Snapshots from EVreporter FY23-24 Report

EVreporter has published its FY23-24 report for data portal members. Here are a few snapshots from the report:

Vehicle Category-wise EV Penetration in FY 2023-24 vs FY 2022-23

• In FY23-24, EV penetration in the cargo 3W (L5) category reached an impressive 25.4%, up from 17.5% in FY22-23. EV penetration in the passenger 3W (L5) category reached 12.6%.

• EV Penetration for 2Ws was 5.5% of total 2W sales in India in FY23-24.

• EV penetration in the 4W segment rose to 2.4% in FY23-24.

Note – 3W E-rickshaw and E-carts have not been considered for the calculation of segment-wise EV penetration. L5M – passenger 3W L5 vehicles | L5N – Cargo 3W L5 vehicles

FY 2023-24 vs FY 2022-23 | India EV Penetration for Different Vehicle Segments

Change in market share of leading electric 2W OEMs in FY24 vs FY23

Observations

• Ola Electric had the highest e-2W market share of 34.45% in FY24, up from 21.2% in FY23.

• TVS Motors’ e-2W market share jumped from 11.54% in FY23 to 19.79% in FY24. Bajaj Auto/Chetak’s market share in the e-2W space rose from 4.49% to 11.15%.

• Hero Electric and Okinawa Autotech both registered a nearly 11% decline in the market share in high-speed e-2W sales. Hero Electric accounted for 12.51% of all e-2W sales in FY23 and 1.3% of all e-2W sales in FY24. Meanwhile, Okinawa’s market share decreased from 12.55% in FY23 to 2.11% in FY24.

• Ampere/Greaves Electric also experienced a significant drop in market share. Its share decreased from 11.89% in FY23 to 5.66% in FY24.

• Revolt Intellicorp and PUR Energy also registered a decline in market share in FY 2023-24.

• FY23-24 Sales of KLB Komaki – 4028, Battre Electric Mobility – 5322, Twenty-Two Motors (Bounce) – 3573 units, Simple Energy – 403

• Companies to watch – Quantum Energy – 5030 units, Tork Motors – 2259 units, Ultraviolette Automotive – 247 units, River Mobility – 385

FY 2023-24 | Quarterly e-2W market share trend for top-selling OEMs

FY 2023-24 – Segment-wise sales in Top EV states in India

Observations

• Uttar Pradesh exhibited the highest YoY EV sales growth (61.8%) in FY23-24. The state registered a sale of 3,05,807 EVs in FY24 compared to 1,88,957 units in FY23.

• Kerala follows Uttar Pradesh with an annual growth rate of 54.6%, with sales coming majorly from the e-2W and e-4W segments.

• Uttar Pradesh registered sales of 20,458 electric passenger L5 vehicles, i.e. 28.7% of all electric passenger L5 vehicles sold in India in FY 2023-24.

• Karnataka registered a 49% rise in the number of EV sales over FY 2023-24, with sales majorly coming from e-2Ws and e-4Ws.

• Bihar marked a 54.1% YoY growth in EV sales, led by e-rickshaws and e-2Ws.

• Tamil Nadu registered 40.8% YoY growth in EV sales, led by e-2W sales.

Comprehensive FY 2023-24 India EV Sales & Investment Report includes:

• India EV sales for FY 2023-24

• Vehicle Category-wise EV Penetration in FY24 vs FY23

• Vehicle category-wise EV sales numbers

• Combined data sourced from Vahan and the official Telangana Portal

• Classification of e-3W data into low-speed and L5

• Top OEMs | OEM-wise performance in FY24

• Top OEMs | Quarterly market share trends in FY 2023-24

• Top 10 states | State-wise EV sales and penetration in FY 2023-24

• Vehicle category-wise sales in leading Indian cities in FY24

• Investment Commitment Tracker for FY 2023-24

Full Report for FY2023-24 is available on the EVreporter Data Portal.

Not a Data Portal Member? Get the report here.

Also read: India’s Electric Vehicle Sales Trend | April 2024