India EV Sales – Jan 2022 to Dec 2022

Observations

• In 2022, India’s EV sales surpassed one million units for the first time, marking a record 206% year-on-year growth over 2021 EV sales numbers.

• With a total sales of 10,54,938 units of electric vehicles in 2022, India’s EV industry hits record sales year across all vehicle segments, accounting for 4.7 per cent of overall automobile sales.

• EV sales for 2022 show a more than threefold increase from 3,44,495 units sold in 2021.

• High-speed e-2Wheelers, with sales of 6,69,845 units in 2022, showed the highest segment share and a massive growth rate of 291% over CY 2021 numbers.

• 41,675 units of electric four-wheelers were registered in 2022, marking a year-on-year growth of 178%.

Vehicle Category-wise EV Sales and Penetration

Observations

Total EV sales in India were 10,54,938 units in the calendar year 2022.

• Registered electric two-wheelers accounted for 63% of the total EV sales, up from 50% in 2021, followed by low-speed (L3) electric three-wheelers with a 30% share in 2022, down from 43% in the previous year. High-speed (L5) electric three-wheelers and four-wheelers made up 2% and 4% of the pie, respectively, with no major share% changes. Electric bus sales increased to 1,939 units in 2022  from 1,171 units in the previous year.

• Major OEMs with over 1 Lakh unit sales in 2022 are Ola Electric, Hero Electric and Okinawa. Ola Electric showed the highest-ever annual growth rate and highest sales for the year 2022. Ampere Vehicles, Okinawa, Ather Energy, TVS and Bajaj are other OEMs that exhibited good growth rates in unit sales.

Top ten OEMs made up 90% (5,99,825 units) of total highspeed e-2W sales in 2022.

• High-speed e-3Wheeler (L5) models sold a total of 26,371 units for the year 2022 and account for 8.2% of all high-speed 3W (3.2 Lakhs) sold in the country, up from 4% penetration in 2021.

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

• Startups like Euler Motors and Omega Seiki are the fastest-growing L5 3Wheeler OEMs, with a nearly 700% annual growth rate.

41,675 units of e-4Ws made for 1.2% EV penetration in the 4W sales in 2022, up from 0.5% penetration in 2021. Tata Motors continues to dominate the Indian e-4wheeler space with an 84% market share (34,833 units) up from 75% in 2021. New entrant BYD India made its mark.

Change in market share of leading electric 2W OEMs in 2022 vs 2021

Observations

• Ola Electric started delivering its 2Ws towards the end of 2021. The OEM has picked up the highest market share of 18% in CY 2022.

• Both Ampere Vehicles and TVS Motors show impressive growth over the competition in 2022. Ampere’s market share jumped from 7% in 2021 to 13% in 2022. TVS Motors’ market share in the e2W space jumped from 3% to 8%.

• Hero Electric registered a nearly 15% decrease in the market share among high-speed electric 2W sales. The company accounted for 31% of all e2W sales in CY 2021, and 16% of all e2W sales in 2022.

• A significant drop in market share was also observed for Pure EV. Despite a 291% YoY growth in overall e2W sales numbers in 2022, the company could only marginally improve its sales from 15,760 units in 2021 to 18,900 units in 2022, resulting in its market share dropping from 9% in 2021 to 3% in 2022.

2022 State wise EV sales in India

For Calendar Year 2022,  electric vehicle sales in India exceeded one million units, and the major states that contributed to this milestone are Uttar Pradesh (15%), Maharashtra (13%), Karnataka (9%) and others mentioned above, with more than 50,000 EVs each. The 8 states mentioned above contributed to 68% of electric vehicles sold in the country during CY 2022. Telangana data used in this analysis is only till Oct 2022, i.e. Jan – Oct 2022.

CY 2022 – Segment-wise EV penetration in Delhi

CY 2022 – Segment-wise EV penetration in Top 3 EV selling states

Uttar Pradesh

1. Uttar Pradesh continues to generate the largest electric vehicle sales.

• The majority (84%) of electric vehicles sold in the state are the low-speed L3 e-3Wheeler, followed by the e-2W with 14% of the state’s EV sales. e-4W sales in the state are relatively low, with only 209 units (<1%) for CY2022.

Maharashtra

2. Maharashtra saw promising EV sales with 1,36,016 units in CY 2022.

• e-2Ws accounted for the majority of sales in the state (86% of all EVs sold in Maharashtra), followed by the e-4W with a 9% share in the state.

• 7% of all e-2Ws sold in Maharashtra were electric.

• Of all the states in India, Maharashtra ranks the highest for e-2W sales with 1,17,526 units, i.e. 17.5% of all e2Ws sold in India and e-4W segment with 11,692 units, i.e. 28% of all e4Ws sold in India respectively.

Karnataka

3. Karnataka ranks 3rd with a total of 95,878 units, of which 91% (86,888 units) are e-2Ws.

• Karnataka is the second-highest e-2W-selling state in the country. 8% of all 2Ws sold in Karnataka in CY 2022 were electric.

• The state also ranks the 3rd highest in e-4W sales with 4,317 units, after Delhi with sales of 5,633 units.

More takeaways

• 57% of all e-2Ws sold in the country are sold in 5 states – Maharashtra (18%), Karnataka (13%), Gujarat (10%), Tamil Nadu (9%) and Rajasthan (8%).

• 68% of all e-4Ws sold in the country are sold in Maharashtra (28%), Delhi (14%), Karnataka (10%), Telangana (9%) and Gujarat (7%).

• The high-speed e-3W (L5) models are best-selling in the states of Delhi with 5,198 units (20%), followed by Karnataka with 3,282 units (12%) and Tamil Nadu with 2,404 units (9%).

• The bus segment registered a significantly higher EV penetration than other vehicle segments in all three top EV sales states, with 15% EV penetration in UP, 12% in Karnataka and 8% in Maharashtra (as seen on the next page).

CY 2022 – Segment-wise sales in Top EV states in India

Gujarat registered the highest annual EV sales growth in CY2022, with a 606% jump, registering a sale of 68,999 units compared to 9,776 units in 2021.

The majority of Gujarat EV sales are contributed by the e-2W segment, which makes up 93% (64,581 units) of total electric vehicles sold in the state. The state also had decent e-4W sales, with 2,808 units which is 7% of total e-4W sales in the country in CY 2022.

Maharashtra follows Gujarat with an annual growth rate of 355%, with sales coming majorly from the e-2W and e-4W segments.

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This article was originally published in the Annual report – Electric vehicles India 2022 | Calendar year overview by EVreporter that can be accessed here.