The Overall EV Sales In February 2023 Witnessed An M-O-M Rise Of 5.3% To Reach 1,05,976 Units – Report


The overall EV sales in February 2023 witnessed an m-o-m rise of ~5.3% to reach 1,05,976 units. On a y-o-y basis, EV sales in February 2023 increased by 94% from that of EV sales in February 2022 as per JMK Research.

EV registrations in February 2023 were again driven by electric two-wheelers and passenger-type electric three-wheelers, which together accounted for 92.07% of total registrations in the month. The shares of these categories were followed by E-Cars (4.26%), cargo-type electric three-wheelers (3.50%), and so on.

Among the states and UTs, Uttar Pradesh again replaced Maharashtra to secure the number one position in EV registration this month, pushing Maharashtra to the second position. Karnataka attained the third spot this month with a 10% market share. This was followed by Gujarat and Tamil Nadu with 7%, Rajasthan with 6%, and Delhi with 5% market shares each. While Gujarat and Tamil Nadu witnessed an m-o-m increase in sales, almost all other states witnessed a decrease in sales this month.

The overall HS E2W sales in India increased by ~2.21% m-o-m in February 2023 to reach 65,620 units. The Top 10 players accounted for ~92% of the total registrations witnessed in the month of February 2023. On a y-o-y basis, E2W sales in February 2023 surged by more than 100% from that of E2W sales in February 2022.

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Ola Electric retained its top slot this month as well with more than 17,616 units sold. TVS Motors retained its second position this month as well. Ather and Hero electric secured third and fourth positions respectively. BGauss Auto Ltd. made an entry to the top 10 squads for the first time this month.

The sales of registered passenger and cargo-type E3Ws in February 2023 stood at 31,955 units and 3,709 units respectively, signifying an m-o-m increase of ~7% and ~16% for E3W – passenger and for E3W – cargo respectively. Overall E3W sales recorded an m-o-m rise of ~8% over last month. On a y-o-y basis, passenger E3W sales in February 2023 increased by 93%, and cargo E3W sales increased by 48% from that of passenger and cargo-type E3W sales in February 2022.

The cumulative sales of the top 7 electric 3-wheeler players across passenger and cargo segments in February 2023 accounted for a 36.04% share of the entire E3W market. Mahindra and YC Electric came in at first (10.29% share) and second (7.24% share) positions respectively. This was followed by Saera Electric Auto (5.16%), Dilli Electric (4.28%), Champion Poly Plast (3.47%), Piaggio (2.96%), and Mini Metro EV LLP (2.64%).

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The total sales of E-cars in February 2023 stood at 4,510 units, witnessing an m-o-m rise of ~35%. Tata Motors has been driving E-car sales this month as well. The Company accounted for ~82% share (against 72% share of the market in January 2023) of the total E-car registrations. Tata Motors has been witnessing an increase in sales while MG Motor has been witnessing a decline in sales for this month. On a y-o-y basis, E-Car sales in February 2023 increased by ~53% from that of E-Car sales in February 2022.

The total sales of E-buses in February 2023 stood at 98 units, witnessing an m-o-m increase of 2%. On a y-o-y basis also, E-Bus sales in February 2023 decreased by ~26% from that of E-Bus sales in February 2022.

This month’s sales were again driven by PMI Electro Mobility (with a 54% market share) followed by Switch Mobility (Ashok Leyland) (18%), JBM Auto (14%), and Olectra Greentech (13%). 

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