The Indian EV market expanded by 200% in 2022
The year 2022 turned out to be a successful year for electric vehicles.All segments like SUVs,scooters and cargo were flooded with new launches and bookings. This surge in overall demand made 2022 a significant year for EVs.
According to data available at VAHAN portal, EV sales grew from 3.2 lakh units in 2021 to nearly 10 lakh in 2022, a growth of over 200%. From 0.7% adoption in 2019-20 to 1.7 %in 2021. 4.7 percent of all vehicles sold in 2022 were electric. Elevated petrol prices forced many customers to start thinking about this alternative.
Different views on this huge success
Sumit Chhazed, CEO and co-founder of OTO said new-aged startups likeHero Electric, Ather, Ampere, Pure EV,Ola Electric,Okinawa have been widely accepted by consumers.
This success would not have been possible without government support.
Road transport and highway minister Nitin Gadkari recently said that our country has currently more than 18 lakh Evs. Uttar Pradesh is the leading state with 23% share.Mr. Nitin Gadkari also said that more than half of the EVs are three wheeler which are used for commercial purpose.Then followed by two wheeler Evs and four wheeler.Four wheeler space was almost entirely dominated by Tata Motors.
Shailesh Chandra, President, PVBU, Tata Motors says “ Sales of Tata electric vehicles increased a whooping three-fold in the first half of FY 2022”
Image credit-cnbctv18.com
EV market in the coming year
The Indian EV market, valued at $3.21 billion in 2022, is expected to grow to $113.99 billion by 2029, at a compound annual growth rate of 66.52%, according to a Fortune Business Insights report.
2023 will be a significant year for the Indian electric vehicle industry, with policy shifts and investment. Policy shifts,cost effective battery production and infrastructure developments are three key areas for growth in 2023.
Overall EV sales in 2022
EV registrations in October 2022 were driven by electric two-wheelers and passenger-type electric three-wheelers.Maharashtra accounted for the highest EV registration 44% in Oct 2022.Followed by Uttar Pradesh accounting for 15% of overall EV sales. Rajasthan and Karnataka both attained the third spot this month with 9% shares each. followed by Delhi (7%), Gujarat (6%), and Bihar (5%). Ola Electric became the first-ever E2W manufacturer in India to dispatch 20,000 units in October.Okinawa retained its number two position while Ampere came in third position.Hero Electric at fourth position .
The cumulative sales of the top 7 electric 3-wheeler players across passenger and cargo segments in October 2022 accounted for a 37.15% share of the entire E3W market.YC Electric Vehicle grabbed first position ,Mahindra came in the second position followed by Saera Electric Auto,Dilli Electric ,Champion poly plast,Mini Metro EV LLP,Piaggio Vehicles Pvt. Ltd.
The total sales of E-cars in October 2022 stood at ~4,984 units.Tata Motors accounted for more than 80% share of the total E-car registrations. MG Motor, Hyundai ,Kia Motors also witnessed an increase in car sales.Tata Nexon and Tata Tigor contributed majorly to these sales figures. In the first half of FY 2022, Tata motors sold around 4547 electric cars in India. Tata made its highest-ever monthly sales in October 2021 with 1,586 units sold.
Sales of E-buses in October 2022 stood at 241 units.October month’s sales were driven by PMI Electro Mobility,followed by Switch Mobility,VE Commercial Vehicles , JBM Auto , and Olectra Greentech which sold more than 20 E-buses in oct 2022 .Mytrah Mobility sold 12 E-buses in oct 2022 .
Summing Up-
As per reports sales of EVs increased by three-folds in the first half of FY 2022.Two-wheeler contributed majorly with a growth rate of 49%.Government policies and the state-wise incentives customer awareness, battery manufacturing in India,increasing fuel price,deployment of nationwide charging infrastructure are all factors helping overall growth of EV industry.