The Annual EV Sales Crossed 1 Million Mark In 2022 In India – Report

white car charging
Photo by Rathaphon Nanthapreecha on

The year 2022 has been a fantastic year for electric vehicle (EV) sales in India. The annual EV sales crossed the 1-million mark for the first time in 2022, amounting to 10,75,859 units. This implies a 212% growth y-o-y from 3,45,067 unit sales in 2021. This stupendous growth was led by states like Uttar Pradesh (15.2%), Maharashtra (12.7%), and Karnataka (8.8%), which were the top 3 states with maximum EV sales in 2022.

The domestic EV industry’s sales growth in 2022 can be attributed to an increase in the availability of products in the market, high prices of conventional fuels (petrol, diesel, and CNG), and state subsidies and incentives offered under the FAME-II scheme. The growing consumer awareness about the need to use eco-friendly transport is also helping in driving sales. The prompt action taken by the government, to implement safety standards for EVs after the fire-related incidents last year, has been another reason that has increased the confidence of apprehensive customers again in EVs.

Moreover, what adds to the growth story of EVs is that 23 states in India and 3 union territories (UTs) have rolled out EV-friendly policies. Chhattisgarh, Himachal Pradesh, Tripura, Haryana, and Ladakh introduced their EV policies in 2022. In addition, 4 states and one UT also came up with a revised EV policy in 2022 with additional incentives. 

ALSO READ  Growth Of Electric Vehicles In The Tourism Sector

Another passive push factor is the introduction of the Performance Linked Incentive (PLI) scheme for Advanced Chemistry Cell (ACC) (INR18,100 crore) which has instilled confidence among OEMs that sooner or later India will be a hub of EV components including batteries and hence their import dependency may reduce. This cushioning factor has therefore encouraged the current EV manufacturing landscape.

High-speed electric two-wheeler (E2Ws) was the segment with the largest share (63%), with sales of 6,81,336 units. This accounted for a 297% increase in sales y-o-y.

Electric four-wheelers (E4Ws) registered sales of 50,305 units, which implies a 236% increase in sales over 2021.

Electric Two-wheelers (E2W)

  • Major OEMs with over 1 lakh unit sales in 2022 were Ola Electric, Hero Electric, and Okinawa, all of which manufacture E2W only.  Ola Electric witnessed the highest annual growth, from a mere 360 units in 2021 (it started sales in December 2021) to 1,17,331 units in 2022. This was also the highest sales by an OEM in the year 2022.
  • Ola Electric took up a huge chunk of the sales with a 17.2% market share in 2022.
  • TVS Motor, Ampere, Bajaj Auto, Okinawa, Ather Energy, Revolt, Benling India, and Hero Electric, were the other leading OEMs, which recorded an impressive growth of over 100% y-o-y in 2022.
  • Hero Electric witnessed a major decline in the share of E2W sales from 29% in 2021 to less than 16% in 2022.
  • Nevertheless, the top ten OEMs contributed 88% (6,01,324 units) of total high-speed E2W sales’ share in 2022.
ALSO READ  There Is A Need To Massively Upscale Production Of Flex-Fuel Engine Vehicles In The Country, Says Shri Hardeep S. Puri

Electric Three-wheelers – Cargo (E3W-C)

  • Sales stood at 3,05,889 units in 2022 and accounted for 90% of total E3W sales for the year, up from 87% in 2021.
  • YC Electric, Mahindra, and Saera Electric were the top E3W-P OEMs and together they accounted for 25% market share of E3W-P in 2022.
  • Maximum y-o-y growth among the top E3W-P players was recorded by Mini Metro, Mahindra, Saera Electric, Dilli Electric, and Unique International, all of which registered over 150% y-o-y growth in 2022.

Electric Cars

E-Cars registered sales of 50,305 units in 2022, accounting for 1.5% of the overall 4W sales in India, up from 0.5% in the previous year. Tata Motors remained at the top with a share of 84% in E-car sales in 2022. BYD India, which started selling its E-Car towards the end of 2021, made its mark by recording 581 units of sales in 2022.

Electric Bus (E-Bus)

  • Sales of E-Buses in India were at 1,953 units in the calendar year 2022, up 67% from 2021.
  • PMI Electro Mobility, Olectra Greentech, and Switch Mobility were the top players and contributed to 75% of the market share for E-Bus sales in 2022.
  • Maximum y-o-y growth within the category was witnessed by Olectra Greentech (246%) and PMI (167%). JBM Auto and Tata Motors witnessed a y-o-y decline in sales.
ALSO READ  EV Adoption Leading To Concerns About E-Waste Management In India: Challenges VS Solutions

Given the pace of growth, surely the EV industry can be expected to record consistent, if not faster, progress this year as well. Some challenges remain in the form of high initial EV prices, which is directly related to the battery cost, and inadequate charging infrastructure. These, when addressed, will bring India to the forefront of a being a scalable EV market, similar to the way it has reached the number 3 spot from number 5 in the global automotive industry in a span of a few years.

Leave a Reply

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