime of the vehicle is significantly lower for electric two-wheelers and three-wheelers

Nearly 20 per cent of cars sold globally in 2024 will be electric. Worldwide sales of electric cars will reach 17 million in 2024, according to the Global EV Outlook 2024 report released by the Paris-based International Energy Agency (IEA) last week. Growth, however, has slowed (chart 1).


 

A roll-back of subsidies globally is said to be a factor. Government encouragement has helped adoption in multiple markets. China, Germany, and the US all saw adoption rise from low single-digits in 2018 to as high as 38 per cent in 2023. India has seen more limited success (chart 2).