The decline in electric two-wheelers (E2Ws) and passenger electric three-wheelers (E3Ws) sales are the primary drivers of this pushback in December
In the latest update from the Indian electric vehicles industry, the overall EV sales in December 2022 saw a month-on-month (m-o-m) decline of around 15% to reach 1,02,212 units. A recent report by JMK Research said that this was the largest downfall this year, more than what was seen in the month of May when EV sales fell by 9% from the previous month. Notably, the decline in sales of electric two-wheelers (E2Ws) by around 16% and in sales of passenger electric three-wheelers (E3Ws) by about 14% are being considered as the drivers of this pushback in December m-o-m EV sales.
However, on the brighter side, EV sales were up by around 100% this month, compared with the same month last year. On a y-o-y basis, the sales doubled in Dec 2022. Registered EV sales in the country were 50,866 units in Dec 2021, but a whopping 1,02,212 last month (Dec 2022).
Moreover, in CY 2022 (January 2022-December 2022), 9,97,909 units of EVs were sold, against the sales of only 3,10,982 units in CY 2021. This indicates a more than three-fold increase in EV sales during this period.
JMK Research further noted that EV registrations in December 2022 were again driven by electric two-wheelers and passenger-type electric three-wheelers, which together accounted for 92.65% of total registrations in the month. The shares of these categories were followed by E-Cars (3.66%) and cargo-type electric three-wheelers (3.52%).
JMK Research & Analytics is a boutique consultancy firm researching solar, wind and e-mobility segments.
