EV Sales In India Cross 4 Lakh Units Since April 2021

Last Updated on April 12, 2022 by Anu Joy

In recent months, the Indian market has experienced a boom in the adoption rates of EVs. According to the Federation of Automobile Dealers Association (FADA), retail sales of electric vehicles were 4,29,217 units in FY22 (April 2021-March 2022), up from 1,34,821 units in FY21 (April 2020-March 2021).

These figures are more than 200 percent of the sales in FY21 and 155 percent higher than that in the previous year. This significant increase in numbers can be attributed to a variety of factors, including the alleviation of chip shortages, the availability of a greater variety of choices in the market, high fuel prices, governmental subsidies under FAME II, and many others. The figures are positive, and electric two- and three-wheelers continue to lead the way.

India is still a two-wheeler market, and the two- and three-wheeler sectors led the growth in the fiscal year, with sales of 2,31,338 and 1,77,874 units, respectively. A careful examination of the FADA statistics reveals that the top five companies accounted for 74 percent of the overall market share with Hero Electric taking the lead (65,303 units), followed by Okinawa Autotech (46,447 units), Ampere Vehicles (24,648 units), Ather Energy (19,971 units), and Pure Energy (14,862 units). The remaining space was taken up by electric four-wheelers.

Tata Motors continues to be the market leader in the four-wheeler class, with 15,198 units sold, followed by MG Motor with 2,045 units. While Tata has Nexon and Tigor, MG Motors has only one option in the market, the ZS EV. Both companies are reported to be working on bringing more electric vehicles to market in the coming months.