Q4 2021 EV Update

Q4 2021 EV Update

The report analyses the major trends and the movement in market shares of the key players in the October-December 2021 period (Q4 2021) in the Indian electric vehicle (EV) space. The report focuses on new product launches announced during the quarter as well as the sales trend for electric two-wheelers (E2W), electric three-wheelers (E3W), electric cars (E-Car), electric buses (E-Bus), 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 such countries. The recent policies announced have paved the way for an increase in EV adoption and investments in the sector. Hence separate sections on investments, policy announcements, and market updates during the quarter have also been included in the report.

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 Q4 2021, key updates across EV sector include:

  • Launch of 17 electric two-wheeler models, 2 electric three-wheeler models, and 4 electric cars. This quarter witnessed the entry of Bounce Infinity E1 model with a first-of-its-kind swappable battery pack and the entry of Chinese EV manufacturer BYD in the Indian E-Car market with its E6 offering.
  • Approval of a production linked incentive (PLI) scheme for semiconductor and display board production in the country worth INR 76,000 Crore (US$ 10,047 million) by the Union Cabinet. Goa implemented its ‘Electric Vehicle Policy’ while Himachal Pradesh and Haryana came out with their draft EV policies.
  • More than INR 10,484 Crore (US$ 1,386.3 million) of equity fundings were raised across various segments, the highest ever in any quarter so far. Biggest funding was raised by Tata Motors for INR 7,563 Crore (US$ 1,000 million).
  • Announcements of setting up ~4,00,000 charging stations/charge points in the coming years.
  • Announcement of investments worth ~INR 8,500 Crore (US$ 1,124 million) in the EV manufacturing sector.
  • Sales of 1,37,915 registered EVs in Q4 2021, increasing by 46% from the previous quarter’s 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, Japan) increased by 39% from 1,139,071 units in Q3 2021 to 1,584,371 in Q4 2021.


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.

Based on our extensive industry experience and strong network, we offer valuable insights and detailed information to help clients develop successful business models and market strategies.


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