Synopsis: India’s EV market saw a notable festive boost in October, especially among the two-wheelers, reflecting increased consumer confidence and policy-driven growth. The PM E-DRIVE scheme and discounts helped push EV registrations, thus setting the stage for long-term expansion. However, quality concerns underscore a need for improved service standards. The market is also shifting towards mobile-first engagement, indicating future emphasis on digital sales strategies to match rising consumer expectations. India’s electric vehicle (EV) market recently experienced a festive boost, marking a shift that could influence the sector in the long term. October’s high sales, particularly for two-wheelers, signal growing consumer confidence in EVs, pointing to a positive outlook. Government policies like the PM E-DRIVE scheme, with targeted subsidies, were essential in boosting these sales, proving that policy support remains critical for industry growth.

However, quality remains a top priority. Consumer complaints about performance and service highlight a need for consistent improvement to maintain trust. Meeting this demand could be challenging but is essential for sustainable market growth. Another notable trend is the demand for mobile-first, digital experiences. As EV consumers increasingly look for streamlined, online buying options, manufacturers will likely invest more in digital engagement. This shift could transform how EVs are marketed and sold, fostering a closer connection with tech-savvy buyers.

India’s EV market rebound sets a strong foundation for future growth. Yet, for sustained adoption, industry players must focus on quality, digital innovation, and responsive policies, ensuring that this festive season’s gains pave the way for a thriving EV ecosystem. According to the Ministry of Road Transport’s Vahan data, October registrations jumped to over 217,000—a 35 percent increase from September and the year’s highest sales to date. The EV sector, especially two-wheelers, experienced significant demand, accounting for nearly 60 percent of the total EV sales this year. Sales have exceeded 1.6 million units year-to-date, surpassing the pace of 2023. In October alone, electric two-wheeler sales saw over a 50% rise to 139,000 units, benefiting from both government support and discounts offered by original equipment manufacturers (OEMs). This growth is a testament to the impact of targeted policies, including PM E-DRIVE’s Rs 10,900 crore budget for EV subsidies over two years.

Yet, challenges remain. While festive deals and enhanced incentives boosted October’s sales, service quality concerns—such as the 10,000+ complaints against a market-leading EV maker—highlight the need for industry-wide improvements. Sector experts caution that sustained growth will require consistent quality assurance alongside innovation to avoid consumer disillusionment. In a post-pandemic market, where long-term digital engagement is rising, EV makers are pivoting to meet mobile-first demand, aiming for streamlined, fast-paced buying experiences to keep pace with consumer expectations. With such foundational shifts, India’s EV market is well-poised for continued growth—if quality and innovation can keep up.

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(Neeraj Manchanda is the founder of ZUGE Electric, India’s first multi-brand EV platform in the MetaVerse)