Electric Car Sales in November 2023
In November 2023, the electric car market in India experienced a slight decline in sales. The total sales of electric cars for the month stood at 7,042 units, which was a decrease from the 7,437 units sold in October 2023, representing a minor drop of about 5%.
Despite this decrease, Electric Car Sales in November 2023 maintained a dynamic and competitive scenario.
Tata Motors continued to lead the market, accounting for a substantial portion of the sales. They sold 4,828 electric cars in November 2023, holding a dominant 68.56% market share. Following Tata Motors, MG Motor India sold 891 units, capturing a 12.65% market share.
Other notable players included Mahindra & Mahindra, BYD India, Hyundai Motors, and Kia Motors, each contributing to the market dynamics.
This period marked a notable change for Tata Motors, which saw its market share decrease from a previous high of 80%. This shift can be attributed to increasing competition and new model introductions from other manufacturers.
PSA Automobiles India (Citroen India), for example, showed promising performance, indicating a rising demand for its electric hatchback eC3.
The overall outlook for Electric Car Sales in November 2023 remains positive despite the slight month-over-month decline. With new models expected to be launched by various manufacturers, including Tata Motors, Hyundai, Mahindra, Maruti Suzuki, and Kia, the market is poised for growth and increased competition.
Hence, indicating a vibrant and evolving Electric Car Sales in November 2023 in India, with several manufacturers vying for a share and introducing new models to cater to growing consumer demand for sustainable and eco-friendly transportation options
State-wise EV Sales Distribution for November 2023
Accounting for the states and UTs, Uttar Pradesh has been crowned as the top adopter of electric vehicles, hence maintaining the number one position in EV registrations this month, with Maharashtra coming close to second place. Karnataka secured the third spot this month, accounting for 10.20% of the market share. On the other hand, Chhattisgarh has made its place in the top 12 states, displacing Assam from its previous position.
- Uttar Pradesh: One of the top states among others in terms of EV adoption, Uttar Pradesh recorded a high adoption rate of 21.73% of the total EV sales, indicating a significant market for EVs in this state.
- Maharashtra: 19.20%, showing strong EV adoption, likely driven by urban centers like Mumbai and Pune.
- Karnataka: This state witnessed remarkable Electric Car Sales in November 2023 with a 10.20% EV penetration rate, reflecting the growing EV market in tech hubs like Bangalore.
- Tamil Nadu: With a 9.30% adoption rate, Tamil Nadu has also indicated a good EV market presence in the state, possibly due to its strong automotive manufacturing base.
- Gujarat: Likely influenced by its progressive EV policies and infrastructure, Gujarat has recorded an 8.50% adoption percentage.
- Delhi: Showcasing a 7.60% adoption rate, Delhi has witnessed a significant EV adoption, possibly due to environmental policies and incentives.
- Rajasthan: This state has shown a penetration of 5.40%, indicating a growing interest in EVs in this region.
- West Bengal: This state held a 4.50% adoption rate in Electric Car Sales in November 2023, reflecting moderate EV adoption.
- Telangana: 4.30%, showing emerging market potential in this region.
- Haryana: Despite showcasing a lesser EV adoption, Haryana has accounted for 3.60% EV growth, indicating a nascent but growing EV market.
- Madhya Pradesh: With 3.50%, this state showcased the early stages of EV adoption.
- Chhattisgarh: Accounting a 2.10% rate, this state witnessed a smaller but present market for EVs.
- Others: With low participation in the adoption of electric vehicles, the remaining states recorded a 0.07% rate, representing the combined sales from other states and union territories.
Under the sustained and rapid pace of growth witnessed this year, India’s EV industry is expected to notch consistent progress. While some challenges remain to be addressed in the form of inadequate charging infrastructure and high initial EV prices, Electric Car Sales in November 2023 have shown consistent growth in the following months and are forecast to get robust double-digit growth in the upcoming year.