Annual India EV Report Card: FY2023
Summary
The report analyses the movement in market shares of the top vehicle categories, key vehicle-selling states, and key players in the April 2022-March 2023 period (FY2023) in the Indian electric vehicle (EV) space.
Sales Trends:
- Vehicle Category-wise EV Sales: The cumulative EV sales in India reached 23,37,761 units by the end of FY2023. While the annual EV sales crossed 12 lakh vehicles in FY2023 with more than 60% of the share accounted for by registered electric two-wheelers (E2W) followed by passenger electric three-wheeler (E3W P) with ~29% market share.
- State-wise EV Sales: Uttar Pradesh, Maharashtra, Delhi, Karnataka, and Rajasthan were the top EV-selling states between FY2014 and FY2022, accounting for more than 50% of the market share. In terms of FY2023 sales share, Uttar Pradesh, Maharashtra, Karnataka, Rajasthan, and Gujarat were the top EV-selling states.
Annual Market Shares:
- Electric Two-Wheelers (E2Ws): On an annual basis, the sales for E2W segment recorded an increase of 210% in FY2023 over sales in FY2022. Ola Electric, Hero Electric, and Okinawa Autotech were the top 3 E2W players in FY2023, accounting for more than ~45% market share in registered vehicle category sales.
- Electric Three-Wheelers (E3Ws): On a yearly basis, the combined sales of both passenger and cargo (registered) E3Ws in FY2023 recorded an increase of 126% over sales in FY2022. Mahindra & Mahindra, YC Electric Vehicle, and Saera Electric were the top 3 E3W players in FY2023 with shares of 8.95%, 7.34%, and 5.46% respectively.
- Electric Cars (E-Cars): On a yearly basis, E-Car sales registered an increase of more than 150% in FY2023 over FY2022 sales. Tata Motors was the top E-Car player, accounting for more than 75% of the entire market share, followed by MG Motor which accounted for 10% of the market share.
- Electric Buses (E-Buses): On an annual basis, E-Bus sales witnessed a jump of 62% in FY2023 over sales in FY2022. PMI Electro Mobility, Olectra greentech, and Switch Mobility (Ashok Leyland) were the top 3 E-Bus players accounting for 74% of the total E-buses sold in FY2023.
- Battery Packs: The report covers cumulative nameplate and operational capacities of key battery pack manufacturers as of FY2023. Nexcharge, Okaya, Inverted, JLNPhenix Energy, and Exicom, are the top players in terms of cumulative Nameplate capacities.
- Charge Points: The report includes installed slow and fast charge points of charge point operators (CPOs) as of FY2023. Tata, Charge+Zone, and Ather are the top 3 players in the fast-charging category while Bolt and EVRE are the top 2 players in the slow-charging category.