Demand for Electric Vehicles in India picks up exponentially, EV sales triple in FY22

Tata Motors, an Indian carmaker, won the category with sales of 15,198 electric cars and a market share of 85.37%, while MG Motor India, which sold 2,045 cars, won second place and a market share of 11.49%.

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Data gathered by automotive dealers' group FADA shows that sales of electric vehicles in the nation increased by nearly threefold in the previous fiscal year. Two-wheeler dominated the sector. EV retail sales in 2021-22 reached 4,29,217 units, a threefold increase from 1,34,821 units in 2020-21, according to the industry group.

In the 2019-20 fiscal year, total EV sales were 1,68,300 units, according to the report. In the most recent fiscal year, retail sales of electric passenger vehicles rose from 4,984 units in FY21 to 17,802 units, according to the Federation of Automobile Dealers Associations (FADA).

Tata Motors, an Indian automaker, dominated the sector, selling 15,198 vehicles and holding an 85.37% share. In 2020-21, the Mumbai-based firm sold 3,523 units via its retail outlets. With sales of 2,045 units, MG Motor India came in second place with a market share of 11.49% in the past fiscal year. A total of 1,115 units were sold in the 2020-21 fiscal year.

Mahindra & Mahindra and Hyundai Motor India stood at third and fourth places with dispatches of 156 and 128 units respectively, both settling for a market share of less than 1%. Mahindra & Mahindra and Hyundai had sold 94 and 184 units respectively in the 2020-21 fiscal, FADA data said.

Electric two-wheeler retail sales last fiscal stood at 2,31,338 units, a jump of over five-fold from 41,046 units in 2020-21, it stated. Hero Electric led the segment with sales of 65,303 units, grabbing 28.23% share in the domestic market.

It was followed by Okinawa Autotech which retailed 46,447 units last fiscal. Third place was taken by Ampere Vehicles with sales of 24,648 units. Hero MotoCorp-backed Ather Energy stood at fourth position with the registration of 19,971 units in 2021-22.

Bengaluru-based Ola Electric with sales of 14,371 units stood at sixth position, while TVS Motor Company with registrations of 9,458 units took the seventh position last financial year.

FADA, which gathered data from 1,397 of the total 1,605 regional transport offices, said that total electric three-wheeler sales last fiscal stood at 1,77,874 units, registering an increase of two-fold over 88,391 units in the preceding fiscal.

Similarly, FADA noted that electric commercial vehicle sales rose to 2,203 units last financial year as compared with 400 units in FY21.

With inputs from PTI