Annual India EV Report Card: CY2023

Annual India EV Report Card: CY2023


The report analyses the movement in market shares of the top vehicle categories, key vehicle-selling states, and key players in the Jan 2023-Dec 2023 period (CY2023) in the Indian electric vehicle (EV) space.

Sales Trends:

  • Vehicle Category-wise EV Sales: The cumulative EV sales in India reached 36,21,974 units by the end of CY2023. While the annual EV sales crossed 16 lakh vehicles in CY2023 with more than 50% of the share accounted for by registered electric two-wheelers (E2W) followed by passenger electric three-wheeler (E3W P) with ~38% market share.
  • State-wise EV Sales: Uttar Pradesh, Maharashtra, Karnataka, Delhi and Rajasthan were the top EV-selling states till CY2023, accounting for more than 50% of the market share. In terms of CY2023 sales share, Uttar Pradesh, Maharashtra, Karnataka, Rajasthan, and Tamil Nadu 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 ~36% in CY2023 over sales in CY2022. Ola Electric, TVS Motors, and Ather were the top 3 E2W players in CY2023, accounting for more than ~63% 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 CY2023 recorded an increase of ~65% over sales in CY2022. Mahindra & Mahindra, YC Electric Vehicle, Saera Electric, Dilli Electric and Piaggio were the top 5 E3W Passenger players in CY2023 with shares of ~29% respectively. Mahindra & Mahindra, Piaggio, and Omega Seiki were the top 3 E3W Cargo players in CY2023 with shares of ~29% respectively.
  • Electric Cars (E-Cars): On a yearly basis, E-Car sales registered an increase of more than 116% in CY2023 over CY2022 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 ~9% of the market share.
  • Electric Buses (E-Buses): On an annual basis, E-Bus sales witnessed a jump of ~38% in CY2023 over sales in CY2022. Tata Motors, Olectra Greentech and PMI Electro Mobility were the top 3 E-Bus players accounting for 73% of the total E-buses sold in CY2023.
  • Battery Packs: The report covers the annual production capacities of key battery pack manufacturers in CY2023. Trontek, Forsee Power, Amara Raja, and Battrixx are the top players in terms of annual supplies in India.
  • Charge Points: The report includes 63,000+ installed slow and fast charge points in India of leading 10 players as of CY2023.


    JMK Research & Analytics is a specialist research and consulting firm that focuses on various cleantech segments in India and the Asia Pacific Markets, including Renewables, E-mobility, Energy Storage, and Green Hydrogen.

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