Jan’23: EV Sales Doubles y-o-y in India; Falls m-o-m

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Sales of electric vehicles in January witnessed a slight decline of 1.6% from Dec 2022; Uttar Pradesh topped in EV registrations

As per the latest report by JMK Research, the overall EV sales in January 2023 saw a y-o-y hike of around 100% from that of EV sales in January 2022. On the downside, though, January sales saw a month-on-month (m-o-m) decline of ~1.6% to reach 1,00,562 units.

Note: Sales figures represent EVs registered across 1,342 RTOs in 34 states/UTs; Others include adapted, goods carrier, and private omnibus

The report noted that EV registrations last month were driven by electric two-wheelers and passenger-type electric three-wheelers, which together accounted for 93.40% of total registrations in January. The shares of these categories were followed by E-Cars (3.30%) and cargo-type electric three-wheelers (3.17%).

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Note: Sales figures represent EVs registered across 1,342 RTOs in 34 states/UTs. Others include Chhattisgarh, Madhya Pradesh, Uttarakhand, Punjab, and 18 other states/UTs.

State-wise data for the month showed that Uttar Pradesh topped the list by replacing Maharashtra in EV registration. Karnataka, with an 11% market share, stood third in the list after Maharashtra. JMK noted that only the top 3 states witnessed an m-o-m increase in sales, almost all the other states witnessed a decline in sales this month.

JMK Research & Analytics is a boutique consultancy firm researching solar, wind and e-mobility segments.


 

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