How Electric Vehicles Are Penetrating Every Segment of the Auto Industry

Electric vehicles are reshaping the entire automotive landscape, from cars to trucks.

Global EV Surge:

In 2023, the sales of electric cars reached 14 million, showing a 35% increase from 2022.

18% of all car sales in 2023, up from 2% five years ago.

Segment Breakdown:

1. Passenger Cars:

• India: 1.3% of sales (49,800 units in 2022)
• US goal: 70% of sales by 2032

2. Two-Wheelers:

• 60% of India’s EV sales in FY 2024
• China: Expected 50 million units by 2030

3. Three-Wheelers:

• 48.9% market share in India (FY 2024)
• 60,000+ units sold

4. Commercial Vehicles:

• Global sales: 54,000 units in 2023 (↑35% YoY)
• Europe: 1.5% market share, tripled to over 10,000 units

Buses:

In 2023, the company reached nearly 50,000 units in global sales.

• Total global stock: 635,000+

Business Implications:

1. Supply Chain Shifts: Prepare for evolving component demands
2. Infrastructure Opportunities: Charging network expansion
3. Skills Gap: Invest in EV-specific training and recruitment.
4. Policy Alignment: Stay ahead of emissions regulations.

Key Drivers:

• Government incentives
• Improving battery technology
• Expanding model choices
• Decreasing costs

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