With the highest-ever monthly volumes in March this year, the total EV registrations in the country reached close to 1.2 million for the fiscal year 2022-23, driven majorly by electric two and three-wheelers.

The total sales of battery-powered vehicles (all segments included) in FY23 stood at 11,80,753 units, which was higher than the combined EV volumes registered in the last nine years in the country. In FY22, total EV volumes stood at 4,58,748 units, according to data provided on Vahan Dashboard.

Over the past six months, the EV segment has been registering monthly volumes of more than a lakh units.

In March 2023, the total EV registrations stood at 1.40 lakh units, which was the highest-ever monthly volume recorded to date. Also, the March 2023 quarter reported the highest-ever quarterly volumes at 3.5 lakh units when compared with 2.23 lakh units in Q1, 2.65 lakh units in Q2, and 3.43 lakh units in Q3. In Q4 of FY22, volumes of total battery-powered vehicles stood at 1.93 lakh units.

Total electric two-wheeler volumes stood at 7.27 lakh units in FY23, accounting for about 62 per cent of the battery-powered vehicles sold in the country during the period. In the year-ago period, total E2W volumes stood at 2.53 lakh units, accounting for 55 per cent of total EV volumes. All India average penetration of electric two-wheelers stood at 5 per cent in the electric two-wheeler segment.

Reasons behind increased adoption

As high prices of fuel have been posing challenges for the purchase of traditional two-wheelers, improved awareness, tightening of safety battery norms by the government, incentives by States, and introduction of new two-wheelers wheelers with improved safety standards in the past six months paved the way for increased adoption of battery-powered vehicles.

Electric three-wheelers’ volumes grew to 4.02 lakh units in FY23 when compared with 1.83 lakh units in FY22, mainly driven by e-rickshaws, which have taken the penetration levels to more than 50 per cent now. E3Ws accounted for about 34 per cent of total EV registrations in FY23.

Company stats

According to Vahan data, Ola Electric retained its leadership position in the electric two-wheeler segment with total registrations of 1.53 lakh units in FY23. While Okinawa’s volumes stood close to 95,000 units, Hero Electric sold about 89,000 units of electric two-wheelers.

Ampere Electric’s E2W registrations stood close to 85,000 units, while TVS Motor Company’s electric scooter sales were at about 82,000 units in FY23. Ather Energy sold about 77,000 units.

Total electric car sales stood close to 47,000 units in FY23 when compared to 18,500 units sold in FY22.