May 2023 witnessed a remarkable surge in electric vehicle (EV) sales in India, according to the latest data from the Vahan Dashboard and JMK Research. With a 135% year-on-year increase and a 42% month-on-month increase, the EV market is experiencing a robust growth trajectory.
Electric two-wheelers and passenger-type electric three-wheelers were the primary contributors to this surge, accounting for 91.71% of total EV registrations in May 2023. High-Speed Electric Two-Wheelers (HS-E2W) saw a significant milestone as sales surpassed one lakh units in a single month for the first time. This impressive growth can be attributed to the reduction in the FAME-II subsidy amount by the government, prompting value-conscious buyers to expedite their purchases.
Among the top players in the HS-E2W segment, Ola Electric recorded its highest-ever sales with 28,438 units, followed by TVS, Ather, and Bajaj Auto. Notably, Battre Electric made its entry into the top 10 players. The cumulative sales of the top eight electric three-wheeler players accounted for 40.95% of the market, with Mahindra leading the segment, followed by YC Electric, Dilli Electric, and others.
In the electric car segment, Tata Motors dominated with 78% of the market share in May 2023. Both Tata Motors and MG Motor witnessed increased sales during the month, while Hyundai India experienced a remarkable surge of 219%, securing a position among the top five automotive brands in terms of sales.
The electric bus (E-bus) segment also showed promising growth, with a 73% year-on-year increase in sales. Tata Motors emerged as the market leader, followed by JBM Auto, PMI Electro Mobility, and Olectra Greentech.
The state-wise analysis revealed Maharashtra as the leader in EV registrations for May 2023, followed by Uttar Pradesh and Karnataka. These states exhibited strong growth and market penetration for electric vehicles.
Overall, the EV market in India continues to witness a positive trajectory, driven by the increasing adoption of electric two-wheelers and three-wheelers. With advancements in technology, supportive government policies, and the expanding charging infrastructure, the future looks promising for electric mobility in the country.
