In October 2023, the electric vehicle (EV) market in India experienced a substantial surge, with sales increasing by approximately 9% compared to the previous month, reaching a total of 139,232 units. This remarkable growth in EV sales marks a promising trend in the Indian automotive industry’s transition to electric mobility.
On a year-on-year basis, EV sales in October 2023 saw an impressive increase of 16.13% when compared to the same period in 2022, indicating a steady and consistent rise in the adoption of electric vehicles in the country.
The EV registrations in October 2023 were primarily driven by electric two-wheelers and passenger-type electric three-wheelers, jointly accounting for a significant 90.74% of total registrations during the month. This highlights the growing popularity of electric two-wheelers and three-wheelers as the preferred choices among Indian consumers.
Uttar Pradesh secured the top position in EV registrations in October 2023, with Maharashtra and Karnataka following closely. These states played a significant role in driving the growth of EV adoption in the country.
High-speed electric two-wheeler (HS E2W) sales in India saw an increase of approximately 17% month-on-month, reaching 74,623 units in October 2023. Ola Electric maintained its dominant position in the market, with a substantial 31.8% share, followed by TVS and Hero Motorcorp. The top 10 players collectively accounted for 91.89% of the total HS E2W registrations in October 2023.
The sales of registered passenger and cargo-type electric three-wheelers (E3W) in October 2023 stood at 51,711 units and 5,107 units, respectively. There was a marginal month-on-month decrease of 1.2% in passenger E3W sales, while cargo E3W sales remained unchanged. However, on a year-on-year basis, passenger E3W sales increased by approximately 62%, and cargo E3W sales saw a growth of over 70% when compared to October 2022.
The total sales of electric cars (E-cars) in October 2023 reached 7,210 units, representing a month-on-month increase of around 19%. Tata Motors dominated the E-car market with a substantial 74.24% market share in October 2023. On a year-on-year basis, E-car sales in October 2023 grew by about 43% when compared to the same period in 2022.
In October 2023, the sales of electric buses (E-buses) totalled 236 units, witnessing a month-on-month decrease of approximately 8%. On a year-on-year basis, E-Bus sales in October 2023 decreased by about 2% compared to October 2022. Tata Motors led the market with a 72.0% market share, followed by Olectra Greentech, Mytrah Mobility, and others.
The increase in EV sales, particularly in the two-wheeler and three-wheeler segments, showcases the growing interest in electric mobility solutions in India, contributing to the country’s sustainable transportation goals and reduced carbon emissions. With continued support and initiatives, India is expected to see further growth in the electric vehicle market in the coming years.