Year-on-year sales in February 2023 increased by a whopping 94% from February 2022; indicating a significant market growth for electric vehicles
As per the latest report by JMK Research, the sale of electric vehicles (EVs) in India increased by over 5% m-o-m in the month of February. Moreover, on a y-o-y basis, the EV sales trend suggested almost a doubling of the EVs sold in Feb 2023, from that of Feb 2022. While 54,557 vehicles were sold in the market in Feb last year, this February witnessed the sale of 1,05,976 e-vehicles in India.
The Vahan Dashboard of JMK revealed that electric two-wheelers and passenger-type electric three-wheelers were major factors behind EV registrations this month. Notably, these two categories constituted over 90% of total registrations in Feb’23. Further down, the list featured categories like E-Cars (4.26%), cargo-type electric three-wheelers (3.50%), and more.
State of States
Uttar Pradesh witnessed the highest number of EV registrations (16%), followed by Maharashtra (13%) and Karnataka (10%). It must be noted that the state of Tamil Nadu released its EV policy recently. While encouraging the adoption of EVs in the state with a 100 per cent road tax exemption, waiving off registration fees and permit fees for EVs, it also focuses on accelerating EV adoption in commercial vehicles, encouraging public swapping and charging stations and supporting recycling. The policy aims for Rs 50,000 crore investments and the generation of 1.5 lakh jobs in the state.
In another major news, the state transport department of Himachal Pradesh became the first in the country to switch its entire fleet of petrol and diesel official vehicles to electric ones. It will act as a major green push for the environmentally vulnerable state.
It is noteworthy that EV sales underwent a 1.6% m-o-m decline the previous month, i.e., in January 2023. But the y-o-y graph paints a hopeful scenario for the overall industry.
JMK Research & Analytics is a boutique consultancy firm researching solar, wind and e-mobility segments.
