In 2023, India overtook China as the market leader for electric three-wheelers (3W)

Current Context: In 2023, India overtook China to become the largest market for electric three-wheelers, as reported in the “Global EV Outlook 2023” by the International Energy Agency (IEA).

• The Indian market saw a 65% surge in sales, reaching over 580,000 units.
• This growth was attributed to government incentives and a consequent reduction in the cost of ownership of electric three-wheelers.
• In contrast, sales in China experienced an 8% decline, with 320,000 units sold.
• The report was officially launched in two separate webinar events on April 27, 2023.
• Additionally, India, along with China and ASEAN countries, emerged as a global leader in the two- and three-wheeler market in 2023.
• India also made strides in electric two-wheeler sales, marking a 40% growth compared to 2022.
• The market is predominantly dominated by five major domestic manufacturers, which collectively command over 75% of sales.

Question:

Q.1 Which country became the largest market for electric three-wheelers in 2023?
a. China
b. India
c. ASEAN countries
d. USA