In September 2023, electric vehicle (EV) sales in India displayed promising growth trends, reflecting the country’s ongoing transition towards sustainable mobility, as reported by JMK Research. According to data from the Vahan Dashboard and industry research, EV sales saw a month-on-month increase of approximately 1%, totalling 127,735 units. On a year-on-year basis, comparing September 2023 to the same month in 2022, EV sales surged by an impressive 36%.
The EV registrations in September 2023 were predominantly driven by electric two-wheelers and passenger-type electric three-wheelers, jointly contributing to 90.85% of total registrations for the month.
Category-wise EV Sales in September 2023
Electric two-wheelers, especially high-speed models, experienced a notable increase in sales. In September 2023, high-speed electric two-wheeler (HS E2W) sales in India rose by approximately 2% compared to the previous month, reaching a total of 63,715 units. The top 10 players in the HS E2W segment accounted for a significant 90.75% of the total registrations for September 2023. Moreover, when compared to September 2022, HS E2W sales showed a year-on-year surge of 20.22%.
Top High-Speed E2W Players in September 2023
Ola Electric maintained its leadership position with 18,635 units sold in September 2023, capturing a substantial 29.2% market share. TVS secured the second spot in this category. Revolt also made it to the top 10 players for the month.
Electric Three-Wheeler (E3W) Sales Trends
The sales of registered passenger and cargo-type electric three-wheelers (E3W) in September 2023 were robust. Passenger E3W sales stood at 52,337 units, marking a month-on-month increase of 2.4%, while cargo E3W sales reached 5,107 units, with a 9.6% decrease compared to the previous month. Overall, E3W sales recorded a month-on-month rise of approximately 1.2%. On a year-on-year basis, passenger E3W sales in September 2023 increased by around 56%, while cargo E3W sales grew by over 90% compared to September 2022.
Top E3W Players’ Monthly Sales
The top eight electric three-wheeler players, across passenger and cargo segments, accounted for a substantial 35.63% share of the overall E3W market. Mahindra secured the top position with an 8.64% market share, followed by YC Electric (6.96%) and Saera Electric Auto (5.47%).
Electric Cars and Buses
In the electric car segment, Tata Motors dominated with a market share of 68.85%. However, E-car sales experienced a slight month-on-month decline of approximately 9.9% in September 2023. On the other hand, electric bus (E-bus) sales showed promise with a 26% year-on-year increase, totalling 258 units for September 2023. Tata Motors also led the E-bus category with a 65.50% market share.
Overall, the EV market in India continues to evolve, with strong growth in key segments, emphasizing the country’s commitment to sustainable and eco-friendly transportation solutions. The industry’s steady progress indicates a positive outlook for the future of electric mobility in India.