EV Sales Trend Update, October 2022, India

This got delayed, but I hope it provides the same or more value.

For the first time, we have more than 1 lakh EVs registered in a month. The sales are up 28% monthly and a whopping 210% compared to October last year.

The majority of the sales are driven by electric two and three-wheelers (93%) as has been the case so far. Electric four-wheelers (4%) and buses (<1%) continue to make a very small contribution to overall numbers.

The top five states with the most number of registrations have more or less remained the same as compared to last month.

However, Chhattisgarh witnessed the highest m-o-m rise of 82% in registrations, followed by Delhi at 69% (nice), and Maharashtra at 44%.

The category driving the market, electric two-wheelers (E2W) has witnessed impressive growth, given the increased public awareness and the number of unique choices that consumers have in almost all segments.

As can be seen in the last chart, the total number of E2W sold in October is 79,844, which is 50% more than in September 2022, and a massive 314% from the same period last year, 3x in one year.

But these numbers are still very low if compared with ICE two-wheelers sales in a month, less than 5%. So we have a long way to go.

Stay tuned for more updates.

Source: JMK Research & Analytics and PlugInIndia