Sales of EV, Increased product availability, buoyant consumer demand, and an expanding charging infrastructure led to a record high of 81,870 electric passenger vehicles sold in CY2023. Tata Motors continues to dominate the Indian auto market with a 73% market share, followed by MG Motor India and Mahindra & Mahindra. There were 2,582 luxury vehicles sold in 2016, representing a 355% increase over the previous year.
We can observe on our roads an increasing number of green-plated SUVs, sedans, and more recently hatchbacks, indicating the shift towards e-mobility on four wheels. Despite the higher initial price of electric vehicles in comparison to petrol and diesel, more and more passengers are choosing to purchase a wallet-friendly EV over their petrol or diesel counterparts.
In retail sales, this movement can be observed. According to Vahan, in the 12 months of CY2023, 81,870 electric cars, SUVs, and MPVs were sold. This represents an increase of 43,613 units, a growth of 114% YoY (CY2022: 38,257 units).
Sales of EV car & SUV Sales Surpass 80,000 units in cy 2023 to register 114% growth.
Year
Jan
Feb
Mar
Apr
May
Jun
July
Aug
Sep
Oct
Nov
Dec
Total
CY 2023
3,442
4,758
8,833
6,036
7,708
7,969
7,765
6,999
6,342
7,520
7,374
7,124
81,870
CY 2022
1,563
2,454
3,727
2,257
2,966
3,214
3,415
3,371
3,552
3,916
3,982
3,840
38,257
% Change
120%
94%
137%
167%
160%
148%
127%
108%
79%
92%
85%
86%
114%
Date: Vahan, January 1, 2024, 4:30 am.
CY 2023 is a record-breaking year for electric vehicle retail sales in India: 1.52millions
1.52 million sales & up 49%
Year
Jan
Feb
Mar
Apr
May
Jun
July
Aug
Sep
Oct
Nov
Dec
Total
CY2023
1,02,872
1,07,221
1,40,922
1,11,356
1,58,433
1,02,547
1,16,492
1,27,069
1,28,397
1,39,975
1,53,421
1,37,728
15,26,433
CY2022
51,505
58,120
83,132
77,629
69,945
75,876
80,881
89,013
94,911
1,17,500
1,21,598
1,05,008
10,25,118
% Change
100%
84%
70%
43%
127%
35%
44%
43%
35%
19%
26%
31%
49%
Date: Vahan, January 1, 2024, 4:30 am.
The sale of electric PVs has exceeded 7,000 units for eight consecutive months since May 2023, resulting in the sector clocking its best-ever annual sales of 81,870 units in the same period.
In retail sales, this movement can be observed. According to Vahan, in the 12 months of CY2023, 81,870 electric cars, SUVs, and MPVs were sold. This represents an increase of 43,613 units, a growth of 114% YoY (CY2022: 38,257 units). Considering the data table above, it is evident that demand has been sustained over the past year. Although the best month for FY2023 was March (2023), May (7,708 units), June (7,969 units), July (7,765 units), October (7,520 units), November (7,374 units) and December (7,124 units) have all exceeded 7,000 units in sales.
As the market leader in electric PV, Tata Motors has sold an estimated 59,580 units, up 86% YoY (CY2022: 31,972 units) to maintain its commanding lead, which includes the Nexon EV, Tigor EV, Tiago EV, and the Xpres-T (for fleet buyers). Tata Motors has a 73% market share with the Nexon EV, the Tigor EV, the Tiago EV and the Xpres- Traditionally, Tata had a market share of over 80%, but this percentage has now declined due to the expanding EV market, which now offers a wider selection of products from a growing number of competitors.
MG Motor:-
As a result of its 9,430 units served by the ZS EV and Comet EV, MG Motor India is the country’s second-ranked ePV OEM, with a market share of 11.51 percent. In CY2023, the company sold 3,430 units, an increase of 175 percent over CY2022.
Mahindra & Mahindra :-
With 4,201 units, Mahindra & Mahindra is ranked third. As of this writing, the company, which sells the all-electric XUV400 – the company’s first real competitor to the high-selling Tata Nexon EV – and the eVerito sedan, has a 5.13% share of the EV market.
BYD India:-
which sells the Atto 3 SUV and e6 MPV, is ranked fourth with sales of 1,997 units, up 341% YoY (CY2022: 343 units), and a market share of 2.43 percent.
Electric Passenger Vehicle Retail Sales Jump 114% To Over 80,000 Units CY2023
Manufacture
Jan
Feb
Mar
Apr
May
Jun
July
Aug
Sep
Oct
Nov
Dec
Total
Tata Motors
2,471
3,917
7,303
4,492
6,006
5,479
5,461
4,771
4,312
5,538
5,024
4,806
59,580
MG Motor India
435
362
517
350
464
1,158
1,237
1,202
891
929
935
950
9,430
Mahindra & Mahindra
0
7
259
537
389
412
380
405
359
273
518
662
4201%
Byd India
140
242
300
164
146
184
118
104
151
141
139
168
1,997
PCA Automobiles
0
0
209
240
324
336
223
118
141
172
126
49
1,938
Hyundai Motor India
117
50
48
54
170
160
116
186
213
195
165
123
1,597
BMW India
126
59
55
67
75
100
105
84
75
84
280
160
1,280
Volvo Auto India
29
36
52
36
45
44
35
46
55
51
70
54
553
Mercedes-Benz
44
33
35
30
19
37
37
21
73
38
58
80
505
Kia India
48
30
23
38
47
39
29
28
35
52
37
30
436
Audi
8
9
7
5
7
7
9
15
26
20
11
16
140
Porsche
4
1
7
5
6
2
4
13
5
16
6
26
95
Jaguar Land Rover India
1
1
1
2
2
1
1
0
0
0
0
0
9
Date: Vahan, January 1, 2024, 4:30 am.
In the EV market, PCA Automobiles India (Citroen India), which entered the marketplace recently, is only 59 units behind BYD India. In the past 10 months since the Citroen eC3, the electric version of the C3 hatchback, was launched at Rs 11.50 lakh at the end of February, 1,938 units have been sold. Consequently, PCA India has a market share of 2.36% for electric vehicles – a very impressive figure for a new entrant and an indication that e-hatchbacks are expected to be in high demand in the future.
The Korean automakers Hyundai Motor India and Kia India have together sold 2,033 units, a 144% increase over the previous year (CY2022: 834 units). A total of 1,597 Kona and Ioniq 5 vehicles were sold by Hyundai, an increase of 158% over the 619 units sold in CY2022, while Kia sold 436 EV6s, an increase of 103% over the 215 units that were sold in CY2022.
According to Vahan data, luxury carmakers in India sold 2,582 units in CY2023, which represents a growth of 355% over the previous year’s 567 units. With 1,280 units, BMW India leads the pack, followed by Volvo Auto India (553 units), Mercedes-Benz (505 units), Audi (140 units), Porsche (95 units) and Jaguar Land Rover (9 units).
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