FADA says Electric Vehicle Retail Sales Swells Three-Fold in India

Electric vehicles adoption in India is playing out better than market estimates where fuel prices have been rising unabatedly of late. According to the data released by the Federation of Automobile Dealers Associations (FADA), electric vehicle retail sales in India saw over a three-fold jump last fiscal with the two-wheeler segment ruling the roost. FADA has gathered data from 1,397 regional transport offices to come out with the industry findings.

FADA says that total electric vehicle retail sales came up to 429,217 units in 2021-22 fiscal, which is three times more than 134,821 units sold in 2020-21.  The data discloses that passenger EV retail sales were 17,802 units during the last fiscal, which is also a three-fold increase from 4,984 units sold in 2020-21.

The Indian EV market was dominated by Indian automaker Tata Motors that witnessed a five-fold jump in electric cars. Tata Motors sold 15,198 units last fiscal as against 3,523 units in 2020-21 and captured a market share of more than 85% in the vertical. The second place is occupied by MG Motor, which sold 2,045 units with a market share of over 11%. Mahindra settled at the third place by selling 156 electric passenger cars. Hyundai Motor was at the fourth position, with just 128 units sold last fiscal. FADA says that both of them managed a market share of under one percent in India.

Splendid growth of electric two wheelers

The EV market is buoyant on the electric two wheeler segment. FADA data reveals that there has been a five-fold jump in its sales. In 2021-22 fiscal, electric two-wheeler retail sales stood at 231,338 units as compared to 41,046 units in 2020-21.

Hero Electric had the highest share of more than 28% with registration of 65,303 units in the Indian market. Okinawa Autotech sold 46,447 units to stand at second place with more than 20 per cent share and Ampere Vehicles retailed 24,648 units to be at third.

Ather Energy, a company backed by Hero Motor – retailed 19,971 to stand at the fourth position. Bengaluru-based Ola Electric could sell only 14,371 units in 2021-22 fiscal.

FADA data also reveals that electric three-wheeler sales also jumped two fold in the last fiscal when compared to the previous fiscal of 2020-21. A total of 177,874 units were registered against 88,391 units in the preceding fiscal. At the same time, 2,203 units of commercial EVs were sold as compared to just 400 units in the 2020-21 fiscal year.