Q4 2022 EV Update

Q4 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 October-December 2022 period (Q4 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 Q4 2022, key updates across EV sector include:

  • Product Launches: Launch of 9 electric two-wheeler models, 6 electric three-wheeler models, and 5 electric cars.
  • EV Sales: Sales of 3,57,248 registered EVs in Q4 2022, increasing by 28.86% from the previous quarter’s sales.
    • While the registered E2W sales accounted for 65.13% of total EV sales this quarter, E3W (cargo and passenger combined) accounted for a share of 30.32%.
    • E2W is the only vehicle category that witnessed a rise in share of total EV sales this quarter. Rest other categories witnessed a marginal decline.
    • An analysis of the state-wise data indicates that Uttar Pradesh accounted for a majority sales share (14.33%) this quarter as well followed by Maharashtra (13.78%).
    • Unregistered E2W sales of 8 OEMs have been included in this quarter.
  • Charge Points: More than 26,000 charge points set up by the end of Q4 2022 in India.
  • Global EV Sales: Globally, the total sales of battery electric vehicles (BEVs) for the nine analysed markets (China, United States, Germany, UK, France, Norway, South Korea, Netherlands, Japan) increased by more than 23% this quarter to 24,83,021 units from 20,17,714 units in Q3 2022. The rise in sales however from Q42021 to Q42022 has been phenomenal having grown by more than 56%.
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