Recognized as the most feasible alternative for clean fuel mobility, Electric Vehicles (EVs) have become the preferred choice of transportation due to their fuel independence.
Leading one of the largest automotive industries, India has grown exponentially in the automobile market in the last few years.
Marking 2022 as one of the best sales performance years for EVs, India witnessed remarkable growth in the two-wheelers and three-wheelers sectors.
Aimed to achieve 100% electrification by 2030, the government has declared that every 20th vehicle registered in India in 2022 was an electric vehicle (EV).
This signifies the shocking revelation of how almost one million of them were sold for the first time in a year.
Thriving under the various government incentives, the EV market’s prospects look brighter as major corporations have started taking interest in this nascent field to expand their business in future technologies.
Sales Performance of EVs in 2022 data revealed the much-anticipated result where in CY 2022 (January 2022-December 2022), total EV sales reached a new milestone of 1 million electric vehicle sales against the previous sales of 3,10,982 units in CY 2021 (January 2021-December 2021).
Managing a feat of securing more than a three-fold increase in EV sales during this period, the Indian consumer has shown tremendous support for electric vehicle adoption.
Sales Performance of EVs in 2022
Before summarizing the segment-wise Sales Performance of EVs in 2022, let’s understand some of the monthly records of the sales in electric mobility.
Overall EV sales in December 2022 showed a month-to-month steep decline of 15% to reach 1,02,212 units.
This was one of the largest declines in the year, apart from that witnessed in May when EV sales declined by 9% from April.
This rapid decline in m-o-m Sales Performance of EVs in 2022 for December can be attributed to the decline in sales of electric two-wheelers (E2Ws) by 16% which was further followed by a decline in sales of passenger electric three-wheelers (E3Ws) by ~14%.
However, as compared to the y-o-y Sales performance of EVs in 2022 for December doubled from that of EV sales in December 2021.
On the other hand, EV registrations in December 2022 were majorly driven by electric two-wheelers and passenger-type electric three-wheelers, which accounted for 92.65% of total registrations in that month.
Cumulative shares of these categories were then divided by electric cars (3.66%), cargo-type electric three-wheelers (3.52%), and so on.
Sales Trends of Segments – Category-wise
As mentioned above, India’s cumulative Sales Performance of EVs in 2022 reached 10,90,641 units by the end of FY2022.
As annual EV sales surpassed 4 lakh vehicles in FY2022 with more than 55% of the share attributed to registered electric two-wheelers (E2W) followed by passenger electric three-wheeler (E3W P) with ~35% market share.
Electric Two-Wheelers (E2Ws): Taking the Sales Performance of EVs in 2022 on annual basis, the sales for the E2W market recorded a growth of 75% in FY2022 over sales in FY2021. Hero Electric, Okinawa, and Ampere Vehicles were some of the top 3 E2W players in FY2022, accounting for around 60% market share in registered vehicle category sales.
Electric Three-Wheelers (E3Ws): Combined sales of both passenger and cargo E3Ws in FY2022 witnessed an increase of 102% over sales in FY2021 on yearly basis. Some of the top E3W leaders include YC Electric Vehicle and Mahindra Electric with shares of 9.5% and 7.5% respectively.
Electric Cars (E-Cars): Overall E-Car sales showed an increase of 275% in FY 2022 over FY2021 sales on yearly basis. According to the Sales Performance of EVs in 2022, Tata Motors was named as one of the top E-Car players, having shown a dominance of capturing 85% of the entire market share, which was followed by MG Motor that dominated 11% of the market share.
Electric Buses (E-Buses): Considering the Sales Performance of EVs in 2022, E-Bus sales showed a spike of 220% in FY2022 over sales in FY2021. PMI Electro Mobility, Tata Motors, JBM Auto were some of the top 3 E-Bus leaders that accounted for 78% of the total E-buses sold in FY2022.
Sales Performance of EVs – State-wise
According to India’s Sales Performance of EVs in 2022, Uttar Pradesh, Maharashtra, Karnataka, Bihar, as well as Delhi came up as some of the top EV-selling states between FY2014 and FY2022, accounting for more than 60% of the market share.
In terms of FY2022 sales share, majorly Uttar Pradesh, Maharashtra, Karnataka, Tamil Nadu, and Delhi took the top spot for selling EVs.