Recent sales figures by the Federation of Automobile Dealers Associations of India (FADA) showed that electric vehicles (EVs) in the country saw a 257 per cent year-on-year sales growth in the last financial year (2021-22).
This is mainly owing to petrol and diesel prices hitting the roof, prompting car buyers to tilt towards EVs instead of fuel cars.
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| Tata Nexon is the highest selling electric vehicle in India. |
And again, Tata Motors led the show, selling over 15,000 cars in the last financial year (85 per cent market share) from around 3,100 in the year earlier, and this is a whopping rise by five times.
Morris Garages (MG) Motors was second in the pecking order, selling just over 2,000 cars even though it has only one EV to offer right now — that is, the MG ZS, bagging over 11 per cent share in India.
Compared to the previous financial year, this growth by MG is 83 per cent, or loosely, almost double the previous year’s sales (of around 1,100).
In the luxury e-car segment, Audi topped the charts with a 130 per cent growth in April compared to March. Audi managed to beat Mercedes-Benz owing to a more extensive line-up of five models.
This comes even as Mercedes-Benz has been present in India’s passenger EV segment earlier — that is, since 2020.
Besides the fuel price hikes, a slew of other factors also led to the skyrocketing of e-car sales. These include central subsidies under the FAME II scheme as well as a wider range of offerings.
Also, people are realising that EVs are the in-thing now and fuel cars would become obsolete soon.
For instance, even in the US, the first quarter of this year saw a surge in electric vehicle sales. And, the charge was by Tesla and Volvo.
Also, one reason for higher sales in the US was similar to India, that is, high price of fuel.
In India’s market, total vehicle sales fell 3 per cent in March 2022 compared to March 2021. It was a whopping 30 per cent fall compared to March 2020 (pre-Covid period).
India’s tilt towards EVs is heartening. But it still falls behind other major markets like China and the US, with a 27 per cent market penetration expected by 2030 (for India).
This compares to the likely EV market penetration of 40 per cent in case of China and 52 per cent for the US.
But by 2040, e-cars in India could surpass the 50-per cent mark (of the total number of vehicles).
Sales of electric two-wheelers in India were also buoyant with the figure touching 2,31,338 units in the last financial year (2021-22).
At the top in this segment was Hero Electric, which sold 65,303 two-wheelers with a skyrocketing 342 per cent sales growth in the concluding financial year compared to the previous one.
Premium brand in this space, Ather Energy, also saw a whopping 350 per cent sales growth. Ather sold 15,570 more two-wheelers in the concluding financial year than the previous year (where the figure was 4,401).
Right now, Hero Electric as well as Okinawa Autotech, Ampere Electric, Ather Energy and Pure Energy occupy three-fourths of the two-wheeler market.
The commercial three-wheeler EV space continues to remain the second-fastest growing segment in percentage terms, year-on-year.
The last financial year saw the e-CV segment grow 451 per cent. In this, Kinetic Green Energy zoomed ahead with an unbelievable 8,230 per cent growth.
EVs, which saw a whopping 257 per cent year-on-year growth in the last financial year, may witness a 500 per cent growth this financial year or by the next, according to our estimates.
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