India’s Electric Vehicle sales trend | December 2023

Category-wise Electric Vehicle sales, Dec 2023 | India

Total Registered Electric Vehicle Sales – Dec’23 – 1,40,892 I Nov’23 – 1,53,466

M- Passenger | N – Cargo

In December 2023, India’s electric vehicle (EV) market displayed diverse trends across categories. India witnessed a slight decline in electric vehicle (EV) sales, totaling 1,40,892 units compared to the previous month’s figure of 1,53,466 units. Electric two-wheelers (E2W) reported 75,403 units sold, lower than November’s 91,749 units, while E-rickshaws saw a rise to 45,074 units from the previous month’s 41,672 units. Electric three-wheeler (E3W) L5 Passenger sales declined to 6,452 units, and E-cart sales increased to 3,687 units. E3W L5 Cargo experienced growth, reaching 2,296 units. Electric four-wheelers (E4W) slightly decreased to 7,141 units, and electric buses (E Bus) significantly increased to 573 units from 252 units in November. The overall scenario highlights dynamic shifts in consumer preferences and market dynamics within India’s evolving electric mobility landscape.

Category wise-Sales Trend from Dec 2022 to Dec 2023

15,29,706 EVs sold in last 12 months from Jan 2023 to Dec 2023

M- Passenger | N – Cargo

Source: Vahan Dashboard. Data as per 1355 out of 1442 RTOs across 34 out of 36 state/UTs

A total of 15,29,706 EVs were sold during the last 12-month period from Jan 2023 to Dec 2023. The sales figure for December 2022 started at 1,05,009 units and steadily increased month over month, reaching a peak of 1,58,433 units in May 2023. Despite a dip in June 2023, with 1,02,547 units sold due to a decrease in subsidies, the sales gained again July 2023 onwards.

Fuel wise 2-Wheeler Sales Trend, Jan 2023 – Dec 2023

The EV penetration percentage for EVs in the 2W category increased from 4.07% in Nov 2023 to 5.20% in Dec 2023.

High Speed E-2Wheeler Sales Trend by OEM

Source: Vahan Dashboard. Data as per 1355 out of 1442 RTOs across 34 out of 36 state/UTs

Note: Low speed Electric 2 Wheelers data is not included

Top players for the month are OLA Electric, TVS Motors and Bajaj Auto. Okinawa Autotech and Greaves Electric Mobility registered strong Y-o-Y decline.

Fuel-wise 3W Passenger L5 Sales Trend

E-3W Passenger L5 Sales Trend by OEM

Source: Vahan Dashboard. Data as per 1355 out of 1442 RTOs across 34 out of 36 state/UTs.

The top 3 brands for December 2023 regarding the number of electric passenger 3Ws registered are Mahindra & Mahindra, Piaggio Vehicles and Bajaj Auto.

Fuel wise 3W Cargo L5 Sales Trend

E-3W Cargo L5 Sales Trend by OEM

Source: Vahan Dashboard. Data as per 1355 out of 1442 RTOs across 34 out of 36 state/UTs.

In Dec 2023, the electric three wheeler cargo sales were led by Mahindra & Mahindra, Piaggio Vehicles and Euler Motors.

E-rickshaw Sales Trend by OEM

In December 2023, the e-rickshaw sales were led by YC Electric, SAERA Electric and Dilli Electric.

E-cart Sales Trend by OEM

Source: Vahan Dashboard. Data as per 1355 out of 1442 RTOs across 34 out of 36 state/UTs.

In December 2023, the e-cart sales were led by Dilli Electric and YC Electric.

OEM wise E-4W Sales, Dec 2023

Others include Audi, Porsche etc.

Source: Vahan Dashboard. Data as per 1355 out of 1442 RTOs across 34 out of 36 state/UTs.

Tata Motors is the clear leader, with over 67% of the market share, followed by MG Motors and Mahindra & Mahindra.

OEM wise Electric Bus Sales, Dec 2023

Source: Vahan Dashboard. Data as per 1355 out of 1442 RTOs across 34 out of 36 state/UTs.

Tata Motors sold the most electric buses in December 2023, followed by JBM Auto and Olectra Greentech.

For deeper insights into India’s EV sales trends (including Telangana data) – Segment-wise, OEM-wise, city- and state-wise- check out the EVreporter Data Portal here and subscribe.

Also Read: India’s electric vehicle sales trend | November 2023