Surging Demand: India’s Electric Vehicle Exports Soar, Europe and Nepal take the Lead

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With exports soaring from Rs 7,988.62 lakhs in 2022 to a staggering Rs 21,391.40 lakhs in 2023, Nepal accounts for a significant chunk of the growth. However, June witnessed an unexpected drop of 74.75%.

India’s electric vehicle (EV) export market grew by 246.3 per cent in the first seven months of 2023, underscored by strong demand from Nepal and a surging interest from European nations, according to the latest data from the Department of Commerce, Export Import Data Bank.

With exports soaring from Rs 7,988.62 lakhs in 2022 to a staggering Rs 21,391.40 lakhs in 2023, Nepal accounts for a significant chunk of the growth. However, June witnessed an unexpected drop of 74.75%.

Europe has emerged as a robust market for Indian EVs. France marked its presence with an exponential growth from Rs 168.47 lakhs in 2022 to Rs 2,367.27 lakhs in 2023. Germany too, despite starting with a modest Rs 85.35 lakhs in 2022, surged to Rs 343.28 lakhs in 2023.

Countries such as China and the UK have been consistently importing, albeit with variable quantities, reflecting a stable demand.

2023 saw a range of countries diversifying their EV imports by turning to India. Vietnam, Brazil, Guatemala, and Australia are notable additions that made a significant mark in 2023. Certain nations that had previously shown interest in 2022, like Maldives, US, Canada, New Zealand, and Portugal, were absent from the 2023 list.

Countries such as Seychelles, Kenya, Liberia, and Tanzania may not account for large volumes, but their presence indicates India’s diverse EV appeal catering to various global demands.

Some countries, despite appearing in both years, showcased a decline in 2023. Bhutan and South Korea are prime examples. Their reduced numbers could be attributed to various reasons, including market saturation, local policy changes, or evolving import strategies.

India’s competitive EV manufacturing ecosystem offers high quality EVs at affordable prices. As new entrants emerge and existing partners vary their demand, India’s strategic approach to EV exports in the coming years will be pivotal.

Source : ET World