Q3 2022 EV Update

Q3 2022 EV Update

The report analyses the major trends and the movement in market shares of key players operating in the Indian electric vehicle (EV) space in the July-September 2022 period (Q3 2022). The report focuses on new product launches announced during the quarter as well as the sales trend for electric two-wheelers (E2Ws), electric three-wheelers (E3Ws), electric cars (E-Cars), electric buses (E-Buses), and the overall EV market. The report also compares the overall BEV sales in the leading EV markets of Norway, China, the United States, and other 6 countries from the key geographies of Europe and Asia. Since the increase in adoption of EVs is directly proportional to the availability of solid charging infrastructure in India, we have also included the AC and DC charge point count of key charge point operators.

The EV segment continues to grow at an enormous pace in India with increasing sales and new product variants introduced across various vehicle categories. For the last quarter Q3 2022, key updates across EV sector include:

    • Product Launches: Launch of 17 electric two-wheeler models, 3 electric three-wheeler models, 7 electric cars, and one electric bus. This quarter witnessed the entry of Tata’s Tiago.ev, India’s first EV to be launched under INR10 lakh.
    • EV Sales: Sales of 2,77,235 registered EVs in Q3 2022, increasing by 24.48% from the previous quarter’s sales.
      • While the registered E2W sales accounted for 59% of total EV sales this quarter, E3W (cargo and passenger combined) accounted for a share of ~35%.
      • E3W passenger is the only vehicle category that witnessed a rise in the share of total EV sales this quarter. The rest of other categories witnessed a marginal decline.
      • An analysis of the state-wise data indicates that Uttar Pradesh accounted for a majority sales share (17%) this quarter as well followed by Maharashtra (12%).
      • Unregistered E2W sales of 10 OEMs have been included for the first time in a quarterly update.
    • Charge Points: More than 25,000 charge points set up by the end of Q3 2022 in India.
    • Global EV Sales: Globally, the total sales of battery electric vehicles (BEVs) for the nine analyzed markets (China, United States, Germany, UK, France, Norway, South Korea, Netherlands, and Japan) increased by more than 30% this quarter to 20,17,714 units from 15,02,104 units in Q2 2022. The rise in sales however from Q32021 to Q32022 has been phenomenal having grown by more than 77%.
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