INDIAN EV

MARKET
ANNUAL
REPORT CARD
CY2023
(JAN-DEC 2023)
 EV SALES TREND IN INDIA
Vehicle Category-wise Market Share (Cumulative till Dec 31, 2023 ) EV Annual Sales Trend in India (CY2014 - CY2023)

E- Bus, 0.18% 18,00,000

Others, 0.22%

16,11,877
16,00,000
E3W

E- Car
Ca
rg

,4
o, 3

.52%

14,00000
.78
%

Others
12,00,000
E-Bus
10,83,512

Annual Sales ( in Units )

Reg E-Car
istered E2W, 5
nger, 39.75%

Cumulative EV sales 10,00,000

till CY2023 E3W Cargo
=
E3W Passenger
36,21,974 units 8,00,000
se

Registered E2W
1.5
s
Pa

5%
W

6,00,000
E3

3,52,138 4,00,000

1,69,090
1,30,270 1,27,638 2,00,000
87,415
49,848
Source: JMK Research, Vahan Dashboard, Telangana RTO, Company Press
2,388 7,798
Release
JMK Research Note: Others include adapted vehicles, agricultural tractors, 0
excavator (commercial), fork-lifts, goods carrier, private service vehicles, CY2014 CY2015 CY2016 CY2017 CY2018 CY2019 CY2020 CY2021 CY2022 CY2023
private service vehicles (individual Use), agricultural tractors, trailer
(agriculture vehicles), and recovery veicles
 ELECTRIC
2-WHEELERS
Lectrix EV, 0.67%
Wardwizard Innov, 0.75%
Revolt Intellicorp, 0.80%
PUR Energy, 0.89%
10,00,000 Kinetic Green, 0.88%
3
02
Others,
2 Hero Motocorp, 1.30%
Registrations CY
8,00,000 e
in 5.05%
as

BG
e
cr

au
in O

ss
ka
Y
Yo

ya
Units sold

,1
He
6,00,000

.37
6%

la .82
EV
ro
~3

%
E

,1

El %
30
3.5 lec

.7
7
5% tric

ec
%
Ok ,

tric
i
4,00,000 Au nawa
tot
3.50 ech
%
2,00,000

G re a ve s /
A m p e re
7.58%
0
CY2019 CY2020 CY2021 CY2022 CY2023

Che
Note: HS E2Ws are those with top speed >25 km/hr; LS E2Ws are those with top speed<=25 km/hr

Ba Tech
tak %
8 .7

j aj
/
9
Market share in Market share in Change in Market
Company
2023 2022 Share
At o r
he ot
r S M77
Ola Electric 30.82% 17.41% 13.40%
1 2 . E n e rg T V
52
% y 1 9.
TVS Motor 19.77% 7.31% 12.46%

Ather Energy 12.52% 8.23% 4.30%

Bajaj Auto / Chetak

8.79% 3.99% 4.80%
Key Players’ Registered E2W Sales (CY2023)- (100% = 9,26,086 Units)
Technology
Source: JMK Research Estimates, Vahan Dashboard, Company website and Press Release, State RTO Note: Sales figures from Vahan
Dashboard represent E2W (Top speed > 25 kmph) registered across 1,412 RTOs in 35 states/ UTs.
Greaves Electric /
7.58% 12.77% -5.19% Note: Sales of Bajaj Auto includes sales of both, Bajaj and Chetak technology; sales of BGauss includes sales of both Bgauss and
Ampere Mew Electricals
 ELECTRIC
3-WHEELERS

Ody
sse,
0.19
%
Category-wise E3W
Sales' Share (CY2023)

E3W YoY Sales Trend E3W (Personal), 0.02%

7,00,000
E

-R
E3W (Passenger), 8.56%

ick
sha
6,00,000 Cargo
100%

w (Passenge
23
Passenger
=

Y20
E3W (Goods), 4.65% 5,86,600 UNITS
nC
5,00,000 se i
crea

r)
E-Rickshaw (with Cart), 6.00%

, 80.
n

76
oY i

4,00,000
%
Units sold

%Y
~ 65

3,00,000

2,00,000

1,00,000

Source: JMK Research Estimates, Vahan Dashboard, Company Press Release, Telangana RTO, Note: Sales figures from Vahan Dashboard
represent E3Ws registered across 1,412 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
CY2020

CY2022

CY2023
CY2014

CY2018
CY2016

CY2019
CY2017
CY2015

CY2021
 ELECTRIC
3-WHEELERS
PASSENGER
Player-wise E3W Sales' Share (CY2023)

. 81 %
8
ric,
ect
% Market share Market share Change in

l
35

ra E
,7
. Company
e in 2023 in 2022 Market Share
cl

ind
hi
Ve

Mah
Mahindra &
ric 8.81% 7.77% 1.04%
ct Mahindra Limited
Ele
YC
.33%
c, 5 YC Electric Vehicle 7.35% 8.31% -0.96%
le ctri
aE
S aer

100% , 4.21% Saera Electric 5.33% 5.91% -0.59%

= Dilli Electric
Others, 49.76% 5,24,086 UNITS Piaggio V
e hicles, 3.2
3% Dilli Electric 4.21% 3.86% 0.35%
Min
i Me
Ch tro,
am 2.94
U pio %
ni
qu nP Piaggio Vehicles 3.23% 1.23% 2.00%
e oly
H

In pla
ot

tl. st,
Al ergy

ag

,2 2.7
En
lfi
J. S
Terra

.4 7%
e

Mini Metro 2.94% 3.12% -0.19%

SKS Tra
Khalsa Agencies, 1.57%

ne

9%
Co
. Au

In

rp
du

or
M

E
to,

at
lec
otors

st

Champion Poly
de India

io
rie
1

2.77% 4.05% -1.28%

tric
.

n,
8

Plast
s,
5%

2.
,

, 2.

37
1.67%

.00

%
00

%
, 1.66%

Unique Interna-
%

2.49% 3.11% -0.62%

tional

Hotage Corpora-
2.37% 1.34% 1.03%
tion

Allfine Industries 2.00% 1.79% 0.21%

Source: JMK Research Estimates, Vahan Dashboard, Company Press Release, Telangana RTO, Note: Sales figures from Vahan Dashboard
represent E3Ws registered across 1,412 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.
 ELECTRIC
3-WHEELER
CARGO

Market share Market share Change in

Company
in 2023 in 2022 Market Share

Mahindra Last Mile

15.59% 15.0% 0.59%
Mobility

Piaggio Vehicles 7.68% 10.7% -3.05%

%
59
Omega Seiki 5.42% 8.2% -2.78%

15.
c,
tri
lec
aE
Dilli Electric 4.89% 5.3% -0.40%

dr
hin
Ma
Euler Motors 4.56% 2.2% 2.39%
%
7.68
es,
Altigreen Propulsion Vehicl
4.40% 2.1% 2.34% g gio
Labs Pia
100%
Others, 38.60% =
YC Electric Vehicle 3.38% 3.7% -0.27% 62,514 UNITS Omega Seiki, 5.42%

Dil
li E
Atul Auto 2.45% 2.1% 0.33% lec
tric
Eu , 4.
89%
ler
M

Ki SB p Ind otors,
ot

S ee

Al
ne In
R
J. S. Auto 2.31% 1.3% 0.99% or

E-R

tig
s,

YC
t

SKS
ic ist tries
4.

Atul A
Saera Elec
J. S. Auto, 2.31%

re
56

G rie

o
d

Ele

en
%

yce
ee s , 1 1.63%

Trad

Pr
ctri
n

uto, 2.4
,
Saera Electric 2.28% 1.6% 0.67%

op
M
s
1.2 4%

c Ve
e

ul
3%
.2

sio
tric, 2.28%
n
,

dia, 2

hic

n,
5%
2.0

4.4
le, 3
7%

0%
.25%

.38%
 ELECTRIC CARS
YoY E-Car sales in India
Player-wise E-Car Sales' Share (CY2023)
1,00,000
%
5 .47
a,
n dr
MG Motor, 12.6 a hi
8% M
% &
.52 dra
0 in 0%
s,
7
ah % her, 0.2
or M .96 Ot
ia ,2 %
54%
ot

17 Vo 80,000
Ind 2. 0.
M

l
ile,

2023
D
BY
ta

b
mo

vo
,
di
Ta

to

Au
u

Au
AA

n CY
PC

to
92%
ai, 1.

, 0.
d

ei
n
Hyu , 1.57%

70%

reas
W India
BM
100% 100%

inc
tor, 0.58%
= =

YoY
91,228 UNITS 2,178 UNITS 60,000

~116%
Mo

Units sold
Kia

8 %
.6
a ,0
di
In
e nz
M e rc e d e s - B 40,000

Source: JMK Research Estimates ,Vahan Dashboard, Company Press Release, Telangana RTO, JMK
Research Note: Sales figures from Vahan Dashboard represent E-Cars registered across 1,412 RTOs in 35
states/ UTs; Others include Porsche,Jaguar,Nissan,GAIA,Toyota Kirloskar,Jayem

Market share in Market share in Change in Market

Company
2023 2022 Share 20,000
Tata Motors 70.52% 77.5% -6.97%

MG Motor 12.68% 9.1% 3.63%

Mahindra & Mahindra 5.47% 0.6% 4.86%

BYD India 2.96% 1.2% 1.72%

0
PCA Automobile 2.54% 0.0% 2.54% Until CY2019 CY2020 CY2021 CY2022 CY2023
CY2018
 Player-wise E-Bus
Sales' Share
(CY2023)

ELECTRIC Pinnacle Mobility,

0.25
%

BUSES

Other, 3.01%
VE C
omm
As
h
Sw eyla
ok

erci
itc nd
L

h M , 5.

al, 2
h y

ob 52%
t

.21%
o a

ilit
M y tr
6 . bi l i
%

y/
M

25
YoY E-Bus sales in India %=2,754 UN
0 ITS
10

Tat
9.30% ,
o
JBM Aut

a Motors, 47.20%
3,000
23
20

23
FY

Y20
in

2,500

PMI 2 %
in C
se
rea

1 0. 4
ase

Ele
nc

cre
Yi

ct
in
Yo

2,000
oY

ro
2%

%Y
~6

O
.63

le c
~37

t ra
Units sold

G
1,500 15.8 reentech,
3%
Source: JMK Research, Vahan Dash-
board, Telangana Open Source Note:
Sales figures from Vahan Dashboard
represent E-Buses registered across
1,000 1,412 RTOs in 35 states/ UTs; Others
include: Veera Vahana

Market share in Market share in Change in Market

Company
2023 2022 Share
500
Tata Motors 47.20% 6.25% 40.96%

Olectra Greentech 15.83% 26.89% -11.06%

0 PMI Electro Mobility 10.42% 32.53% -22.11%

CY2020

CY2022

CY2023
CY2014

CY2018

CY2019
CY2016

CY2017

CY2021
CY2015

JBM Auto 9.30% 13.79% -4.50%

Mytrah Mobility 6.25% 1.70% 4.55%

BATTERY PACKS CHARGE POINTS
Leading Players' Annual Supplies in India market in CY2023 (in MWh) Installed Fast and Slow Charge Points (till CY2023)

30,000

7,000

7,000

5,300

4,200

2,960

2,000+

1,803

1,000

961

792

581

0 5,000 10,000 15,000 20,000 2,5000 30000

Units

Fast Charge Points Slow Charge Points

Source: Company Interviews, JMK Research

Note:
1. Slow charge points include AC001 charge points; Fast charge points include DC001 (30/60 kW)/ AC Level II/CCS (50/60kW),
0 100 200 300 400 500 600 and combo charge points.
2. Tata Power and Jio BP has not shared breakup of charge point numbers into slow and fast ones.
Capacities (in MWh) 3. Rest of the CPOs have not shared their numbers, hence not included

Source: Company Interviews, JMK Research

Note:
1. The above numbers are Annual Production Capacity (January 2023- December 2023) of the battery players.
2. Rest of the Battery Pack Manufacturers have not shared their capacity numbers, hence not included.
 STATE-WISE
State-wise Registered EV Cumulative Sales (Till CY2023)

SALES Others, 4.52%

Uttarakhand, 1.56%
Uttar
UttarPardesh
Pradesh
17.87%
19.46%

Chhattisgarh, 1.99%

West Bengal, 2.08%

State-wise Registered EV Annual Sales (CY2023) Andhra Pradesh, Maharashtra

2.12% 10.58%

Haryana,
100% = 16,11,877 UNITS 2.25%

Uttar Pradesh, 100%

17.25%
Others,
20.32%
Odisha, 2.27%
= Karnataka
8.35%
36,24,369 UNITS
Kerala, 3.49%
Madhya
Pradesh,
5.47%
Maharashtra, Madhya Pradesh, Delhi
12.06% 3.51% 7.22%
Delhi,
4.57%
Gujarat
Assam
Kerala,
4.18%
4.08%
4.70%
Delhi
Rajasthan
Karnataka,
9.47% 7.57%
6.10%
Telangana, Telangana
5.02% 4.63%
Bihar
Bihar, 5.48% Rajasthan, 5.82% Gujarat 5.66%
Tamil
Bihar
4.71% Nadu
Gujarat, 5.50 Tamil Nadu, 5.60% 6.20%
5.47%

Source: JMK Research Estimates, Vahan Dashboard, Company Press Release, Telangana RTO, JMK Research
Note: Sales figures from Vahan Dashboard represent EVs registered across 1,412 RTOs in 35 states/ UTs.

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

 STATE PROFILES Year-wise & Vehicle Category-wise EV Sales Trend in India

E-Car, 0.76% E-Bus, 0.11%

8,00,000
UTTAR PRADESH

2,77,979 7,04,920 E3W C, 3.59% Others, 0.03%

7,00,000 E2W, 11.13%
6,00000
5,00,000 1,62,851
4,00,000 100%
3,00,000 66,704 =
31,269 7,04,920
2,00,000 55,796
1,10,321
100,000
0 E3W P, 84.38%

3,83,197 E-Car, 8.11% E-Bus, 0.43%

4,00,000 1,94,328
E3W C, 2.19% Others, 0.14%
MAHARASHTRA

3,50,000
3,00,000 E3W P, 4.03%

2,50,000
2,00,000 1,36,059
100%
1,50,000 =
3,83,197
1,00,000 29,916
50,000 8,442 7,319 7,133
0 E2W, 85.10%

E-Car, 7.03% E-Bus, 0.22%

3,50,000
1,52,568 3,02,526 E3W C, 2.39% Others, 0.14%
3,00,000
KARNATAKA

E3W P, 1.84%
2,50,000
2,00,000
95,902 100%
1,50,000 =
1,00,000 3,02,526
33,306
50,000 9,705
4,899 6,146
0 E2W, 88.38%

3,00,000
73,645 2,61,621 E-Bus, 0.59%
E-Car, 6.85% Others, 0.15%
2,50,000
2,00,000 62,256 E3W C, 9.73%
E2W, 31.47%
DELHI

1,50,000 25,816
12,377 100%
1,00,000 23,222 =
64,305 2,61,621
50,000
0 E3W P, 51.21%
Until 2019 2020 2021 2022 2023 Till Dec
CY2018 2023
 E-Car, 3.02% E-Bus, 0.01%
2,50,000
93,778 2,21,106 E3W C, 6.17% Others, 0.24%
RAJASTHAN

2,00,000

1,50,000 78,244
100%
1,00,000 =
2,21,106
23,464
50,000 5,604 E3W P, 30.45%
13,382 6,634
0 E2W, 60.12%

E-Car, 0.41% E-Bus, 0.01%

2,50,000 Others, 0.02%
E3W C, 1.78%
88,213 2,05,117
E2W, 13.08%
2,00,000
BIHAR

1,50,000
55,751
100%
1,00,000 =
23,083 2,05,117
50,000 12,447
13,243 12,380
0 E3W P, 84.69%

90,242 1,98,178 E-Car, 5.00% E-Bus, 0.02%

2,00,000
E3W C, 6.10% Others, 0.88%
TAMIL NADU

1,50,000 E3W P, 0.13%

66,952
1,00,000 100%
=
1,98,178
50,000 30,029

3,444 5,697
1,814 E2W, 87.87%
0

E-Bus, 0.08%
2,00,000 99,813 1,86,616
E-Car, 10.24% Others, 0.06%
TELANGANA

1,50,000
E3W C, 13.69%
1,00,000 59,934 100%
E3W P, 1.05% =
1,86,616
5,00,00
20,928
698 2,288 2,955
0 E2W, 74.87%
 2,00,000 E-Car, 6.21% E-Bus, 0.33%
88,619 1,70,417
E3W C, 2.46% Others, 0.39%
1,50,000 E3W P, 1.16%
GUJARAT

1,00,000 68,997
100%
=
50,000 1,70,417
9,764
971 945 1,121
0
Until 2019 2020 2021 2022 2023 Till Dec E2W, 89.46%
CY2018 2023

E-Bus, 0.12%
60,804 1,47,661 E-Car, 0.34%
Others, 0.28%
1,50,000
E3W C, 1.65% E2W, 3.36%
1,20,000
40,720
ASSAM

90,000
100%
60,000 15,633 =
1,47,661
8,357
30,000 10,867
11,280
0 E3W P, 94.26%

E-Car, 1.97%
MADHYA PRADESH

E-Bus, 0.06%
1,50,000
67,827 1,27,240 E3W C, 3.88% Others, 0.10%
1,20,000

90,000
36,807 100%
60,000 =
1,27,240
30,000 10,427
3,684 3,358 E3W P, 41.18%
5,137
0 E2W, 52.82%

1,50,000 E-Bus, 0.10%

75,754 1,26,378 Others, 0.11%
E-Car, 12.52%
1,20,000
E3W C, 1.27%
90,000
KERALA

E3W P, 5.36%

60,000 39,616 100%

=
1,26,378
30,000
8,736
424 481 1,367
0
Until 2019 2020 2021 2022 2023 Till Dec E2W, 80.64%
CY2018 2023
 

Copyright (c) JMK Research & Analytics 2024

JMK Research & Analytics

E: contact@jmkresearch.com
M: +91-7428306655
A: Enkay Towers, 5th Floor, Unit No.
12, Udyog Vihar, Phase V,Sector 19,
Gurgaon- 122016
W: www.jmkresearch.com