INDUSTRIES & MARKETS

Electric vehicles in India

 Table of Contents

01 Overview 04 Electric two and three wheelers

Global sales of battery-electric vehicles 2011-2022 03 Two-wheeler domestic sales in India FY 2011-2023 22
Number of registered vehicles in India FY 1951-2020 04 Electric two-wheelers sales India FY 2019-2023 23
Operational EV in India 2023, by type 05 Three-wheelers domestic sales volume in India FY 2015-2023 24
Number of electric vehicles sold in India 2019-2023, by type 06 Sales volume of electric three-wheelers India 2019-2023 25
Operational electric cars in India 2023, by leading states 07 Share of electric two-wheeler in India FY 2023, by OEM 26
Electric three-wheelers sales volume in India 2023, by leading OEM 27
02 EV infrastructure
Electric vehicle per charging station in India 2023, by leading state 09 05 Major players
Public EV charging stations in India 2023, by leading states 10 Revenue of Tata Motors FY 2010-2023 29
OMC retail outlets with EV charging facilities in India 2022, by leading state 11 Revenue of Mahindra FY 2015-2023 30
EV battery capacity demand India 2021-2030 12 Operational revenue of Ola Electric FY 2020-2022 31
Leading battery companies in India 2024, by market capitalization 13 Hero MotoCorp total income FY 2015-2023 32
EV battery production capacity per year in India 2023, by OEM 14

03 Electric passenger cars

Passenger vehicles sales volume India FY 2014-2023 16
Sales volume of BEV in India 2021-2023, by quarter 17
Share of BEVs in PV market in India 2018-2023 18
Electric passenger vehicle market share in India 2023, by OEM 19
Electric passenger vehicle sales in India 2023, by model 20

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CHAPTER 01

Overview
 Battery-electric vehicle sales worldwide from 2011 to 2022 (in million units)
Global sales of battery-electric vehicles 2011-2022

8
7.3
7

6
Unit sales in millions

5 4.6

2
2
1.4 1.5

1 0.76
0.33 0.46
0.06 0.11 0.2
0.04
0
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

3 Description: Battery-electric vehicle sales reached an estimated 7.3 million in 2022, up from around 4.6 million in 2021. BEV sales have soared due a number of factors, including an increased consumer interest in more sustainable transport and governmental
regulations to curb direct transport emissions. In 2021, these sales more than doubled compared to 2020, and 2022 marks a new record in all-electric sales volume. Read more
Note(s): Worldwide; 2016 to 2022; data only includes passenger cars.
Source(s): IEA
 Number of registered vehicles across India from financial year 1951 to 2020 (in
millions)
Number of registered vehicles in India FY 1951-2020

350
326.3

295.8
300
272.6
253.3
250
Number of vehicles in millions

230
210
200 190.7
176
159.5
150 141.9
127.7
115
105.4
100 89.6 96.7
81.5
67 72.7
55 58.9
50
21.4
0.3 0.7 1.9 5.4
0
FY FY FY FY FY FY FY FY FY FY FY FY FY FY FY FY FY FY FY FY FY FY FY FY FY
1951 1961 1971 1981 1991 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

4 Description: The number of registered vehicles across India was over 326 million in fiscal year 2020. Vehicle registrations grew at a compound annual growth rate of over nine percent between fiscal years 2010 and 2020. The south Asian country's transport sector
accounted for a 4.59 percent share of the GVA with road transport accounting for over three percent of it. The GVA from railways was about 0.74 percent and air transport accounted for about 0.12 percent during the same time period. Read more
Note(s): India; FY 1951 to FY 2020
Source(s): Ministry of Road Transport and Highways (India)
 Operational electric vehicles in India as of March 2023, by type (in 1,000 units)
Operational EV in India 2023, by type

Number of vehicles in thousands

0 200 400 600 800 1,000 1,200 1,400

Two-wheeler 1,147.25

Three-wheeler 1,103.54

Light motor vehicles 76.04

Light passenger vehicles 11.9

Goods vehicle 8.42

Buses 3.77

5 Description: As of March 2023, there were more than 2.3 million electric vehicles in India. The majority of the EVs in India were two and three-wheelers, each at more than 1.1 million vehicles. India's electric vehicle market is changing rapidly, it was estimated that
in 2035 the automobile market would be fully electric. Read more
Note(s): India; as of March 2023
Source(s): enincon
 Number of electric vehicles sold in India from 2019 to 2023, by type (in 1,000 units)
Number of electric vehicles sold in India 2019-2023, by type

Two-wheeler Three-wheeler Four-wheeler Bus

1,600

1,400
Number of vehicles in thousands

1,200

1,000

800

600

400

200

0
2019 2020 2021 2022 2023

6 Description: In 2023, there were more than 1.5 million electric vehicles sold in India. The majority of which were electric two-wheelers, at around 860 thousand units. During the presented period, an exponential growth trend could be observed. Read more
Note(s): India; 2019 to 2023
Source(s): Ministry of Road Transport and Highways (India); Website (cleanmobilityshift.com)
 Operational electric cars in India in 2023, by leading states (in 1,000 units)
Operational electric cars in India 2023, by leading states

Number of vehicles in thousands

0 5 10 15 20 25 30

Maharashtra 28.45

Karnataka 19.09

Kerala 15.78

Delhi 11.94

Gujarat 10.58

Tamil Nadu 10.42

7 Description: In 2023, Maharashtra had the highest number of electric cars (four-wheelers) in India with more than 28.5 units. It was followed by Karnataka with 19.1 thousand electric cars. In passenger cars segment, Tata Motors was the market leader. Read more
Note(s): India; 2023; Four-wheelers
Source(s): enincon; Ministry of Road Transport and Highways (India)
CHAPTER 02

EV infrastructure
 Electric vehicle per charging station in India as of January 2023, by leading state
Electric vehicle per charging station in India 2023, by leading state

EV per charging station

0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000
Delhi 1,125
Goa 1,608
Karnataka 2,172
Madhya Pradesh 2,690
Haryana 3,227
Maharashtra 3,596
Tamil Nadu 3,848
Kerala 4,064
Rajasthan 5,060
West Bengal 5,148
Orissa 5,414
Uttar Pradesh 7,399
Jharkhand 8,174

9 Description: As of January 2023, Delhi had the highest charging station density in India, by 1,125 electric vehicles per charging station. It was followed by Goa at 1,608 EVs per charging station. Even though they were the leading states in terms of charging station
density, there was still a huge gap in charging infrastructure. Read more
Note(s): India; as of January 2023
Source(s): CARE Ratings
 Operational public electric vehicle charging stations in India as of March 2023, by
leading states
Public EV charging stations in India 2023, by leading states

number of charging stations

0 200 400 600 800 1,000 1,200 1,400 1,600 1,800 2,000

Delhi 1,845

Karnataka 704

Maharashtra 660

Tamil Nadu 441

Uttar Pradesh 406

Telangana 365

Rajasthan 254

Haryana 230

Andhra Pradesh 222

Kerala 192

10 Description: As of March 2023, Delhi had the largest number of public electric vehicle charging stations in India, close to 1.9 thousand stations. It was followed distantly by Karnataka at 704 stations. In India, the majority of electric vehicles were electric two and
three wheelers. Read more
Note(s): India; as of March 2023
Source(s): enincon
 Oil marketing companies retail outlets with electric vehicle charging facilities in
India as of December 2022, by leading state
OMC retail outlets with EV charging facilities in India 2022, by leading state

Number of OMC retail outlets

0 50 100 150 200 250 300 350

Uttar Pradesh 308

Rajasthan 281

Karnataka 250

Madhya Pradesh 242

Tamil Nadu 235

Telangana 224

Gujarat 219

Haryana 199

Andhra Pradesh 191

Maharashtra 183

11 Description: As of December 2022, there were around 3.5 thousand oil marketing companies (OMC) retail outlets with electric vehicle charging facilities in India. Out of which, 308 OMC retail outlets were in Uttar Pradesh. It was followed by Rajasthan at 281 OMC
retail outlets. India's electric vehicle market is changing rapidly and it was estimated that in 2035 the automobile market would be fully electric. Read more
Note(s): India; as of December 2022
Source(s): enincon; Ministry of Road Transport and Highways (India)
 Total battery capacity demand for electric vehicles in India in 2021, with an estimate
until 2030 (in gigawatt hours)
EV battery capacity demand India 2021-2030

200
179
180
Battery capacity demand in gigawatt hours

160

140

120

100

80

60 54

40

17
20
5
1
0
2021 2024* 2026* 2028* 2030*

12 Description: In 2021, the demand for battery capacity for electric vehicles in India was one gigawatt hours. The source forecasted, by 2030, the demand for battery capacity will be reach nearly 180 gigawatt hours across the country. The demand for electric vehicles
such as electric three-wheelers, electric buses, and electric passengers cars was projected to surge by 2027 to reduce pollution and carbon emissions. Read more
Note(s): India; 2021; *Estimate. Read more
Source(s): EY-Parthenon
 Leading battery companies in India as of February 2024, by market capitalization (in
billion Indian rupees)
Leading battery companies in India 2024, by market capitalization

in billion Indian rupees

0 50 100 150 200 250 300

Exide 284.07

Amara Raja 150.36

HBL Power 146.39

Eveready Industires 25.7

High Energy 5.42

Indo-National 4.92

Panasonic Energy 2.98

13 Description: As of February 2024, the largest battery company in India by market capitalization was Exide, at 284 billion Indian rupees. It was followed by Amara Raja, with a market capitalization of 150 billion rupees. Exide is an Indian storage battery
manufacturing company based in Kolkata, India. Read more
Note(s): India; as of February 2024
Source(s): Moneycontrol
 Annual electric vehicle battery production capacity in India as of March 2023, by
OEM (in 1,000 units)
EV battery production capacity per year in India 2023, by OEM

EV battery in thousand units

0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000

Exide 8,000

Amaraja 3,600

SF Sonic Vaahak 2,800

Leoch 2,000

Jay Ace Technology 540

Auto Accumulator 350

Sparco 260

14 Description: As of March 2023, Exide had the largest annual production capacity of electric vehicle battery, at eight million units. It was followed distantly by Amaraja at 3.6 million units. In India, the majority of electric vehicles were electric two and three wheelers.
Read more
Note(s): India; as of March 2023
Source(s): enincon
CHAPTER 03

Electric passenger cars

 Sales volume of passenger vehicles across India from financial year 2014 to 2023
(in millions)
Passenger vehicles sales volume India FY 2014-2023

4.0
3.62
3.5 3.38
3.29
3.05
2.94
3.0 2.79 2.77
2.6
Sales volume in millions

2.5
2.5 2.39

2.0

1.5

1.0

0.5

0.0
FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023

16 Description: Passenger vehicle sales in India saw an increase of 23 percent in financial year 2023, with leading manufacturers having to deal with intermittently impacted by supply chain issues specific to semiconductors and electronics. In the same year, there
were around 3.6 million passenger cars sold across the south Asian country. In 2020 and 2021, the industry was heavily affected by the coronavirus pandemic. Read more
Note(s): India; FY 2014 to FY 2023
Source(s): Autocar Professional; Federation of Automobile Dealers Associations
 Sales volume of battery electric passenger vehicle in India from 2021 to 2023, by
quarter
Sales volume of BEV in India 2021-2023, by quarter

30,000
26,794

25,000 24,028

21,109
20,490
20,000
Units sold

15,000 14,478
13,155

10,471
9,535
10,000

6,025
5,000 4,043
2,384 2,247

0
2021 Q1 2021 Q2 2021 Q3 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4

17 Description: In the fourth quarter of 2023, the sales volume of battery electric passenger vehicles in India was around 20.5 thousand units. It was a significant increase in comparison with the fourth quarter of 2022. During the presented period, a general growth
trend could be observed. Read more
Note(s): India; Q1 2021 to Q4 2023
Source(s): Auto Punditz
 Share of battery electric vehicles in passenger vehicle market in India from 2018 to
2023
Share of BEVs in PV market in India 2018-2023

2.5%
2.3%

2.0%
Share of PV market

1.5%
1.3%

1.0%

0.5%
0.5%

0.2%
0.04% 0.07%
0.0%
2018 2019 2020 2021 2022 2023

18 Description: In 2023, the share of battery electric vehicles (BEVs) in the passenger vehicle (PV) market reached 2.3 percent in India. This was a significant increase in comparison with the previous year. During the same year, the market size of BEVs in India was
around 92.3 thousand units. Read more
Note(s): India; 2018 to 2023
Source(s): Auto Punditz
 Market share of electric passenger vehicle in India in 2023, by OEM
Electric passenger vehicle market share in India 2023, by OEM

Hyundai 2% BYD 2% Kia 1%

Citroen 3%

Mahindra 7%

MG 14%

Tata 71%

19 Description: Tata was the leading electric passenger vehicle manufacturer in India in 2023 with 72 percent of the market share. Tata Tiago EV dominated the Indian electric passenger vehicle market with close to 34.9 thousand units sold. Tata was followed distantly
by MG, with 14 percent of the market share. Read more
Note(s): India; 2023
Source(s): Website (team-bhp.com)
 Electric passenger vehicle sales in India in 2023, by model
Electric passenger vehicle sales in India 2023, by model

Volumn of sales in units

0 5,000 10,000 15,000 20,000 25,000 30,000 35,000 40,000

Tata Tiago EV 34,853

Tata Nexon EV 21,072

Tata Tigor EV 10,765

MG Comet 6,628

Mahindra XUV 400 6,231

MG ZS EV 5,970

Citroen eC3 2,360

BYD Atto 3 2,078

Hyundai Ioniq 5 1,228

Kia EV6 658

Hyundai Kona EV 501

20 Description: In 2023, Tata Motors sold the most electric passenger vehicles in India with nearly 66.7 thousand units. Tata had three electric vehicle models on the market during the presented period, namely Tiago Nexon EV, and Tigor EV. Following Tata, the second
most popular electric passenger vehicle was from MG, with around 12.6 thousand units sold. Read more
Note(s): India; 2023
Source(s): Website (team-bhp.com)
CHAPTER 04

Electric two and three wheelers

 Two-wheeler domestic sales in India from from financial year 2011 to 2023 (in
million units)
Two-wheeler domestic sales in India FY 2011-2023

25

21.18
20.2
20
17.59 17.42
Vehicle sales in million units

15.98 16.46
15.86
14.81 15.12
15 13.8
13.41 13.57
11.77

10

0
FY 2011 FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023

22 Description: In financial year 2023, two-wheeler sales in India saw an increase from the previous years to 15.9 million units. The sales reached an all-time high as of 2019, when India's auto industry sold some 21 million units. This figure is almost double the 2011
sales, when just 11.77 million two-wheeler units were sold in India. Read more
Note(s): India; FY 2011 to FY 2023
Source(s): SIAM India
 Sales volume of electric two-wheelers across India from financial year 2019 to 2023
(in 1,000s)
Electric two-wheelers sales India FY 2019-2023

800
726.84
700
Electric vehicles number in thousands

600

500

400

300
252.55

200

100
44.78
28.01 26.83
0
FY 2019 FY 2020 FY 2021 FY 2022 FY 2023

23 Description: By the end of financial year 2023, the total number of electric vehicles sold in the two-wheeler segment across India was around 727 thousand. It was a huge increase in comparison with the previous year. Thanks to initiatives from the Indian
government to enhance e-mobility in the country, the sales number of two-wheeler electric vehicles was expected to increase further in the future. Read more
Note(s): India; FY 2019 to FY 2023
Source(s): CARE Ratings; Council On Energy, Environment and Water; Ministry of Road Transport and Highways (India)
 Domestic sales volume of three-wheelers across India from financial year 2015 to
2023 (in 1,000s)
Three-wheelers domestic sales volume in India FY 2015-2023

800

701.01
700
635.6 637.07

600
Number of units in thousands

532.63 538.21
511.88
488.77
500

400

300 261.39
219.45
200

100

0
FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023

24 Description: Over 488 thousand three-wheelers were sold across India at the end of financial year 2023. The lowest volume was in the financial year 2021 since financial year 2004. The south Asian country was the largest worldwide market for thee-wheeler
production and sales. India`s automotive market was dominated by two-wheelers and passenger vehicles. Read more
Note(s): India; FY 2015 to FY 2023
Source(s): SIAM India
 Sales volume of electric three-wheelers in India from year 2019 to 2023 (in 1,000s)
Sales volume of electric three-wheelers India 2019-2023

700

600 581.7
Sales volume in thousand units

500

400
350.24

300

200
159.91
134.17
91.24
100

0
2019 2020 2021 2022 2023

25 Description: In 2023, above 582 thousand electric three wheelers units were sold in India. The sales volume of electric three wheelers has increased significantly during the presented period, from around 134 thousand units in 2019. The electric three-wheeler
(e3W) auto market includes the cargo, passenger three-wheelers and e-rickshaws. Read more
Note(s): India; 2015 to 2023
Source(s): Autocar Professional; Ministry of Road Transport and Highways (India)
 Share of electric two-wheeler in India in financial year 2023, by OEM
Share of electric two-wheeler in India FY 2023, by OEM

Share of electric two-wheeler manufacturer

0% 5% 10% 15% 20% 25%
Ola Electric Technologies 21%
Okinawa 13%
Hero Electric 12%
Ampere 12%
Ather Energy 11%
TVS Motor 11%
Bajaj 5%
Revolt Intellicorp 2%
Benling India Energy and Technology 2%
Pure EV 2%
Okaya EV 2%
Jitendra New EV 1%
Others 7%

26 Description: Ola Electric dominated the electric two-wheeler market in India, with a share of 21 percent in financial year 2023. This was followed by Okinawa and Hero, having a share of 13 percent and 12 percent, respectively. Read more
Note(s): India; FY 2023
Source(s): Society of Manufacturers of Electric Vehicles
 Electric three-wheelers sales volume in India in 2023, by leading OEM (in 1,000
units)
Electric three-wheelers sales volume in India 2023, by leading OEM

60
53.61

50

39.87
vehicle in thousand units

40

30 28.72
24.46
20.31
20

10

0
Mahindra & Mahindra YC Electric Vehicle Saera Electric Auto Dilli Electric Auto Piaggio Vehicles

27 Description: In 2023, Mahindra & Mahindra had the largest sales volume among electric three-wheelers, at 53.6 thousand units. It was followed by YC Electric Vehicle at 39.9 thousand units. In India, the majority of electric vehicles were electric two and three
wheelers. Read more
Note(s): India; 2023
Source(s): enincon; Ministry of Road Transport and Highways (India)
CHAPTER 05

Major players
 Total revenue of Tata Motors from financial year 2010 to 2023 (in billion Indian
rupees)
Revenue of Tata Motors FY 2010-2023

4,000

3,500

3,000
Revenue in billion Indian rupees

2,500

2,000

1,500

1,000

500

0
FY 2010 FY 2011 FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023

29 Description: Tata Motor saw a total revenue of around 3.5 trillion Indian rupees in financial year 2023. It was a significant increase in comparison with the previous year. In 2023, Tata was also named the most valuable corporate brand in India. Read more
Note(s): Worldwide, India; FY 2010 to FY 2023
Source(s): Tata Motors
 Revenue of Mahindra and Mahindra Limited from financial year 2015 to 2023 (in
billion Indian rupees)
Revenue of Mahindra FY 2015-2023

1,400

1,212.69
1,200
1,058.06
Income in billion Indian rupees

1,000 938.95
897.13 911.05

785.56 764.1
800 753.1
719.73

600

400

200

0
FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023

30 Description: In fiscal year 2023, the consolidated revenue of Mahindra and Mahindra across India was over 1.2 trillion Indian rupees. This figure represents a significant increase from the previous year. Mahindra and Mahindra is a leading vehicle manufacturer in
India, producing tractors, automobiles, as well as electric three-wheelers. Read more
Note(s): India; FY 2015 to FY 2023; consolidated
Source(s): Mahindra
 Operational revenue of Ola Electric Mobility from financial year 2020 to 2022 (in
million Indian rupees)
Operational revenue of Ola Electric FY 2020-2022

4,000
3,730

3,500
Operational revenue in million Indian rupees

3,000

2,500

2,000

1,500

1,000

500

17.9 8.6
0
FY 2020 FY 2021 FY 2022

31 Description: In financial year 2022, the operational revenue of the Indian electric scooter manufacturer Ola Electric has reached 3.7 billion Indian rupees. It was a huge increase of over 400 times in comparison with the previous year. Ola Electric Mobility is an
electric two-wheeler manufacturer, based in Bengaluru, India. It is one of the leading manufacturers in this segment in the country. Read more
Note(s): India; FY 2020 to FY 2022
Source(s): ENTRACKR
 Total income of Hero MotoCorp Limited from financial year 2015 to 2023 (in billion
Indian rupees)
Hero MotoCorp total income FY 2015-2023

400

343.42 343.71
350 333.98
311.23 313.94 313.8
296.14 298.02
300 280.78
Value in billion Indian rupees

250

200

150

100

50

0
FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023

32 Description: Total income of Hero MotoCorp Limited across the global was around 344 billion Indian rupees during fiscal year 2023. Hero MotoCorp is a two-wheeler manufacturer based in India, it is the largest in its sector in the world for 21 consecutive years as
of 2023. Read more
Note(s): India; FY 2015 to FY 2023
Source(s): Hero MotoCorp
 Sources

Auto Punditz
Autocar Professional
CARE Ratings
Council On Energy, Environment and Water
enincon
ENTRACKR
EY-Parthenon
Federation of Automobile Dealers Associations
Hero MotoCorp
IEA
Mahindra
Ministry of Road Transport and Highways (India)
Moneycontrol
SIAM India
Society of Manufacturers of Electric Vehicles
Tata Motors
Website (cleanmobilityshift.com)
Website (team-bhp.com)

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