EV Market Hits a Milestone with 11.70 Lakh EV Sales in FY 2023

EV Sales Data: FY2023 

The new Financial year has begun and it’s time to close the old books but that doesn’t mean that we become oblivious to the previous figures. Therefore, we have marked all the facts and figures from the previous year’s EV sales data. So, let’s buckle up and get ready for a thrilling ride and make the most of this article.

In a game-changing moment for the Indian electric vehicle (EV) industry, sales have soared past the one million mark in a single fiscal year, marking an impressive 155% YoY growth. The surge in demand has led to six consecutive months of sales exceeding 100,000 units, with a staggering 131,175 units sold in March 2023 alone. These figures are a testament to the growing preference for EVs in India, as consumers seek out sustainable and cost-effective alternatives to petrol and diesel vehicles.

E2W & E3W: Performance 

Now, let’s talk about the dynamic duo that’s taking the electric vehicle industry by storm – the two-wheeler and three-wheeler. And you might be wondering, why not the four-wheeler?

Well, let me ask you this – when was the last time you saw an electric four-wheeler on the roads? Not many, right? That’s because the sales of electric two and three-wheelers are soaring high due to less range and price anxiety that people have for four-wheelers. It’s simple math. However, there is no denying the electric four-wheeler is growing and thus we have incorporated sales data of E4W in the article below.

The two and three-wheelers are the true heroes of this story, making electric mobility accessible and affordable for everyone. Whether you’re commuting to work or zipping around the city, these vehicles have got you covered.

Electric 2W & 3W Sales Data: FY 2023

The two and three-wheeler segments are leading the charge in the EV industry, with a combined sales figure of 1,120,273 units in FY2023, accounting for a massive 95% of total EV sales.

Two-wheelers remain the most affordable option for consumers, with 720,733 units sold and a staggering YoY growth rate of 185%. Electric three-wheelers also saw an impressive increase of 47% YoY, with a total of 399,540 units sold.

Top Selling Electric Scooters in FY23 

In FY2023, the electric two-wheeler industry in India experienced remarkable growth, with a year-on-year increase of 185% and a total of 720,733 units sold.

Ola Electric was the clear market leader, selling 151,344 units and commanding a 21% share of the market. The top six OEMs, including Hero Electric, Ampere Vehicles, TVS Motor Co., and Ather Energy, made up 80% of total sales with a combined total of 575,143 units.

Ampere Vehicles was a surprise success story, selling 83,659 units thanks to its growing product range and strong customer network across various markets.

Despite slipping to third position with 89,165 units sold, Hero Electric remained a significant player in the market.

Ather Energy saw its products go home to 76,277 buyers and was poised to break the 100,000-unit mark in FY2024.

The top 20 OEMs accounted for 96% of total sales, while the remaining 117 manufacturers listed on Vahan made up the remaining 4%.

Top Selling Electric Three-wheelers in FY23

The three-wheeler segment of the Indian EV industry has shown impressive growth, with retails of 399,540 units, up 46% YoY.

This sub-segment is witnessing strong double-digit growth due to demand from both passenger and last-mile e-commerce transportation.

Mahindra Last Mile Mobility is the market leader with a 9% share, followed by YC Electric just 5,260 units behind. The top seven OEMs, including Mahindra and YC Electric, account for 35% of total sales, with the remaining 446 players accounting for the remaining 65%.

Mahindra’s focus on the low cost of ownership and high profitability has helped them launch six EVs, including the Zor Grand cargo EV.

YC Electric’s low initial cost for their passenger and cargo EVs, ranging from Rs 125,000 to 170,000, has driven demand for their five products.

Top Selling Electric Cars in FY23

According to the latest report by Vahan, the electric passenger vehicle industry in India is witnessing an impressive growth of 125% YoY, with 39,544 units sold in FY2023 compared to 17,594 units in FY2022. That’s like hitting the fast lane in a flash!

And guess what? Tata Motors is leading the charge with the biggest EV portfolio in India. Their Nexon EV, Tigor EV, Tiago EV, and Xpres-T (for fleet buyers) have zoomed past the competition, selling a whopping 31,203 units and commanding an impressive 79% share of the total sales.

But let’s not forget the other players who are also making their presence felt. MG Motor India and BYD India have sold 4,412 units and 867 units respectively, claiming 11% and 2% of the market share. They may not be in the first position, but they’re definitely on track to give Tata Motors a run for their money.

As more and more people join the green revolution, we can expect the number of EV cars on the road to hit an all-time high.

Sales Table of FY 22 and 23

Writer’s Remark

As the world moves towards a more sustainable future, the Indian EV industry is proving to be a key player in this transition. These impressive figures highlight the growing demand for sustainable and environmentally-friendly vehicles, and the industry is poised for further growth in the coming years.

As a writer, it’s inspiring to see the rapid progress of the Indian EV industry and the positive impact it’s having on the environment. It’s heartening to see consumers actively choosing to embrace sustainable options, and I look forward to seeing the industry continue to thrive in the years ahead.

Read More:- Electric Two-wheeler Sales Report March 2023