The EV Segment Continues To Grow At An Enormous Pace In India With Increasing Sales And New Product Variants Introduced Across Various Vehicle Categories – Report


The EV segment continues to grow at an enormous pace in India with increasing sales and new product variants introduced across various vehicle categories.

The report analyses the major trends and the movement in market shares of key players operating in the Indian electric vehicle (EV) space in the April-June 2022 period (Q2 2022). The report focuses on new product launches announced during the quarter as well as the sales trend for electric two-wheelers (E2Ws), electric three-wheelers (E3Ws), electric cars (E-Cars), electric buses (E-Buses), and the overall EV market. The report also compares the overall BEV sales in the leading EV markets of Norway, China, the United States, and other 6 countries from the key geographies of Europe and Asia.

The central and state policies announced, and initiatives taken by the private sector have been paving the way for an increase in EV adoption and investments in the sector. Hence separate sections on investments, policy announcements, charging infrastructure, and market updates have also been included in the report.

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For the last quarter Q2 2022, key updates across the EV sector include:

  • Launch of 10 electric two-wheeler models, 4 electric three-wheeler models, 3 electric cars, and one electric bus. This quarter witnessed the entry of Kia’s first all-electric crossover EV6 in India and the launch of the first high-speed scooter of Batt:RE, which was till now operating in the low-speed scooter segment only.
  • Sales of 2,22,718 registered EVs in Q2 2022, increasing by 15.5% from the previous quarter’s sales.
  • Plans of the Indian government to bring in multiple tenders for 50,000 electric buses in the next 1 year and bring down the tax rates on Lithium-ion batteries. Haryana, Rajasthan, and Tripura approved the ‘Electric Vehicle Policy’ while the state of Maharashtra has deferred the implementation of the new Electric Vehicle Policy till 2023.
  • Announcements of setting up ~29,000 chargers/charge points in the coming years.
  • Announcements of investments worth ~INR20,600 Crore (US$2,590 million) in the EV manufacturing sector.
  • Equity fundings of ~INR5,233 Crore (US$658 million) were raised, more than double from the previous quarter. The biggest funding was raised by Ampere (a part of Greaves Electric Mobility) for INR1,750 Crore (US$220 million).
  • Globally, the total sales of battery electric vehicles (BEVs) for the nine analyzed markets (China, United States, Germany, UK, France, Norway, South Korea, Netherlands, and Japan) increased by just 6% this quarter to 1,502,104 units from 1,411,855 units in Q1 2022 as against 11% from Q4 2021 to Q1 2022.
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Similar to the trend observed in previous quarters, almost all models launched were high-speed E2W (>40 kmph speed), with the exception of Odyssey V2 and V2+ (low-speed scooters)

With regards to the pricing of these vehicles, the lowest priced model was Odysse’s low-speed scooter, V2, priced at INR 75,000. Most of the high-speed models launched were priced between INR 84,999 and INR 1,22,000 with Evtric Rise being the highest priced at INR 1.6 lakh. In terms of range, Komaki Z DT 3000 had a maximum range of up to 220 km in comparison to the range offered by Evtric Rise.

A comparison between the two models indicates that even though Evtric Rise lags behind Komaki Z DT 3000 in terms of both motor power and top speed, it is still costlier than Komaki Z DT 3000.

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