The latest report on electric vehicle (EV) sales for December 2023 unveils intriguing trends, showcasing both challenges and opportunities in the dynamic EV market. The data, sourced from Vahan Dashboard, Company Press Releases, and JMK Research, sheds light on the performance of various EV segments, offering insights into the shifting landscape of sustainable transportation.
Overall EV Sales Overview:
In December 2023, the EV market witnessed a marginal dip of approximately 7.66% from the previous month, with total sales reaching 1,40,839 units. However, the year-on-year perspective reveals a robust growth of 37.79% compared to December 2022.
State-wise Breakdown:
Uttar Pradesh claims the top spot in EV registrations this month, closely followed by Maharashtra and Karnataka. Notably, Assam has resecured a position among the top 12 states, indicating a diverse geographic spread in EV adoption.
High-Speed Electric Two-Wheelers (HS-E2W):
High-speed electric two-wheeler sales experienced a 17% month-on-month decrease in December 2023, totalling 75,366 units. Ola Electric maintains a dominant market share of 40.10%, with TVS securing the second position. Wardwizard Innovations reclaims its spot in the top 10 players.
Electric Three-Wheelers (E3W):
Passenger and cargo-type E3Ws demonstrated a month-on-month increase of approximately 6% and 18.90%, respectively. The cumulative sales of the top 8 players in this segment accounted for 34.92% of the market share, with Mahindra leading at 8.86%.
Electric Cars (E-Cars):
E-car sales in December 2023 reached 7,124 units, indicating a modest month-on-month increase of 1%. Tata Motors remains a driving force with a commanding 67.46% market share, while BYD India secures a position in the top 5.
Electric Buses (E-Buses):
E-bus sales surged by 12% month-on-month, reaching a total of 577 units. Tata Motors dominates the segment with a 61.18% market share, followed by JBM Auto and Olectra Greentech.
As the EV landscape evolves, the December 2023 sales report underscores the continued growth of electric mobility. The market dynamics reflect a blend of established players and emerging contenders, shaping a promising future for sustainable transportation in India.
