Overview of electric vehicle sales in November 2023

Electric vehicles (EVs) are experiencing explosive growth, driven by a confluence of factors including technological advancements, government incentives, and a growing awareness of the environmental impact of traditional fossil fuel vehicles.

Sales of EVs have been doubling annually, with November 2023 alone witnessing a 27.15% increase compared to the previous year same month. This upward trajectory shows no signs of slowing down, with experts predicting EVs to capture a significant portion of the global automotive market in the coming years. Several key factors fuel the surge in EV adoption.

November 2023 witnessed a booming EV market, with sales soaring 9.54% from the previous month, reaching 152,514 units. This growth continues the upward trend, with a 27.15% increase from November 2022.

Registered EV Sales Trend in India (November 2022– November 2023)

Electric two-wheelers and three-wheelers saw a significant increase in registrations in November 2023, contributing to 91.73% of the total and solidifying their position as the leading segment of the Indian EV market.

This month, Uttar Pradesh was the top state and UT in terms of EV registrations, with Maharashtra coming in second. Karnataka climbed to third place this month, accounting for 10.20% of the market. Chhattisgarh has surpassed Assam to become one of the top 12 states in the country this month.

State-wise Registered EV Sales in November 2023

High-Speed Electric Two-Wheeler (HS-E2W)

High-speed electric two-wheeler (HS E2W) sales in India saw a significant surge in November 2023, reaching 91,172 units, a 22% increase compared to the previous month. This growth was driven by strong sales from the top 10 players in the industry, who accounted for nearly 91.14% of all registrations. Moreover, November 2023 witnessed a 19% year-on-year (YoY) increase in E2W sales compared to November 2022, highlighting the increasing popularity of electric two-wheelers in the Indian market.

High-Speed E2W Sales Trend

November 2023 saw Ola Electric solidify its market leadership, selling 29,764 units and securing a substantial 32.6% market share. TVS held onto second place, and BGauss made a welcome return to the top 10.

Top High-Speed E2W Players in November 2023

Electric Three-Wheeler (E3W)

In November 2023, registered passenger and cargo-type E3W sales were 48,729 units and 5,033 units, respectively, with a 5% m-o-m decline in passenger E3W and a 1% decrease in freight E3W. Overall E3W sales decreased by 5% month over month.

On a year-over-year basis, passenger E3W sales in November 2023 climbed by 37%, while cargo E3W sales increased by more than 50%, compared to passenger and cargo-type E3W sales in November 2022, respectively.

Sales Trend of E3W – Passenger (Left) and E3W – Cargo (Right)

In November 2023, the top eight electric 3-wheeler players’ combined sales across passenger and freight sectors accounted for 37.34% of the whole E3W market. Mahindra was top (10.35% share) and YC Electric was second (6.87% share), respectively. Saera Electric Auto (5.02%), Piaggio (4.12%), Dilli Electric (3.77%), Mini Metro (2.50%), Hotage Corporation (2.43%), and Bajaj Auto (2.29%) were the next best. This month, Bajaj Auto surpassed the incumbent champion Poly to secure a spot in the top eight.

Top E3W Players monthly sales

Electric cars (E-Cars)

In November 2023, total E-car sales were 7,021 units, a 2% decrease year on year. Tata Motors has also been pushing E-car sales this month (with 68.63% of the market share). BMW India has moved into the top five this month, with 259 units sold. E-Car sales in November 2023 climbed by 42% year on year when compared to November 2022.

Player-wise E-car sales trend

Electric Buses (E-Buses)

In November 2023, total E-bus sales were 261 units, representing a 10% rise year on year. E-Bus sales in November 2023 climbed by more than 100% year on year compared to November 2022.

Tata Motors will top the market in November 2023 (with a 61.3% share), followed by Olectra Greentech (24.1%), JBM Auto (8.8%), Mytrah Mobility (4.9%), Pinnacle Mobility (0.3%), and Veera Vahana (0.3%).

Player-wise E-bus sales trend

Source: Vahan Dashboard, JMK Research Report

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. The information is based on various secondary sources on the internet and is subject to change. Please consult with a financial expert before making investment decisions.