Economy

EV sales double in 2021, cross 3 lakh-mark

Balachandar G | | Updated on: Jan 05, 2022
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The electric two-wheeler segment continues to drive EV volumes in the country

With record volumes in December, total registered electric vehicle (EV) sales in India more than doubled in 2021 as compared to 2020 and crossed the three-lakh mark in 2021, the highest-ever annual volumes.

The EV segment continued its sales momentum in December, clocking 50,889 units, up 21 per cent on a sequential basis and a jump of 240 per cent year-on-year. This is the first time EV registrations have crossed the 50,000-mark in a month, according to the Union Ministry of Road Transport and Highways.

The total registered EV sales for the full calendar year 2021 crossed the three-lakh mark and stood at 311,339 units. In 2020, it stood at about 119,654 units, while the total number for 2019 was 161,312 units.

The electric two-wheeler segment continues to drive EV volumes in the country. The overall high-speed electric two-wheeler sales in December 2021 stood at 24,725 units, up 10 per cent sequentially and a whopping 444 per cent year-on-year.

The total high-speed electric two-wheeler sales for 2021 are estimated at 1.37 lakh units, according to data compiled by JMK Research.

Alternatives to ICE

“Higher purchase costs of internal combustion engine (ICE) two-wheelers and fuel prices have adversely affected the TCO (total cost of ownership) equations, compelling prospective buyers to look for alternatives. And electric two-wheelers have timely emerged as the most competent and comparable alternative to ICE 2Ws. So, the outlook for this disruptive tech looks bright,” said Suraj Ghosh, Associate Director, Powertrain & Compliance Forecasts-South Asia, IHS Markit.

However, industry analysts point out that the demand for electric two-wheelers has to turn organic before the subsidy schemes run out. Because at present Central and State governments’ promotional programmes have played a vital role in helping electric two-wheelers achieve price parity with ICE vehicles.

The Top 10 players – Hero Electric, Okinawa Autotech, Ampere, Ather, Pure EV, TVS Motor, Benling India, Revolt, Bajaj Auto, Jitendra New EV Tech - accounted for 94 per cent of the total electric two-wheeler registrations recorded in December 2021. Also, after a gap of about seven months, sales of Okinawa were higher than Hero Electric’s volumes in December 2021,” says JMK Research.

Total electric car sales stood at 2,522 units in December 2021, up 64 per cent over the previous month and 410 per cent year-on-year in registrations. Tata Motors was the major driver of electric car sales during the month, accounting for 93 per cent of the total registrations in December 2021.

The sales of registered electric three-wheelers (both passenger and cargo-type) in December 2021 stood at 23,373 units, a sequential growth of 29.8 per cent.

Electric two-wheelers and passenger-type electric three-wheelers accounted for 90.3% of total registrations in December 2021. Electric cars accounted for 5 per centand cargo electric three-wheelers held 4.3 per cent share.

Published on January 05, 2022

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