Electric Passenger Vehicle Market Share in India Doubled in March 2023: FADA

Electric passenger vehicle market share doubled in March 2023. According to the Federation of Automobile Dealers Association (FADA), the year-on-year (YoY) market share of electric passenger vehicles has doubled to 2.6 percent in March, against 1.3 percent in March 2022.

FADA is the apex national body of the automobile retail industry in India engaged in the sale, service and spares of two- or three-wheelers, passenger cars, utility vehicles, commercial vehicles and tractors.

According to FADA’s data for electric vehicles, retail sales of electric passenger vehicle (PV) in March 2023 has seen a YoY growth of 130 percent.

A total of 8,566 electric passenger vehicles were sold in March 2023 as against 3,718 units sold a year earlier. In terms of month-on-month (MoM) sales, it has seen an 87.85 percent growth. During February this year, a total of 4,560 electric passenger vehicles were sold.

Tata Motors tops the sale chart by selling 7,137 electric passenger vehicles out of the total of 8,566 units sold in March.

According to FADA, vehicle retail data have been collated as on April in collaboration with the Ministry of Road and Transport and have been gathered from 1,349 road transport offices out of 1,435 RTOs.

Sales of electric two-wheelers have seen a 57.71 percent YoY growth during March 2023. A total of 85,793 electric two-wheelers were sold in March this year, against 54,400 units sold in March 2022. The market share of electric two-wheelers grew to 5.9 percent from 4.2 percent in March 22.

Sales of electric three-wheelers have seen an 82.21 percent YoY growth during March. A total of 45,229 electric three-wheelers were sold in March this year, against 24,823 unit sold in March 2022. The market share of electric three-wheelers grew to 52.1 percent from 48.2 percent in March last year.

Sales of electric commercial vehicles have seen a 171.32 percent YoY growth during March 2023. A total of 350 electric commercial vehicles were sold in March this year, against 129 units sold in March last year. The market share of commercial electric vehicles grew to 0.38 percent from 0.15 percent in March last year.

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