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:
- 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
- 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
- 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
- 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):
- Uttar Pradesh
- Maharashtra
- Karnataka
- Rajasthan
- 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.
