FY 2022-23 | India EV Sales Snapshot

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Observations

• In FY 2022-23, India registered EV sales for 12,43,258 units, marking a 154% year-on-year growth over FY 2021-22 EV sales numbers, i.e., 4,90,210 units across all vehicle segments. EV sales for FY 2022-23 show a more than 2.5 times increase from that of units sold in FY 2021-22.

• India’s EV industry hits record sales year across all vehicle segments, accounting for 5.59 per cent of overall automobile sales.

• High-speed e-2Wheelers, with sales of 7,79,158 units in FY 2022-23, showed the highest segment share and a Y-O-Y growth rate of 179% over FY 2021-22 sales.

• A total of 4,07,381 electric 3Ws were sold in FY 2022-23, up from 1,87,028 units the year before.

• 53,843 electric four-wheelers were registered in FY 2022-23, marking a Y-o-Y growth of 154%.

OEM Wise Sales Data for India (FY 2022-23)

For FY 2022-23, Ola Electric was the top seller in the e-2wheeler category with 1,65,589 units sold, far ahead of the second-ranked Hero Electric which sold 97,812 units. TVS Motors registered an impressive 700% YoY growth in EV sales. 53,843 units of e-4Ws made for 1.49% EV penetration in the 4W sales in FY 2022-23, up from 0.72% penetration in FY 2021-22. Tata Motors continues to dominate the Indian e-4W space with a 79% market share (42,701 units).

• High-speed e-3Wheeler (L5) models sold a total of 33,378 units for the FY 2022-23 and account for 8.41% of all high-speed 3W sold in the country, up from 5.51 % penetration in FY 2021-22.

• Mahindra, Piaggio and Omega Seiki are the top L5 e-3Wheeler sellers, and together they take up 73% market share.

• Low-speed e-3Wheeler (L3) models sold a total of 3,74,003 units for the FY 2022-23 and account for 99% of all low-speed 3W sold in the country.

• YC Electric continues to be the top low-speed e-3W seller in the country.

For deeper insights into India EV sales trends – segment-wise, OEM wise and region-wise (including Telangana data that is not available on Vahan) – register your interest to subscribe to our soon-to-be-launched data portal at an introductory price. Click here to submit interest.