India

Market

annual
report
card
FY2023

Lead Sponsors
 EV SALES TREND IN INDIA
EV Annual Sales Trend in India (FY2014 - FY2023) Vehicle Category-wise Market Share (Cumulative till FY2023)
14,00,000
E- Bus, 0.17%

23
Others, 0.24%

FY20
12,47,120

E- Car,
E3W
12,00,000 Others

se in

Ca
E-Bus

crea

3
rgo

.85%
Re
E-Car gi

, 3.
n
10,00,000 s

les I

65%

te
E3W Cargo

red
Annual Sales ( in Units )

Y Sa

E2
E3W Passenger

W
% Yo

,4
8,00,000

8 .7
Registered E2W

6%
~ 174
Cumulative EV sales
6,00,000 till FY2023
=

E3W Pa
4,55,773
23,37,761 units

ssen
4,00,000

ge
r, 4
3.3
3%
1,70,812
2,00,000 1,46,590 1,40,828
96,756
56,551
2,982 2,376 17,973

0
FY2014 FY2015 FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023

Source: JMK Research, Vahan Dashboard, Telangana RTO, Company Press Release
Note: Others include adapted vehicles, agricultural tractors, excavator (commercial), fork-lifts, goods carriers, omni bus, private service vehicles, agricultural tractors, trailer (agriculture vehicles), and recovery veicles

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˅ʸʿʼʴʵʿʸʸˁʸ˅ʺˌˆˇ˂˅ʴʺʸˆ˂ʿˈˇʼ˂ˁˆ

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ʞʬʤʩʦʨʪʤʣʣʤʨʧ ˪˪˪ʡ˪˔˔˥˘˘˘˦˦ʡ˖ˢˠ˖˥ˠʳ˪˘˦˦ʡ˖ˢʡ˜ˡ
 STATE-WISE SALES
State-wise Registered EV Cumulative State-wise Registered EV Annual Sales (FY2023)
Sales (Till FY2023)

Uttar Pradesh Others, 4.34%

20.64%
Uttar
UttarPardesh
Pradesh
Jharkhand, 1.29%
17.87%
15.15%

Uttarakhand, 1.34%

Maharashtra Chhattisgarh, 2.22%

10.15%
Maharashtra
Haryana, 2.30% 12.72%

Delhi
8.85%
Andhra Pradesh, 2.46%
100% =23,37,761 units

Karnataka
100%
=
8.54% Odisha, 2.59%
Karnataka
9.14%
Rajasthan
6.40%
12,47,120 UNITS
Madhya Pradesh, 3.62%
Bihar
5.74%

Tamil Nadu Assam

3.63% Rajasthan
5.59% 7.08%
Telangana
4.57%
Gujarat
Kerala
Gujarat
4.45%
4.18%
4.19%
Delhi
Gujarat
Assam
4.26% 7.57%
6.50%
Bihar
5.02% Registered E2W E-Car

Tamil Nadu
Telangana 5.76% E3W Passenger E-Bus
5.25% Bihar
Delhi
6.20%
5.38%
Others E3W Cargo Others
20.80%

Source: JMK Research, Vahan Dashboard, Company Press Release, Telangana RTO.
Note: Sales figures from Vahan Dashboard represent EVs registered across 1,404 RTOs and unit offices in 35 states/ UTs.
 STATE PROFILES
Year-wise & Vehicle Category-wise EV Sales Trend in India Year-wise & Vehicle Category-wise EV Sales Trend in India
5,00,000 1,88,906 4,82,547 1,50,000
UTTAR PRADESH

62,606 1,34,302
Others, 0.02%
4,00,000 1,20,000 Others, 0.02%
E-Bus, 0.16%

BIHAR
82,024 E-Bus, 0.02%
3,00,000 E-Car, 0.20% 90,000
28,275 E-Car, 0.26%
31,588 E3W C, 2.95%
2,00,000 56,221 60,000 E3W C, 1.72%
E3W P, 87.20% 13,290
57,226
14,263 E3W P, 84.85%
1,00,000 44,364 E2W, 9.47% 30,000 9,995 E2W, 13.13%
22,218
1,606 4,267
0 0

2,50,000 1,58,624 2,37,290 1,50,000

71,844 1,30,657

TAMIL NADU
MAHARASHTRA

Others, 0.03%
2,00,000 1,20,000 Others, 1.24%
E-Bus, 0.51%
E-Bus, 0%
1,50,000 E-Car, 8.67% 90,000
E-Car, 3.80%
E3W C, 2.12% 39,635
1,00,000 51,390 60,000 E3W C, 5.77%
E3W P, 4.11%
E3W P, 0.06%
50,000 9,414 E2W, 84.56% 30,000 11,937
7,400 E2W, 89.13%
2,709 1,460 6,293
718 139 2,186 4,198
0 0

2,50,000 1,20,000 65,475 1,06,767

67,120 2,06,876
2,00,000 1,00,000 Others, 0%

TELANGANA
Others, 0.05%
E-Bus, 0%
DELHI

34,521 E-Bus, 0.22% 80,000

1,50,000 E-Car, 9.89%
11,811 E-Car, 5.84% 60,000
1,00,000 23,684 24,830 E3W C, 4.59%
E3W C, 9.34%
21,449 40,000 E3W P, 1.11%
17,956 E3W P, 58.12%
50,000 30,335 5,978 E2W, 76.93%
E2W, 26.43% 20,000 7,989** 2,495
**Until FY2019
0 0

1,14,022 1,99,675 1,20,000

2,00,000
81,116 1,04,099
Others, 0.12% 1,00,000
KARNATAKA

1,50,000 Others, 0.53%

GUJARAT
E-Bus, 0.25% 80,000
E-Bus, 0.47%
E-Car, 5.95%
1,00,000 46,167 60,000 E-Car, 4.73%
E3W C, 2.67%
E3W C, 2.27%
E3W P, 7.86% 40,000
50,000 13,020 19,055 E3W P, 1.31%
7,180 E2W, 83.15% 20,000
9,032 E2W, 90.69%
6,670 3,584 403 218 732 892 1,683
0 0

88,336 1,49,559
1,50,000 1,20,000
45,268 99,646
1,00,000
1,20,000 Others, 0.03% Others, 0.41%
RAJASTHAN

E-Bus, 0.01% 80,000 E-Bus, 0.02%

ASSAM

90,000
E-Car, 2.03% 60,000 20,436 E-Car, 0.27%
31,372
60,000 E3W C, 5.93% E3W C, 1.01%
40,000 8,960
8,191 E3W P, 32.11% 12,019 E3W P, 95.23%
30,000
5,649 5,921 E2W, 59.89%
20,000 7,899 E2W, 3.06%
5,429 4,661 387
4,677
0 0
2021
Until
FY2017

2018

2019

2020

2022

2023

Till Mar
2023

2021
Until
FY2017

2018

2019

2020

2022

2023

Till Mar
2023
 ELECTRIC 2-WHEELERS

Tw
G or
en

Ody Koma ty, 0.7 5%

een o Mo
KLB obil s, 0.8
ty T
Key Players’ Registered E2W Sales (FY2023)- (100% = 7,82,389 Units)

sse,
e-M
w
Jit

0.1
en

9%
tor

ki, 0 2%
i
dr

Others, 4
aN

.5 0%
ew

Bg
Ol

E
au h, 1. 4%
VT
aE

ss,
en

.38%
ec , 1.4
21. lec

lin

0.8 0%
ka
2 t

g
3%
R

ya , 1.7

8
Pu

1
ev

%
,1
rE

ol

ric
.7
t
ne

3 %
rg

9%
Ba y,
1
jaj
Au
.8
1% Annual E2W Sales Trend
to
,4
.47
%

100 10,00,000
Ather Energy

Low Speed (LS)

Hero Electric
10.77%

High Speed (HS)

12.50%
% Share of HS E2W of Total E2W Sales
80 8,00,000
T V 1 1 .4

60 6,00,000

h
S 8%

c
te
M

or

to
ot

Au

Units sold
wa . 3 8 %

% Share
Am a
i n 12
p e re k
Ve h i c l e s O
40 4,00,000
11.77%

20 2,00,000

Source: JMK Research Estimates, Vahan Dashboard, Company Press Release, Telangana RTO

Note: Sales figures from Vahan Dashboard represent EVs registered across 1,404 RTOs and Unit Offices in 35 states/ UTs.
Sales of Bajaj Auto includes sales of Bajaj and Chetak technology; sales of Bgauss includes sales of both Bgauss and Mew Electricals
0 0
FY2019 FY2020 FY2021 FY2022 FY2023

Note: HS E2Ws are those with top speed >25 km/hr; LS E2Ws are those with top speed<=25 km/hr
 ELECTRIC THREE-WHEELERS
Category-wise E3W Sales' Share (FY2023)
Player-wise E3W Sales' Share (FY2023)

.93%
with Cart), 5
shaw (
E-Rick

.95%
100%
=

c, 8
4,07,563 UNITS

ri
E3W (Good

ect
s), 4.44%
4%

l
ra E
.3
E3W
(Pa e ,7

in d
E3
W
sse
nge i cl
R (Pe r), 3 h
Ve
E-

Mah
ic rso .78%
ks
ha 3% na ic
w( 8 l), 0 tr
P a s s e n g e r) , 8 5 . .02 ec
% El
YC %
.46
c, 5
le ctri
ra E
Sae

23
4,00,000
100%

FY20
E3W YoY Sales Trend Dilli Electric
, 4.15%
Others, 50.30% =
4,07,563 UNITS
in
3,50,000 Champ
rease ionPoly
plast, 3
Min .45%
Cargo iM
etro
nc

3,00,000
Un , 2.9
Passenger iqu 9%
YoY i

Pi eI
a gg nt
l., 2
io

J.
Ve .64
~127%

S.
%

Te rgy
h

En Trad
2,50,000

Au oto
r
ic

SKS e Indu

r
le

Allfi

a M lec
Vani Ele
Thukral Elec

to
s,

,1
2.
Units sold

55

.9
n

9%
%

rs,
2,00,000

1.9
ctric, 1.5

tri
Ind

8%
c,
strie

ia, 1

1
tric, 1.53%

.78
.68
s, 1.6

%
1,50,000

8%

%
4%
1,00,000

50,000 Source: JMK Research Estimates, Vahan Dashboard, Company Press Release, Telangana RTO
Note: Sales figures from Vahan Dashboard represent E3Ws registered across 1,404 RTOs in 35 states/ UTs; E3W
(Passenger) sales stakes into account E3W (Passenger), E3W (Personal), and E-Rickshaw (Passenger) sales. E3W
(Cargo) takes into account E3W (Goods) and E-Rickshaw with Cart.
0
13 14 15 16 17 18 19 0 1 2 3
20 20 20 20 20 20 20 202 202 202 202
F Y F Y F Y F Y F Y F Y F Y FY F Y FY FY
 ELECTRIC CARS
Player-wise E-Car Sales' Share (FY2023)
YoY E-Car sales in India

Motors
, 79.28% Others, 4.57%
ta MG 60,000
Ta
M
ot BM
or W
, In

23
di
a,

10
54,000

FY20
% 0.

.27
1.21
,

87
%
rs

in
he
Ot
%

rease
,2 .75 48,000
n dia
DI i, 1.9
0%
BY nda

c
y u 3%

Kia Motors, 0.71%

H dra, 1.2

YoY in
100% Mahin 100%
= 42,000
=
54,297 UNITS 5,603 UNITS

~151%
0 . 2 6%
Au d
36,000

i
Vo 29%
0.
lv
o

Units sold
z
n 30,000
PC c - Be
r %
AA Me 0.62
0.62 uto
%

24,000

18,000
JMK Research, Vahan Dashboard, Company Press Release, Telangana RTO
Note: Sales figures from Vahan Dashboard represent E-Cars registered across 1,404 RTOs in 35 states/
UTs; Others include Porsche, Jaguar, Nissan, GAIA, Toyota Kirloskar, Jayem

12,000

6,000

0
FY2013 FY2014 FY2015 FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023
 ELECTRIC BUSES
ers
O th
%
6 . 83 Player-wise E-Bus Sales' Share (FY2023)
ta
Ta tors PM
o IE
M . 8 8% le
6

ct
ro
M
3%

ob
=1,919 UNIT
11.8

ilit
0 S
10

y,
to,

31.47
JBM Au

%
2,000

23
20
Switc

FY
in
1,750
YoY E-Bus sales in India

se
Moh

rea
bi l

nc
ity

Yi
1,500
/A

Yo
sh

2%
4%
o

Le 1
3.
k

yl 2

~6
an
d, c h, 1,250
19. te
8 5% en
a Gre
O l ec t r

Units sold
1,000

750

500
Vahan Dashboard, JMK Research
Note: Sales figures from Vahan Dashboard represent E-Buses registered across 1,404 RTOs in 35 states/ UTs; Others include: Mytrah
Mobility, VE Commercial
250

0
FY2018 FY2019 FY2020 FY2021 FY2022 FY2023
BATTERY PACKS CHARGE POINTS
Nameplate & Operational Battery Pack Capacities (till FY2023) Installed Fast and Slow Charge Points (till FY2023)

23,060

4,012

3,250

1,200+

1,014

Cumulative Slow Charge Points

Cumulative Fast Charge Points

602

548

Cumulative Nameplate Capacity (in MWh)

440
Cumulative Operational Capacity (in MWh)

0 5,000 10,000 15,000 20,000 25,000

Units

Source: Company Interviews, JMK Research

0 300
Note:
1. Slow charge points include AC001 charge points; Fast charge points include DC001 (30/60 kW)/ AC Level II/CCS (50/60kW),
and combo charge points.
2. Tata Power has not shared breakup of charge point numbers into slow and fast ones.Tata Power has an installed network
Capacities (in MWh) of 4,012 Public, Captive, and Bus Charge points. Excludes 39,000+ Home chargers (for private use).
3. BOLT's charge point count includes public charge points only and excludes private (home) charge points.
600 900 1,200 1,500
4. Rest of the CPOs have not shared their numbers, hence not included

Source: Company Interviews, JMK Research

Note:
1. Nameplate Capacity is the full-load output a facility can achieve; Operational Capacity is the actual output a facility has.
2. Operation capcity of Nexcharge, PureEV, Lohum, and Log9 is not available. Hence not shown.
3. Rest of the Battery Pack Manufacturers have not shared their capacity numbers, hence not included.
 EV ONLINE
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INCLUSIONS CONTACT US
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