Read by: 100 Industry Professionals
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By Yash Jhunjhunwala
New Delhi: The electric vehicle (EV) sales in India increased by 174% Y-o-Y from 4,55,773 units in FY 22 to 12,47,120 units in FY 23.
According to data collected from sources, 23,37,761 units of Electric Vehicles (EVs) has been sold till FY 23 , where E2W held the largest share with 48.76%, E3W passenger vehicle was just behind with 43.33%. The sales of E3W Cargo and E-Cars were almost the same at 3.65% and 3.85%, respectively. E-bus accounted for just 0.17% and others 0.24%.
In the state-wise registered cumulative sales till FY23, Uttar Pradesh accounted for the highest with 20.64% share. Maharashtra was second and Delhi third with 10.15% and 8.85% share respectively.
In the category wise, during the period (FY23) the registered sales for E2W touched 7,82,389 units. Ola electric accounted for the highest percentage with 21.23% registrations. The second was Hero Electric with 12.50% registrations and Okinawa AutoTech, third with 12.38% registrations. The list was followed by Ampere Vehicles, TVS Motors, Ather energy and other OEMs.
The E3W category marked a 127% Y-o-Y increase. For the first time the sales touched the 4,00,000 mark, since the first momentum in FY16. The total sales for the year stood at 4,07,563 units where E-Rickshaw (Passenger) sales stood at 85.83%, followed by E-Rickshaw (Cart) at 5.93%, E3W (Goods) at 4.44%, E3W (Passenger) at 3.78% and E3W (Personal) at 0.02%. Mahindra Electric (8.95%), YC Electric Vehicle (7.34%) and Saera Electric (5.46%) were the top three players that held more than 5% share in the Electric 3W category. It was interesting to note that other OEMs held between 1% and 3% share and 50.30% was held by other players.
The E4W category marked a 151% of Y-o-Y increase. The sales of E4W grew 2x more than FY22, as the category touched 54,297 units. In the E4W category, the top three players were Tata Motors (79.28%), MG Motor (10.27%), BYD India (2.75%). Hyundai (1.90%) and Mahindra (1.23%) were close to crossing the 2% market share. BMW India, Kia India, Mercedes Benz, PCA Auto, Volvo, Audi, and other OEMs collectively held only 4.57% of the market during the year.
In the electric buses category the sales jumped 62% Y-o-Y, nearly double the sales last year. The total sales accounted for 1,919 units during the year. In the category, the top three players were PMI Electro Mobility (31.47%), Olectra Greentech (23.14%), and Switch Mobility/Ashok Leyland (19.85%). JBM Auto held 11.83%, Tata Motors 6.88% and other OEMs 6.83%, held the rest of the market’s share during the year.
(Data Source: JMK Research, Vahan Dashboard, and company press releases)
