In August 2023, India witnessed a remarkable surge in electric vehicle (EV) sales, marking significant progress in the country’s EV adoption journey as per JMK Research. Let’s delve into the key statistics and trends that define this impressive growth.
Impressive Month-on-Month and Year-on-Year Growth
- Month-on-Month (MoM) Surge: EV sales in August 2023 soared by approximately 9%, reaching a substantial 1,26,324 units, reflecting a growing appetite for electric mobility.
- Year-on-Year (YoY) Expansion: The YoY comparison reveals a staggering 43% increase in EV sales in August 2023 compared to the same month in 2022, highlighting the accelerating momentum in India’s EV market.
Category-Wise Sales Breakdown
Two-Wheelers Lead the Way: In August 2023, electric two-wheelers and passenger-type electric three-wheelers played a pivotal role, jointly constituting a remarkable 89.81% of the total registrations during the month.
Top States: Uttar Pradesh emerged as the frontrunner in EV registrations for the month, with Maharashtra securing the second position and Karnataka claiming third place, with 8.93% of the market share.
High-Speed Electric Two-Wheelers (HS-E2W)
Robust HS-E2W Sales: High-speed electric two-wheelers (HS-E2Ws) in India experienced a robust MoM growth of approximately 14% in August 2023, achieving 62,353 unit sales.
Top Players: Ola Electric maintained its market leadership with a significant 29.9% share, despite a slight decrease in sales. TVS secured the second position, while Okaya continued to hold a spot in the top 10 HS-E2W players.
Electric Three-Wheelers (E3W)
Growth in Passenger and Cargo E3Ws: In August 2023, passenger E3Ws witnessed a MoM sales increase of ~6%, with cargo E3Ws also posting a 3% MoM rise.
Top Players: Mahindra led the market with a 9.26% share, followed by YC Electric at 7.02%, demonstrating the competitive landscape in the E3W segment.
Electric Cars (E-Cars)
E-Car Sales: E-car sales in August 2023 reached 6,687 units, with Tata Motors dominating the market, securing a substantial 68.8% share.
Electric Buses (E-Buses)
E-Bus Uptake: E-bus sales in August 2023 surged remarkably by ~99.3% MoM, with Tata Motors leading the market with a 40.52% share.
This robust growth across diverse EV segments in India underscores the nation’s evolving EV landscape and its commitment to sustainable and eco-friendly transportation options. With continuous innovations and a burgeoning market, India is poised for an electrifying future in mobility.