With total sales of 999,949 units in calendar year 2022, India Auto Inc narrowly missed the million-unit mark by 51 vehicles, according to official figures. This large figure is based on retail statistics from the government of India’s Vahan portal on the evening of December 31 at 10 p.m., a few hours before the year 2023 began. Due to the lag effect, it’s possible that the million EVs milestone was merely reached with a few additional car registrations specific to CY2022, added to the overall tally a few days later.
Furthermore, as one reader pointed out, the Vahan portal data does not include the state of Telangana or military forces sales statistics. Given this real-world scenario, the aggregate cumulative sale of EVs across vehicle classes in CY2022 in India would have reached the one-million mark for the first time.
The electric vehicle (EV) industry has had a fantastic year. The 999,949 EVs sold in CY2022 represent a significant 210% year-on-year increase over the 322,871 units sold in 2021. The two- and three-wheeler segments, which are often regarded as the EV industry’s “low-hanging fruits,” are responsible for the majority of the growth. Given that they are less expensive than electric passenger vehicles or commercial vehicle sectors, it is understandable that they are the largest contributors to EV sales.
Electric two-wheelers account for 62.23% of all EV sales in India in 2022, and 4% of India’s overall two-wheeler market, with cumulative sales of 15.3 million two-wheelers (1,53,07,255 units).
Ola Electric leads the market with 108,130 units, followed by Okinawa Autotech with 101,366 units – only 6,764 units behind. Ola Electric, Okinawa Autotech, Hero Electric, Ampere Vehicles, Ather Energy, TVS Motor Co, Bajaj Auto, Pur Energy, Revolt Intellicorp, and Being India Energy are the top ten OEMs, accounting for 550,562 units or 89% of total sales. Meanwhile, another 20-odd OEMs are engaging in a vigorous battle for a piece of the action in India’s burgeoning e-two-wheeler sector.
Electric three-wheelers have been another major growth engine for the EV industry, accounting for 34% of total EV sales in CY2022.
YC Electric Vehicles is the market leader in 2022, with an expected 27,814 units and an 8.24% market share. Saera Electric Auto is ranked second with 18,364 units, while Mahindra Reva Electric is ranked third with 15,485 units in the overall rankings. Dilli Electric Auto (13,148 units), Champion Polyplast (12,695), Mini Metro (10,457), Piaggio Vehicles (6,978), and Lectrix EV have also performed well (6,978).
According to Vahan EV retail sales data for CY2022, the electric four-wheeler segment sold a total of 37,792 units, including 32,824 motor vehicles and 4,968 electric PVs. As a result, the electric four-wheeler segment accounts for over 4% of India’s total EV market.
Tata Motors, the business with the largest EV portfolio, has sold 30,284 units and controls 80% of the market. MG Motor India has a 9% market share with 3,390 units sold.
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