Spark Of Success: India’s Electric Vehicle Surge With 36.2 Million Units Sold In CY2023 – Report

The Indian electric vehicle (EV) sector showcased robust growth in both fiscal year 2023 (FY2023) and calendar year 2023 (CY2023), as outlined in two comprehensive reports by JMK Research. Here’s a consolidated overview of the key findings:

Sales Trends:

Cumulative EV Sales:

• FY2023: 23,37,761 units
• CY2023: 36,21,974 units

Annual EV Sales:

• FY2023: Over 12 lakh vehicles
• CY2023: Over 16 lakh vehicles

Vehicle Categories:

1. Electric Two-Wheelers (E2Ws):

• FY2023:
  • Sales increase of 210%
  • Top players: Ola Electric, Hero Electric, Okinawa Autotech
• CY2023:
  • Sales increase of ~36%
  • Top players: Ola Electric, TVS Motors, Ather

1. Electric Three-Wheelers (E3Ws):

• FY2023:
  • Sales increase of 126%
  • Top players: Mahindra & Mahindra, YC Electric Vehicle, Saera Electric
• CY2023:
  • Sales increase of ~65%
  • Top players (Passenger): Mahindra & Mahindra, Piaggio, Omega Seiki
  • Top players (Cargo): Mahindra & Mahindra, Piaggio, Omega Seiki

1. Electric Cars (E-Cars):

• FY2023:
  • Sales increase of 150%
  • Top players: Tata Motors, MG Motor
• CY2023:
  • Sales increase of 116%
  • Top players: Tata Motors, MG Motor

1. Electric Buses (E-Buses):

• FY2023:
  • Sales increase of 62%
  • Top players: PMI Electro Mobility, Olectra Greentech, Switch Mobility
• CY2023:
  • Sales increase of ~38%
  • Top players: Tata Motors, Olectra Greentech, PMI Electro Mobility

State-wise EV Sales:

Top 5 States (FY2023 & CY2023):

1. Uttar Pradesh
2. Maharashtra
3. Karnataka
4. Rajasthan
5. Delhi (FY2023) / Tamil Nadu (CY2023)

Market Shares:

Battery Packs (FY2023 & CY2023):

• Top players: Nexcharge, Okaya, Inverted, JLNPhenix Energy, Exicom (Cumulative Nameplate capacities FY2023; Annual supplies CY2023: Trontek, Forsee Power, Amara Raja, Battrixx)

Charge Points (FY2023 & CY2023):

• Fast Charging: Tata, Charge+Zone, Ather
• Slow Charging: Bolt, EVRE
• Total Charge Points: 63,000+ (CY2023)

The reports collectively illustrate India’s dynamic EV landscape, with a significant surge in sales, emerging leaders, and a growing charging infrastructure, reaffirming the nation’s commitment to sustainable mobility.