EV Sales In April 2023: YoY Growth Of 51%, MoM Decrease Of 21% – Report


The overall EV sales in April 2023 witnessed an m-o-m decrease of ~21% to reach 1,10,503 units. On a y-o-y basis, EV sales in April 2023 increased by 51% from that of EV sales in April 2022 as per JMK Research.

As depicted in the figure below, EV registrations in April 2023 were again driven by electric two-wheelers and passenger-type electric three-wheelers, which together accounted for 90.48% of total registrations in the month. The shares of these categories were followed by E-Cars (5.26%), cargo-type electric three-wheelers (4.01%), and so on.

Among the states and UTs, Uttar Pradesh secured 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 8% and 7% shares respectively. Gujarat moved ahead and secured fourth position this month.

The overall HS E2W sales in India decreased by ~22% m-o-m in April 2023 to reach 66,408 units. The Top 10 players accounted for more than 90% of the total registrations witnessed in the month of April 2023. On a y-o-y basis, E2W sales in April 2023 surged by more than 35% from that of E2W sales in April 2022.

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Ola Electric recorded the highest-ever sales in this month with 21,845 units sold. Ampere moved into second place, replacing TVS Motors. TVS Motors and Ather secured third and fourth positions respectively. BGauss again made an entry to the top 10 squads this month.

The sales of registered passenger and cargo-type E3Ws in April 2023 stood at 33,572 units and 4,435 units respectively, signifying an m-o-m decrease of 15% and 30% respectively. Overall E3W sales recorded a m-o-m rise of 15% over last month. On a y-o-y basis, passenger E3W sales in April 2023 increased by 80% and cargo E3W sales increased by more than 90% from that of passenger and cargo-type E3W sales in April 2022.

The cumulative sales of the top 8 electric 3-wheeler players across passenger and cargo segments in April 2023 accounted for a 37.52% share of the entire E3W market. Mahindra and YC Electric came in at first (9.26% share) and second (7.47% share) positions respectively. This was followed by Saera Electric Auto (4.88%), Dilli Electric (4.55%), Piaggio (3.71%), Mini Metro (2.73%), Champion Poly Plast (2.60%), and Unique International (2.32%).

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The total sales of E-cars in April 2023 stood at 5,810 units, witnessing an m-o-m decrease of 31%. Tata Motors has been driving E-car sales (with 75% of the market share) this month as well. The new competition has arrived in the form of Mahindra & Mahindra (M&M). M&M has secured second position with 8.6% of the market share, which makes it ahead of MG Motors. On a y-o-y basis, E-Car sales in April 2023 increased by more than 110% from that of E-Car sales in April 2022.

The total sales of E-buses in April 2023 stood at 84 units, witnessing an m-o-m decrease of 3%. On a y-o-y basis, E-Bus sales in April 2023 decreased by 49% from that of E-Bus sales in April 2022.

Olectra Greentech is the leader in April 2023 (with a 38% market share), followed by PMI Electro Mobility (19%), Switch Mobility (15%), JBM Auto (15%), and Mytrah Mobility (14%).

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