The economy of every country runs on analysis. This cycle runs on demand, sales, forecast, and other aspects. Every single sale carries high significance in report preparation. India has achieved a significant mark in EV sales in May.
It is excellent news for the nation as sales of EVs exceeded the mark of 1,50 000 in May. There are many other aspects of this news. In this write-up, we shall discuss this news in detail and have an analysis of it. Moreover, we shall look at the trends that have surpassed this achievement of electric vehicles in May 2023.
Electric vehicles’ sales trends in the past decade
Electric cars are one of the sectors undergoing rapid development. It has been a decade of slow and fast achievements that India has seen. Before throwing light on the headline of this write-up, let’s glance at its trends.
The sales of electric vehicles have increased an alarming growth of 155% as demand has accelerated. It includes the sales of two-wheelers, three-wheelers, and cars.
Electric two-wheeler sales have risen to 7 20 000 in the last decade. The hike in the sales of electric three-wheelers has been raised to 4, 00, 000. Cars have reached the mark of more than 125% growth in the financial year 2022.
The overall sale of electric vehicles has crossed the million mark in the past year. These points are written step-by-step in accordance with this phase:
- As the financial year 2022-23 ended, the sales recorded by 6 pm were relatively high. They were 11 71 944 units. It was the first time they hit the million mark.
- The sale of electric vehicles was 10 23 735 units until the current year, 2022.
- In FY 2022, the sale of electric vehicles was 458746 units. This happened despite the rise in the prices of CNG and diesel.
- In March 2023, the sales of electric vehicles saw a hike of more than 1 50, 000 units’ sales. This started in October of 2022, right after the festive season.
- The sale of electric two-wheelers has accounted for 61.5% growth in the electric two-wheelers sector.
- On the other hand, electric three-wheelers accounted for a growth rise of 47% in the same year.
- The combined sales of electric two-wheelers and three-wheelers have accounted for a growth rate of 95% in the financial year 2022-23.
This is the data of electric vehicles that sold an excellent number of units in the financial year 2023. It’s obvious here that the growth rate in the sales of two-wheelers and three-wheelers is tremendously high.
Brand-wise sales in the financial year 2023
- Ola Electric has a 21% share of the vehicle market, with 151 344 units in March 2023. In the financial year 2022-23, this amount was 12 612 units. This accounted for approximately 185% of growth. It is the only brand to exceed the mark of 1, 00 000 units.
- Okinawa Autotech has sold 94 133 units and held second place in the financial year 2022-23.
- The top six brands sold 75 000 plus units, and the combined sales summed up to 585 143 units in the financial year 2023. It formed 80% of the growth.
- Hero Electric lost its second position and gained the third position with a sale of 89 165 units. The drop in sales was due to the revision of the FAME act and reduction in its subsidy, with no significant impact on the sales of its other products.
- The next rank was of Ampere vehicles. It sold 83 659 units in the financial year 2023.
- The next rank was of the brand TVS Motor Co. They were expecting the third rank, but unfortunately, Ampere vehicles took this place in this financial year. There was a difference of 3094 units.
- iQube doesn’t hold any such rank as of now. However, it’s planning to introduce its brand new product in 2024. Therefore, it can expect its rank in the upcoming financial year.
- OEM Ather Energy e-scooter- the start-up that belongs to Bangalore, sold 76 227 units. They are expecting more sales in the next financial year, 2024.
These are the brands that could secure a decent rank in the financial year 2023. Some are achievers in the ongoing financial year 2023, while some are looking forward to it. This is possible as many companies are all set to bring their new innovation to the market.
FAME scheme and its impact on the sale of electric two-wheelers
Perhaps the FAME scheme introduced by the government of India is responsible for this hike in the financial year 2023.
This is because they have taken a decision to revise the subsidy. This subsidy was planned to give to the manufacturers of electric two-wheelers. However, the latest decision to raise the price of electric two-wheelers from June 1, 2023, caused this hike.
Besides, the reduction in subsidy and the overall purchase price has led to this hike. This has proved to be a good thing for the entire electric vehicles market. May 2023 is the eighth month which is witnessing the exceeding of sales of more than 1, 00 000 units. This number will increase in the upcoming financial year 2024.
The sale of 1, 50 000 electric vehicles is really a great benchmark in the history of India.
This is supposed to boost the electric vehicle sector in the upcoming time. Whatever happened in its background has been discussed in this write-up.
The figures for sales of electric two-wheelers, electric three-wheelers, and cars show growth. This growth used to be a dream.
However, the revision of the FAME scheme has made it a reality. India is proud of this achievement and hopes for more news like this in the future. This is definitely a boost to the electric vehicles sector of the automobile industry. Moreover, it is an addition to the economic milestones of the country.