Electric Vehicles Sales in India – Trends & Insights September 2023
As the world embarks on a journey toward a more sustainable future, electric vehicles have become a focal point of change. India, with its growing population and increasing environmental awareness, is no exception. The electric vehicle market in India is experiencing promising growth trends, reflecting the nation’s ongoing shift towards sustainable mobility.
So let’s slow down and take a look at the evolving trends and witness the growth of electric vehicles sales in India for September 2023.
Electric Vehicles Sales In India – September 2023 Trends
- EV Sales September 2023
- EV Sales by State Rankings in September 2023
- Category-wise EV Sales in September 2023
- High-Speed Electric Two-Wheelers (HS E2W)
- Front-Runners – Top High-Speed E2W Players in September 2023
- Electric Three-Wheelers (E3W)
- Top E3W Players’ Monthly Sales
- Electric Cars Sales Trends
- Electric Cars Year-on-Year Growth
- Electric Buses Sales Figures
- Electric Buses Year-on-Year Progress
- Market Leaders in E-Buses
EV Sales September 2023
In September 2023, this transformation was on full display as the country saw significant progress in the adoption of electric vehicles. According to data from industry research, electric vehicles sales in India showcased a month-on-month increase of approximately 1%, totaling an impressive 127,735 units. Even more remarkable is the year-on-year comparison, which revealed a surge of 36% in EV sales when compared to September 2022.
The surge in EV registrations in September 2023 was predominantly driven by electric two-wheelers and passenger-type electric three-wheelers. Together, they contributed to an impressive 90.85% of total registrations for the month.
EV Sales by State Rankings in September 2023
In terms of electric vehicle registrations for the month of September 2023, the states and union territories (UTs) in India showcased the following rankings:
- Uttar Pradesh (20.57%) : Securing the top position with the highest number of EV registrations this month.
- Maharashtra (11.06%) : Notably taking the second position in EV registrations for the same period.
- Karnataka (9.40%) : Achieving the third spot in terms of market share, contributing significantly to EV registrations.
- Gujarat (6.40%) : Earning its place among the top five states with substantial EV registrations this month.
These state rankings shed light on the distribution of electric vehicles sales in India in September 2023, with Uttar Pradesh leading the charge, followed closely by Maharashtra and Karnataka.
Category-wise EV Sales in September 2023
1. High-Speed Electric Two-Wheelers (HS E2W)
High-speed electric two-wheelers (HS E2W) were at the forefront of this growth. In September 2023, high-speed two-wheelers electric vehicles sales in India increased by approximately 2% compared to the previous month, totaling an impressive 63,715 units. The top 10 players in this segment dominated the market, accounting for a significant 90.75% of the total registrations. Furthermore, HS E2W sales experienced a year-on-year surge of 20.22%.
Front-Runners – Top High-Speed E2W Players in September 2023
Leading the pack was Ola Electric, maintaining its leadership position with 18,635 units sold in September 2023, capturing a substantial 29.2% market share. Following closely was TVS, securing the second spot in this category, while Revolt also made it to the list of top 10 players for the month of September for electric vehicles sales in India.
2. Electric Three-Wheelers (E3W)
The electric vehicles sales in India of registered passenger and cargo-type electric three-wheelers (E3W) in September 2023 exhibited robust performance. Passenger E3W sales stood at 52,337 units, marking a month-on-month increase of 2.4%, while cargo E3W sales reached 5,107 units, with a 9.6% decrease compared to the previous month. Overall, E3W sales recorded a month-on-month rise of approximately 1.2%. On a year-on-year basis, passenger E3W sales in September 2023 increased by around 56%, while cargo E3W sales grew by over 90% compared to September 2022.
Top E3W Players’ Monthly Sales
The top eight electric three-wheeler players, spanning passenger and cargo segments, secured a substantial 35.63% share of the overall E3W market. Mahindra led the way with an 8.64% market share, followed by YC Electric (6.96%) and Saera Electric Auto (5.47%).
3. Electric Cars Sales Trends
In September 2023, the sales of electric cars (E-cars) in India were marked by a total of 6,020 units. However, there was a month-on-month (m-o-m) decrease of approximately 9.9% in E-car sales compared to the previous month. Tata Motors continued to be the driving force in E-car sales, maintaining a significant market share of 68.85% for this month.
Electric Cars Year-on-Year Growth
When observing the year-on-year (y-o-y) performance, the electric vehicles sales in India for the E-Car category for September 2023 exhibited an impressive increase of approximately 41.5% in comparison to the E-Car sales from September 2022.
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4. Electric Buses Sales Figures
September 2023 recorded a total of 258 units sold for electric bus (E-bus) category in the electric vehicles sales in India trends. Nevertheless, there was a slight m-o-m decrease of about 4% in E-Bus sales when compared to the previous month.
Electric Buses Year-on-Year Progress
On a y-o-y basis, the sales of E-Buses for September 2023 witnessed a notable upswing, with a growth rate of approximately 26% compared to the E-Bus sales in September 2022.
Market Leaders in E-Buses
In September 2023, the market leadership in the E-Bus segment was characterized by the following key players and their respective market shares of the electric vehicles sales in India:
- Tata Motors – 65.50%
- PMI Electro Mobility – 13.18%
- Olectra Greentech – 7.75%
- Mytrah Mobility – 5.43%
- Switch Mobility – 4.65%
- JBM Auto – 3.10%
These market leaders contributed significantly to the overall landscape of E-Bus sales during September 2023.
Conclusion
These promising trends of electric vehicles sales in India in September 2023 is a testament to the nation’s determination to embrace a sustainable and electric future. India is poised to be a major player in the global electric vehicle market, and the trends seen in September 2023 are indicative of the country’s potential to lead the way towards a more sustainable and environmentally conscious future. As EV infrastructure continues to expand and EV offerings become more diverse, the coming years are bound to bring even more exciting developments in the Indian EV landscape.
FAQs
1. What is the trend in electric cars in India 2023?
In September 2023, the Vahan portal reported a total of 127,793 electric vehicles registered, showing a slight increase from August’s figure of 126,947. The month saw a rise in electric two-wheeler sales from 62,690 units in August to 63,746 units in September. Additionally, registrations for three-wheeler passengers in the L3 and L5 categories reached 46,686 and 5,651 units, respectively.
2. What is the future of the EV market in India?
Advancing the electric vehicle industry for the future is a vision that is steadily becoming a reality, both on a global scale and within India. The Economic Survey of 2023 forecasts significant growth in India’s electric vehicle market, projecting a compound annual growth rate (CAGR) of 49% between 2022 and 2030, ultimately resulting in 10 million annual EV sales by the year 2030.
3. What will be EV share in India by 2030?
In 2021, Nitin Gadkari, the Minister of Road Transport and Highways (MoRTH), laid out the government’s vision for the year 2030, aiming for an electric vehicle (EV) sales penetration of 30% for private cars, 70% for commercial vehicles, and 80% for two and three-wheelers.
4. How many EV sales will be done in India by 2030?
The Indian domestic electric vehicle (EV) market is poised for remarkable growth, with an anticipated compound annual growth rate (CAGR) of 49% between 2022 and 2030. By 2030, it is forecasted to reach an impressive milestone of 10 million annual unit sales. Notably, this burgeoning EV industry is expected to generate a significant impact on employment, potentially creating 50 million direct and indirect job opportunities by 2030.
5. What percentage of EV cars are in India?
While India, ranked as the world’s fourth-largest car market, embarks on its transformative journey towards electric vehicles (EVs), the nation’s EV adoption remains relatively modest, standing at approximately 1%, as reported by Moody’s. This adoption is primarily driven by electric two-wheelers, reflecting the evolving landscape of EVs in the country.
