The Overall EV Sales In December 2022 Witnessed An M-O-M Steep Decline By 15% To Reach 1,02,212 Units – Report

0
186
Electric vehicle
Advertisements

The overall EV sales in December 2022 witnessed an m-o-m steep decline by ~15% to reach 1,02,212 units as per the report by JMK Research. This was the largest decline in the year, more than that witnessed in the month of May when EV sales declined by 9% from the month of April. The decline in m-o-m EV sales in December is attributed to the decline in sales of electric two-wheelers (E2Ws) by ~16% followed by a decline in sales of passenger electric three-wheelers (E3Ws) by ~14%.

On a y-o-y basis, however, EV sales in December 2022 doubled from that of EV sales in December 2021. During CY 2022 (January 2022-December 2022), total EV sales amounted to 9,97,909 units against sales of 3,10,982 units in CY 2021 (January 2021-December 2021), witnessing a more than a three-fold increase in EV sales during this period.

EV registrations in December 2022 were again driven by electric two-wheelers and passenger-type electric three-wheelers, which together accounted for 92.65% of total registrations in the month. The shares of these categories were followed by E-Cars (3.66%), cargo-type electric three-wheelers (3.52%), and so on.

Among the states and UTs, Maharashtra accounted for the highest EV registration this month pushing Uttar Pradesh to the second position. Maharashtra however witnessed an m-o-m decline of 4% from the previous month. It was however the states of Uttar Pradesh, Rajasthan, and Tamil Nadu that witnessed the highest m-o-m decline in EV sales of more than 28%. Karnataka and Gujarat, though witnessing an m-o-m decline in sales, attained the third spot this month with 8% shares each. This was followed by Rajasthan (7%), Delhi (7%), and Bihar (6%). In fact, Delhi, Kerala, and Bihar were the only UT/states among the top 10 EV-selling states that witnessed an m-o-m rise in EV sales of 15%, 9%, and 4% respectively this month.

ALSO READ  Investments In EV Battery Charging Stations To Rise Multi-fold To INR1.05 Trillion Over Next Decade - Report

During CY 2022, though it was Uttar Pradesh that accounted for the highest EV sales of 1,62,952 units against 66,706 units in CY2021, it was Maharashtra that witnessed the highest surge in EV sales of more than 350% in CY 2022 from CY 2021.

The overall HS E2W sales in India declined by ~16% m-o-m in December 2022 to 64,348 units. The fall in demand is attributed to customers opting to postpone their purchasing decisions to 2023 along with original equipment manufacturers (OEMs) facing issues w.r.t. to suspended FAME-related subsidies and potential supply-side disruptions. The Top 10 players accounted for 89% of the total registrations witnessed in the month of December 2022.

On a y-o-y basis, however, E2W sales in December 2022 surged by more than 150% from that of E2W sales in December 2021. During CY 2022, total E2W sales amounted to 6,10,832 units against sales of 1,43,128 units in CY 2021 witnessing a more than four-fold increase in E2W sales during this period.

Ola Electric retained its top slot this month as well with more than 17,000 units sold. The most unexpected move was of TVS Motors to second position for the first time since the introduction of its electric scooter in the market. In the top 10 squads, TVS Motors, Bajaj Auto, and Ola Electric have been the only OEMs that have witnessed an m-o-m increase in sales in E2W units of 14.7%, 5.9%, and 5.6% respectively. Hero electric, with a decline in sales of 10%, slid to the number three slot while Ather secured the fourth position. OEMs that witnessed the largest decline in E2W sales were Okinawa (42%), Jitendra EV (47%), and Ampere (64%). Revolt, though not in the top 10 squads anymore, witnessed an m-o-m decline in sales of 93%.

ALSO READ  Delhi Transport Corporation Signs An Agreement With Tata Motors’ Subsidiary For Operating 1500 Electric Buses

The sales of registered passenger and cargo-type E3Ws in December 2022 stood at 30,348 units and 3,601 units respectively, signifying an m-o-m decline of 14% for E3W – passenger and a rise of 8% for E3W – cargo. Overall E3W sales recorded an m-o-m decline of ~12% over last month.

On a y-o-y basis, passenger E3W sales in December 2022 increased by ~43% and cargo E3W sales increased by ~65% from that of passenger and cargo-type E3W sales in December 2021. During CY 2022, total E3W passenger sales amounted to 3,04,917 units against sales of 1,35,056 units in CY 2021, witnessing a surge in sales of more than 125%. On the other hand, total E3W cargo sales amounted to 33,322 units against sales of 18,365 units in CY 2021, witnessing an increase in sales of ~80%.

The cumulative sales of the top 7 electric 3-wheeler players across passenger and cargo segments in December 2022 accounted for a 33.74% share of the entire E3W market. Mahindra and YC Electric came in at first (~10% share) and second (~7% share) positions respectively. This was followed by Saera Electric Auto (5.41%), Dilli Electric (3.63%), Champion Poly Plast (2.71%), Mini Metro EV LLP (2.65%), and Piaggio (3.29%). Piaggio gained its entry to the top 7 clubs this month, displacing Unique International.

The total sales of E-cars in December 2022 stood at ~3,739 units, witnessing an m-o-m decline of ~24%. Tata Motors has been driving E-car sales this month as well. The Company accounted for more than 77% share (against 81% share of the market in November 2022) of the total E-car registrations.

ALSO READ  Rapid Electric Vehicle Adoption To Impact Forging And Casting Industry - Report

On a y-o-y basis, E-Car sales in December 2022 increased by ~48% from that of E-Car sales in December 2021. During CY 2022, total E-Car sales amounted to 46,503 units against sales of 12,163 units in CY 2021, witnessing a more than 280% increase in E-car sales during this period.

The total sales of E-buses in December 2022 stood at 142 units, witnessing an m-o-m increase of over 21%. On a y-o-y basis, however, E-Bus sales in December 2022 decreased by ~36% from that of E-Bus sales in December 2021. During CY 2022, total E-Bus sales amounted to 1,953 units against sales of 1,172 units in CY 2021 witnessing ~67% increase in E-Bus sales during this period.

This month’s sales were driven by PMI Electro Mobility (44%) followed by Olectra Greentech (22%).  This was followed by Switch Mobility (19%) and Tata Motors (15%) which sold more than 10 E-buses each this month. Tata Motors witnessed a comeback in sales after 4 months.

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.