EV
UPDATE

Q4
2022 Lead Sponsor
ev sales trend in india

ev annual sales trend in india vehicle category-wise market share

(fy2014-ytd fy2023 (till december 2022) (cumulative till fy2023 (till december 2022)
10,00,000

E-Bus, 0.19%
9,00,000 8,61,054 E- Car, 3.92%
Others, 0.28%
E3W Cargo, 3.63%
8,00,000 Registered E2W,
45.93%
Annual Sales ( Units )

7,00,000

6,00,000

5,00,000 4,55,773 Cumulative EV sales

till Dec 2022
4,00,000 =
19,51,695 units
3,00,000

2,00,000 1,70,812
1,46,590 1,40,828
96,756
1,00,000 56,551
2,982 17,973
2,376
0
E3W Passenger, 46.05%
4

20

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2
1

2
1
1

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1
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20

20
20
20

20
20
20

20

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20

D 3Y
FY

FY
FY
FY

FY
FY
FY

FY
FY

ill 2
(t 20
FY

Registered E2W E3W Passenger E3W Cargo E-Car E-Bus Others

Source: JMK Research Estimates, Vahan Dashboard, Telangana RTO,

Note: Others include adapted vehicles, fork-lifts, goods carriers, agricultural tractors.
 quarterly registered ev sales trend state-wise registered ev sales
(q42021-q42022) (q42021-q42022)

Oct Nov Dec

Q4 2022 1,24,969 1,24,043 1,08,236 100% 1,37,915 1,92,780 2,26,571 2,77,235 3,57,248 Units

100
Jul Aug Jun
Q3 2022 84,193 93,991 99,051
19% 18% 20%
90 22%
24% Others
Apr May Mar
Q2 2022 78,847 70,471 73,400
3% 4%
80
4%
5% 4%
Jan Feb Mar 6% 4% Kerala
Q1 2022 52,296 58,760 81,724 6%
6%
Telangana

State-Wise Registered EV Sales (in %)

7% 4%
70 6%
4%
Oct Nov Dec 6% 5% Bihar
7%
Q4 2021 40,836 44,150 52,929 9% 6%
6% 5% Tamil Nadu
60
8% 5%
0 50 100 150 200 250 300 350 400 7% 6% 6% Delhi
EV Sales (Units in Thousands) 4%
8%
50 7%
5% 6% Gujarat
8%
6% 7%
8% 8% Rajasthan
vehicle category-wise market share (q42022-q42022) 40
9%
10% 10% 8% 9% Karnataka
30

Q4 2022 11%
3,57,248
12%
14% 12% 14%
20 Maharashtra

Q3 2022 2,77,235
21%
10 15% 17% 14% Uttar
16%
Q2 2022 2,26,571 Pradesh

0
Q1 2022 1,92,780 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022

Q4 2021 1,37,915

0 10 20 30 40 50 60 70 80 90 100 100% Source: Vahan Dashboard, Telangana RTO, JMK Research

% Shares Note: Sales figures represent EVs registered across 1,379 RTOs in 35 states/ UTs; Sales data do not include numbers for Lakshadweep Sales
figures for E2Ws represent only high-range E2W (Top speed > 25 kmph).

Others include Assam, Odisha, and rest other 23 states/UTs.

Registered E2W E3W Passenger E3W Cargo E-Car E-Bus Others
electric two-wheelers
e2w sales trend in india key players’ e2w sales (q42022)
registered

60,000
2,50,000 1,64,202
2,32,661
54,000 Ola Electric
2,25,000
1,42,689
E2W Sales (Units)

2,00,000 48,000

E2W Sales (Units)

1,75,000 1,19,777 1,64,202
1,42,689
42,000
1,50,000
1,19,777
1,25,000 36,000
68,114
1,00,000 Okinawa
68,114 44,975 30,000 Ampere
75,000 Hero Electric
TVS
50,000 24,000 Ather
25,000
18,000
0
Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022
12,000
Bajaj
Note: Sales figures represent EVs registered across 1,379 RTOs in 35 states/ UTs; Sales data do not include numbers for Lakshadweep;
Source: Vahan Dashboard, Telangana RTO, JMK Research 6,000 Okaya
Benling
Pure EV
0
key players’ sales share (q42022) Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022

Others, 8.3%
Jitendra EV Tech,
Fidus Electric, 0.61%
registered

unregistered
Go Green E-Mobility, and ~79 other players
EV Minda, 1.46%
Pure Energy, 1.3% Ampere, 6.09%
Ola Electric, 22.7% Wardwizard, 41.19%
Benling India, 1.6% HOP Electric, 6.54%
Okay, 2.3%
Bajaj Auto, 4.3%

Okaya, 13.70%

100%
Ather Energy, 11.1% 100% =
= 32,840 units
2,32,661 units Okinawa
Autotech, 12.7%

Okinawa Autotech,
TVS Motor, 11.7% 15.04%
Note: This doesn't represent the overall market size
of unregistered E2Ws. The % share is indicative of
only those players which have shared their data with
us. Unregistered E2W sales of Hero Electric, Okinawa
Ampere Vehicles, 12.0% Autotech, and Ampere Vehicles are estimated by
Hero Electric, 15.37% JMK Research basis company press releases and
Hero Electric, 11.9% industry interviews.
electric three-wheelers
registered e3w sales trend in india sales trend of top 5 e3w players in india
Mahindra Electric
97,685 10,000
1,00,000 YC Electric Vechicle
89,715 Passenger 9,000 Saera Electric Auto
8,000 Dilli Electric

E3W Sales (Units)

80,000
E3W Sales (Units)

Piaggio
7,000
63,632
6,000
60,000 54,028 54,422
5,000
4,000
40,000
3,000
2,000
20,000
8,015 8,985 10,650 1,000
5,943 7,895
Cargo 0
0 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022
Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q42022

category-wise e3w sales share (q42022) players-wise e3w sales share (q42022)
Mahindra Electric, 9.00%

YC Electric, 7.93%
9%

Saera Electric, 5.38%

6.0

,5.14%
rt(G)
r), 8

Ca
w w ith
ksha
assenge

E-Ric 100% Dilli Electric, 3.89%

100% Others, 50% =
= (321 other players)
1,08,335 units
1,08,335 units E3W (Goods),
Champion Polyplast, 3.20%
aw (P

4 .69%
Mini Metro, 3.07%
h

E3W
s

Piaggio Vehicles, 2.89%

E3W (Passen
ck

ger Unique Intl. , 2.43%

Ri

(Pe ), 4.
-

rso 07% Terra Motors, 2.10%

E

na J.S. Auto, 1.82%

l), 0
.01% Thukral Electric, 1.50% Energy EV, 1.77%
Vani EV, 1.59% Allfine Industries, 1.74%
SKS Trade, 1.69%

Note: Source: Vahan Dashboard, Telangana RTO, JMK Research

E3W (Passenger) sales stakes into account E3W (Passenger), E3W (Personal), and E-Rickshaw (Passenger) sales; Note: Sales figures represent E3W players registered across 1,379 RTOs in 35 states/ UTs; Sales data do not include numbers
E3W (Cargo) takes into account E3W (Goods) and E-Rickshaw with Cart. for Lakshadweep
electric cars electric buses
700
Others
20,000 620
Others JMB Auto
600 Olectra
MG Motor
Tata Motors 13,597 Switch Mobility
500
15,000 500 PMI Electro Mobility
11,053

E-Bus Sales (Units)

E-car Sales (Units)

400 380
10,274
5,866 329
10,000
300 278

3,582
200
5,000

100

0 0
Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022

Note: Sales figures represent E-Cars registered across 1,379 RTOs in 35 states/ UTs; Sales data do not include numbers for Lakshad- Note: Sales figures represent E-Bus registered across 1,341 RTOs in 34 states/ UTs; Sales data do not include numbers for Lakshadweep;
weep; Others include sales registered by Hyundai, Mahindra, Audi, Toyota, Mercedes, Jaguar, BYD, Kia Motors , BMW, and Porsche Others include Tata Motors, VE Commercial and Mytrah Mobility
Source: Vahan Dashboard, Telangana RTO, JMK Research Source: Vahan Dashboard, Telangana RTO, JMK Research

charge Company Name

Number of AC Charge Points
Number of DC (basis vehicle category)
Charge Points Total Number of
Charge Points

points Bolt
AC001

17,020
Type-II

530
2W

-
4W

99 17,649
(Cummulative - as of
Statiq 7000+
Dec, 31 2022)
Tata Power 3000+

Volttic 160 100 8 236 504

Ather 880+ 880+

Note: Split of charge point count not available for Tata Power;
the count excludes both public as well as semi-public charge Fortum 0 76 0 179 365
points. Rest of the CPOs/OMCs have not shared their numbers,
hence not included BPCL 18 - 43 133 194
new product launches
new e2w models launched in q42022 new e-car models launched in q42022

6,00,000 Ultraviolette F77 Limited 80

5,40,000 70 Mercedes Benz EQB

4,80,000
60
4,20,000

Price (INR Lakh)

Price (in INR)

50
3,60,000 80+ Pravaig Defy SUV
200-250
3,00,000 40
Hero MotoCorp VIDA V1 Max

Speed (Kmph)

Speed (Kmph)
2,40,000 Hero MotoCorp VIDA V1 Pro
30 BYD Atto 3
40-79 150-199
1,80,000
Ola S1 Air iVOOMi S1 240 20
MG Motor ZS EV
1,20,000 iVOOMi S1 80 Tata Tigor
25-39 100-149
Revamp
Komaki VENICE ECO 10
60,000 Moto RM
Buddie 25 Baaz Bikes
0 0
0 40 80 120 160 200 240 280 320 360 400 100 200 300 400 500 600

Range (Km) Range (Km)

new e3w models launched in q42022

8,00,000

7,00,000
OSM MOV

6,00,000
Price (in INR)

5,00,000 Erisha E-Mobility

Erisha E-Mobility E-Superior
E- Supreme
Sales Trends
4,00,000 Piaggio ApéE-City
FX Max Player Profiles
3,00,000
Erisha E-Mobility E-Smart
Tenders
Piaggio ApéE-Xtra FX Max 45-55
EV sector policies/ regulations
2,00,000 and much more...
Speed (Kmph)
1,00,000
0 20 40 60 80 100 120 140 160 180 200
For subscription enquiries - E: contact@jmkresearch.com M: 7428306655
Range (Km)
investments in the ev
industry(q42022)
500

450
October

400 November
December

350
Equity Investment(INR Crore)

300

250

200

150

100

50

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Note: In December 2022, Vidyut Tech had raised INR32 crore equity + debt funding; Battery focused players include energy storage
and battery tech players
global sales trends

region-wise registered battery electric vehicles bev market share

(bev) sales in q4 2022 (%age of bev registrations out of total vehicle
registrations in q4 2022)
20,00,000

19,00,000

18,00,000
Norway,
17,00,000 79.3%
United
Kingdom,
16,00,000 16.6%
South
15,00,000 korea,
Nether- 9.2%
14,00,000 lands, Germany,
25.0% 17.7%
Number of Units Sold

13,00,000 France, China, Japan,

13.3% 19.9% 1.4%
12,00,000

11,00,000

10,00,000

Q4 2021
9,00,000

8,00,000 Q1 2022

7,00,000 Q2 2022

6,00,000 Q3 2022

5,00,000 Q4 2022

4,00,000

3,00,000
Source: PWC Strategy&, Marklines, The European Automobile Manufacturers'
2,00,000 Association (ACEA), Opplysningsrådet for Veitrafikken (OFV), China Association of
Automobile Manufacturers (CAAM)
1,00,000

0
China US Germany UK France Norway South Netherlands Japan
Korea
 

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