TL;DR
India's EV share in new car sales rose to 5.1% in March, with registrations up 68% year-on-year, primarily due to concerns over fuel prices and global energy market instability.
Electric vehicles (EVs) are increasingly popular among Indian car buyers, with recent data revealing a notable shift in preference. In March, EVs accounted for 5.1% of new car sales, a rise from 3.5% in February. This surge is largely attributed to heightened concerns over fuel supply and pricing, intensified by global uncertainties such as the US–Israel–Iran conflict disrupting energy markets.
Despite no immediate fuel price hikes in India, the apprehension of potential increases has led to a significant increase in customer inquiries and conversions towards electric vehicles. Electric car registrations in March reached 22,490 units, marking a substantial 68% year-on-year increase, reflecting both changing consumer sentiment and the expanding EV offerings in the market.
