In November 2023, India experienced a 9.54% month-on-month increase in electric vehicle (EV) sales, totalling 1,52,514 units. Year-on-year, there was a significant 27.15% growth compared to November 2022. The data, sourced from the Vahan Dashboard, Company Press Releases, and JMK Research, provides insights into the evolving landscape of EV adoption in the country.
The surge in EV registrations was predominantly driven by electric two-wheelers and passenger-type electric three-wheelers, constituting 91.73% of total registrations for the month. Among the states, Uttar Pradesh secured the top position in EV registrations, followed by Maharashtra and Karnataka.
The high-speed electric two-wheeler segment saw a 22% month-on-month increase, with Ola Electric leading the market by selling 29,764 units in November 2023. The top 10 players in the industry accounted for 91.14% of total registrations.
In November 2023, passenger-type E3Ws recorded 48,729 units, while cargo-type E3Ws stood at 5,033 units. The overall E3W sales witnessed a 5% month-on-month decline. Mahindra and YC Electric emerged as the top players, holding the first and second positions, respectively.
E-Car sales in November 2023 totalled 7,021 units, with Tata Motors dominating the market with a 68.63% share. BMW India secured a position in the top 5 with 259 units sold.
E-Bus sales in November 2023 reached 261 units, marking a 10% month-on-month increase. Tata Motors led the segment with a 61.3% market share, followed by Olectra Greentech and JBM Auto.
The data reflects a dynamic shift in India’s automotive landscape, indicating a growing acceptance and adoption of electric mobility across various vehicle segments.
