Indian electric vehicle (EV) market experienced significant growth in the fiscal year 2022-2023 (FY2023), as per the latest market analysis report by JMK Research. The report provides insights into the market shares of various vehicle categories, top-selling states, and key players in the Indian EV space during this period.
According to the report, the cumulative EV sales in India reached a milestone of 23,37,761 units by the end of FY2023. Annual EV sales crossed 12 lakh vehicles, with electric two-wheelers (E2Ws) accounting for more than 60% of the market share, followed by passenger electric three-wheelers (E3W P) with a market share of approximately 29%.
In terms of state-wise sales, Uttar Pradesh, Maharashtra, Delhi, Karnataka, and Rajasthan emerged as the top EV-selling states, contributing to over 50% of the market share between FY2014 and FY2022. However, in FY2023, Uttar Pradesh, Maharashtra, Karnataka, Rajasthan, and Gujarat took the lead as the top EV-selling states.
Analyzing the annual market shares in specific EV categories, the report highlighted significant growth in each segment. Electric two-wheelers (E2Ws) witnessed a remarkable 210% increase in sales in FY2023 compared to FY2022. Ola Electric, Hero Electric, and Okinawa Autotech secured the top three positions in E2W sales, accounting for over 45% of the registered vehicle category sales.
For electric three-wheelers (E3Ws), both passenger and cargo variants experienced a 126% growth in sales in FY2023 compared to the previous fiscal year. Mahindra & Mahindra, YC Electric Vehicle, and Saera Electric emerged as the top three players in the E3W segment, with market shares of 8.95%, 7.34%, and 5.46% respectively.
The electric car (E-car) segment also witnessed significant growth, with sales increasing by more than 150% in FY2023 compared to FY2022. Tata Motors dominated the E-car market, holding over 75% of the market share, followed by MG Motor with a 10% share.
In the electric bus (E-bus) category, sales recorded a 62% jump in FY2023 compared to FY2022. PMI Electro Mobility, Olectra greentech, and Switch Mobility (Ashok Leyland) emerged as the top three E-bus players, accounting for 74% of the total E-buses sold in FY2023.
The report also covered the cumulative capacities of key battery pack manufacturers and the installed charge points of charge point operators (CPOs) as of FY2023. Nexcharge, Okaya, Inverted, JLNPhenix Energy, and Exicom were the top players in terms of cumulative nameplate capacities, while Tata, Charge+Zone, Ather, Bolt, and EVRE dominated the fast and slow charging categories.
The positive growth trends in the Indian EV market indicate a promising future for electric mobility and a gradual shift towards sustainable transportation in the country.