EV Sales Skyrocket In May 2023 With A 42% Month-On-Month Surge


The month of May 2023 witnessed a significant month-on-month increase of 42% in overall electric vehicle (EV) sales, with a total of 157,217 registered units. Compared to the same month last year, EV sales experienced a remarkable year-on-year growth of 135%.

In May 2023, electric two-wheelers remained the primary driver of EV registrations, accounting for 66.63% of the market. Electric three-wheeler passenger-type vehicles and e-cars also contributed with shares of 25.08% and 4.08%, respectively.

In terms of regional EV registrations, Maharashtra claimed the top position with a 14.42% market share, surpassing Uttar Pradesh, which fell to the second spot at 14.06%. Karnataka secured the third spot with an 11.81% market share. Notably, according to Vahaan data, high-speed electric two-wheeler (HS E2W) sales in India surpassed the milestone of 100,000 units in a single month for the first time, with overall HS E2W sales reaching 104,755 units in May 2023, marking 57% month-on-month surge.

Ola Electric achieved its highest-ever sales in May 2023, selling 28,438 units and securing the top position. TVS moved to the second spot, while Ather and Bajaj Auto claimed the third and fourth positions, respectively. Batt:re Electric entered the top 10 rankings this month.

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In May 2023, registered sales of electric three-wheelers (E3Ws) included 39,437 units of passenger-type vehicles and 5,173 units of cargo-type vehicles. These figures represented a month-on-month increase of 17% for passenger E3W sales and 16% for cargo E3W sales. Overall, E3W sales recorded a month-on-month rise of 17%. Compared to May 2022, passenger E3W sales saw an 89% increase, while cargo E3W sales witnessed a growth of over 100%.

The combined sales of the top eight electric three-wheeler players in the passenger and cargo segments accounted for 40.95% of the entire E3W market in May 2023. Mahindra claimed the first spot with a market share of 9.97%, followed by YC Electric (7.99%), Dilli Electric (5.12%), Saera Electric Auto (5.08%), and Piaggio (4.07%).

In May 2023, the total sales of electric cars reached 7,392 units, marking a month-on-month increase of 27%. Tata Motors dominated the e-car market with a 78% market share this month as well. Both Tata Motors and MG Motor witnessed sales growth in May 2023, while Hyundai India experienced a staggering increase of 219% compared to the previous month of April 2023. On a year-on-year basis, e-car sales in May 2023 surged by over 94% compared to May 2022.

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Electric bus sales in May 2023 amounted to 274 units, showing a month-on-month increase of 226%. On a year-on-year basis, e-bus sales witnessed a growth of 73% compared to May 2022. Tata Motors led the e-bus market in May 2023 with a market share of 39.78%, followed by JBM Auto (18.98%), PMI Electro Mobility (17.52%), Olectra Greentech (14.23%), and Mytrah Mobility (7.66%).

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