Summary The report analyses the movement in market shares of the top vehicle categories, key vehicle selling states, and key players in the April 2021-March 2022 period (FY2022) in the Indian electric vehicle (EV) space.
Sales Trends:
Vehicle Category-wise EV Sales: The cumulative EV sales in India reached 10,90,641 units by the end of FY2022. While the annual EV sales crossed 4 lakh vehicles in FY2022 with more than 55% of share accounted for by registered electric two-wheelers (E2W) followed by passenger electric three-wheeler (E3W P) with ~35% market share.
State-wise EV Sales: Uttar Pradesh, Maharashtra, Karnataka, Bihar, and Delhi were the top EV selling states between FY2014 and FY2022, accounting for more than 60% of the market share. In terms of FY2022 sales' share, Uttar Pradesh, Maharashtra, Karnataka, Tamil Nadu, and Delhi 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 75% in FY2022 over sales in FY2021. Hero Electric, Okinawa Autotech, and Ampere Vehicles were the top 3 E2W players in FY2022, accounting for ~60% 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 FY2022 recorded an increase of 102% over sales in FY2021. YC Electric Vehicle and Mahindra Electric were the top 2 E3W players in FY2022 with shares of 9.5% and 7.5% respectively.
Electric Cars (E-Cars): On a yearly basis, the E-Car sales registered an increase of 275% in FY 2022 over FY2021 sales. Tata Motors was the top E-Car player, accounting for more than 85% of the entire market share, followed by MG Motor that accounted for 11% of the market share.
Electric Buses (E-Buses): On an annual basis, the E-Bus sales witnessed a jump of 220% in FY2022 over sales in FY2021. PMI Electro Mobility, Tata Motors, JBM Auto were the top 3 E-Bus players accounting for 78% of the total E-buses sold in FY2022. These sales however account for just 11% of the total order book of 10,000 E-Buses that the E-Bus players have received during the last 1 year.
Battery Packs: The report covers cumulative nameplate and operational capacities of key battery pack manufacturers as of FY2022. Okaya, Exicom, Battrixx, Livguard, and Amara Raja are the top players in terms of cumulative operational capacities.
Charge Points: The report includes installed slow and fast charge points of charge point operators (CPOs) as of FY2022. Charge+Zone, CESL, and Statiq are the top 3 players in the fast-charging category while Bolt, Statiq, and CESL are the top 3 players in the slow-charging category.
