The year 2022 saw a huge increase in demand for electric vehicles, which reached 999,949 units. This made 2022 a time stamp in the further evolution and growth of electric vehicles in India.
The number which we will be showing in this article is based on retail data posted on the Vahan portal of the Indian government on December 31 at 10 p.m., a few hours before the year 2022 turned into 2023.
It is also true that the Vahan portal data excludes information on sales from the military services and the state of Telangana. As a result, in this hypothetical situation, technically, India would have sold one million EVs total in CY2022 across all vehicle segments for the first time.
The electric vehicle (EV) market has shown impressive growth in the past year. The 999,949 EVs sold in CY2022 represent a significant 210% year-over-year increase over the 322,871 units sold in CY2021. The two- and three-wheeler markets, both referred to as the “low-hanging fruits” of the EV business, are responsible for the majority of the growth.
It makes sense that they are the main drivers of EV sales because they are cheaper than the electric passenger car or commercial vehicle segments.
Stats of Electric Vehicles in India in 2022
Two-wheelers account for 62% of India’s total EV market
Electric two-wheelers represent 622,337 units or 62.23% of all EV sales in India in 2022. They also represent 4% of the country’s total two-wheeler market, which had cumulative sales of 15.3 million two-wheelers (1,53,07,255 units).
Market leader Ola Electric has 108,130 units, followed by Okinawa Autotech, which is only 6,764 units behind with 101,366 units. 550,562 units, or an astounding 89% of total sales, are accounted for by the top 10 OEMs, which include Ola Electric, Okinawa Autotech, Hero Electric, Ampere Vehicles, Ather Energy, TVS Motor Co, Bajaj Auto, Pur Energy, Revolt Intellicorp, and Being India Energy. Another 20 or so OEMs are also engaged in a competitive struggle for a piece of the lucrative e-two-wheeler industry in India.
Electric three-wheelers are running the show
With 337,335 retailed units in CY2022, electric three-wheelers are the other significant growth driver for the EV sector and account for 34% of all EV sales. The market leader in 2022 with an expected 27,814 units and an 8.24% market share is YC Electric Vehicles. Saera Electric Auto is in second place overall with 18,364 units, followed by Mahindra Reva Electric in third with 15,485 units for e-three-wheeler OEMs. Other impressive results came from Piaggio Vehicles (6,978), Champion Polyplast (12,695), Mini Metro (10,457), Dilli Electric Auto (13,148 units), and Lectrix EV (6,978).
Tata is leading the Electric Car market
According to Vahan EV retail sales data for CY2022, the electric four-wheeler segment sold a total of 37,792 units, including 4,968 electric PVs and 32,824 motor vehicles. Accordingly, the market for electric four-wheelers in India represents a market share of close to 4%.
The business with the largest portfolio of EVs, Tata Motors, has sold 30,284 units and holds an 80% market share. With 3,390 vehicles, MG Motor India holds a 9% market share.
EV industry is ready to reach new milestones in 2023
An in-depth analysis of 10-year EV retail sales data demonstrates the industry’s rapid expansion and enormous potential. The detailed data table below provides information on the decadal growth from a
India plans to use EVs for 30% of its transportation needs by 2030, thanks to the FAME program, governmental incentives, and a wider range of goods across all vehicle classes.
Sales growth in the domestic EV market in 2022 can be ascribed to more goods becoming available on the market, high gas, diesel, and CNG prices, governmental subsidies, and FAME II incentives. It also helps that consumers are becoming more aware of the importance of using environmentally friendly transportation. Of course, another major driver is the long-term affordability of EV ownership costs.
The EV industry can be anticipated to make steady, if not quick, progress in the upcoming year given the rate of expansion. There are still certain issues, such as poor charging infrastructure and expensive initial EV costs that are directly correlated with the price of the battery. However, there is a conviction that things can only get better for this type of eco-friendly mobility given OEMs’ heightened focus on localization with a view to lower costs and enhance affordability, and battery prices are predicted to gradually decrease.
Several states, including Delhi, Maharashtra, Andhra Pradesh, Bihar, Chandigarh, Haryana, Karnataka, Kerala, Madhya Pradesh, Odisha, Meghalaya, Punjab, Tamil Nadu, Telangana, Uttar Pradesh, and Uttarakhand have implemented EV-friendly laws, which bodes well for the future of the industry.
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