Introduction:
India is moving rapidly towards sustainability. Electric vehicle sales and market growth are the result of the reflection of sustainability. The transition towards sustainability reflects the growth in the Indian electric vehicles market and the sales growth. As per the report of JMK research, a promising growth trend is displayed in the month of September 2023, with an impressive sales surge of 36%. As per the report and the data from the Vahan dashboard and industry research, there is a month-on-month increase of approximately 1% in the sales of Electric vehicles, totaling 127,735 units.
The electric vehicle registrations including all-electric two-wheelers, passenger three-wheelers, and electric cars, in September 2023 are 90.85% of the total vehicle registrations for the month.
In September 2023, Electric Vehicle Sales according to category:
Hi-speed electric two-wheelers have experienced a remarkable increase in their sales. In September 2023, the Hi-Speed electric two-wheelers (HSE2W) sales growth in India was approximately 2% compared to the previous month and it went 63,715 units. A significant 90.75% of the total registrations for the month of September 2023 and compared to September 2022, HS E2W sales showed a surge of 20.22%.
Top Electric vehicle, High-Speed E2W Players in September 2023:
Ola Electric is the leader in the field of electric two-wheelers segment and it has maintained its leadership position with a sale of 18635 units in the month of September 2023. Ola Electric has an extensive 29.2% market share and TVS Electric has secured a second position in this category. Revolt is also in the top ten players for the month.
Electric Vehicle Three-Wheeler (E3W) Sales Trends:
Good and impressive sales were recorded in September 2023 for the passenger and the cargo electric three-wheelers (E3W). A 2.4% month-on-month increase in the sale of passenger electric three-wheelers (E3W) was recorded with sales of 52337 units. Cargo E3W sales reached 5107 units but there was a decline of 9.6% compared to the previous month. In addition, the overall electric three-wheeler (E3W) sales recorded a month-on-month rise of around 1.2%. On a year-on-year basis, passenger Electric three-wheeler (E3W) sales in September 2023 increased by around 56%, while cargo E3W sales grew by over 90% compared to September 2022.
Top E3W Players’ Monthly Sales:
Among passenger and cargo segments, the top eight electric three-wheeler players accounted for a substantial 35.63% share of the global electric three-wheeler (E3W) market. Mahindra holds the top position with an 8.64% market share, followed by YC Electric (6.96%) and Saera Electric Auto (5.47%).
Electric Cars and Buses:
In the electric car segment, Tata Motors dominates and its market share is 68.85%. However, electric car (E-Car) sales had a slight month-on-month drop of roughly 9.9% in September 2023. In fact, electric bus (E-bus) sales exhibited promise with a 26% year-on-year increase, totaling 258 units for September 2023. Tata Motors also led the Electric-bus category with a 65.50% market share.
Conclusion:
The Indian Electric vehicle market is growing rapidly with remarkable growth in its different important segments and addressing the national vow towards sustainable and green transportation solutions. The innovative transition towards sustainable development and the electric mobility future of India is a positive outcome.
