Retail sales of electric vehicles clocked 4,29,217 units in FY22 (April 2021-March 2022), as compared to 1,34,821 units in FY21 (April 2020-March 2021) and 1,68,300 units in FY20 (April 2019-March 2020), the Federation of Automobile Dealers Association said.
- Hero Electric had the highest sales in two-wheeler segment
- Two- and three-wheeler segments led the growth this fiscal
This increase is over 200 percent as compared to FY21 numbers and 155 percent over FY2020 numbers. The surge in sales can be attributed to increase in the availability of products in the market, high fuel prices, state subsidies and sops offered under FAME II.
The two- and three-wheeler segments led the growth in the fiscal with sales of 2,31,338 units and 1,77,874 units, respectively. While the passenger vehicle tally was 17,802 units, 2,203 electric CVs were sold.
In the two-wheeler segment, the top five companies: Hero Electric (65,303 units), Okinawa Autotech (46,447 units), Ampere Vehicles (24,648 units), Ather Energy (19,971 units) and Pure Energy (14,862 units), accounted for 74 percent of the market share.
|Electric two-wheeler sales in India|
|Company||FY2022||FY2020||Change (in units)||Change (in %)|
|TVS Motor Company||9,458||837||8,621||1030|
|Benlign India Energy and Technology||7,084||1,108||5,976||539|
|Jitendra New EV-Tech||3,788||619||3,169||512|
|RGM Business Plus||791||0||791||NA|
|Eco Fuel Systems||439||48||391||815|
|Booma Innovative Transport Solutions||241||0||241||NA|
Tata Motors led the passenger vehicle segment with 15,198 units sold followed by MG Motor with 2,045 units. While Tata has two offerings – the Nexon and Tigor – MG Motor India has the ZS EV. Tata is updating the Nexon EV with a long-range version set to go on sale soon. Expect it to welcome more buyers to Nexon, especially considering how it will still be cheaper than other EV SUVs like the MG ZS EV. The IC-powered Nexon starts from Rs 7.42 lakh (ex-showroom, Delhi).
With fuel prices continuing to rise and EV charging infrastructure expanding its footprint, and solutions such as Battery as a Service (BaaS) becoming available, the EV segment could see further growth in the current fiscal.
|Electric Passenger Vehicle Sales in India|
|Company||FY 2022||FY 2021||Change (in units)||Change (in %)|
|MG Motor India||2,045||1,115||930||83|
|Mahindra & Mahindra||156||94||62||66|
|Hyundai Motor India||128||183||-55||-30|
|Jaguar Land Rover India||44||1||43||4300|