The ongoing semiconductor shortage along with long-waiting time for popular models could act as a deterrent for the fast-growing segment.
The Indian electric vehicle market which has been accelerating in the last two-years, especially in 2021, is now witnessing the brunt of semiconductor shortage.
As per data compiled by JMK Research, EV registrations in April 2022 mainly driven by electric two-wheelers and passenger-type electric three-wheelers accounted for 92.92 percent of total registrations in the month. The shares of these categories were followed by e-cars (3.64%), cargo-type electric three-wheelers (3.17%), and so on.
Among all the states and UTs, Uttar Pradesh retained its top spot of EV share with 16 percent of overall sales, followed by Karnataka with 13 percent share. Maharashtra fell to the third spot with 11 percent share, followed by Gujarat (10%), Tamil Nadu (8%), Rajasthan (7%), and Delhi (5%).
While electric two-wheelers have been the low-hanging fruit, high-speed electric two-wheeler registrations came at 49,141 units, signifying a slight decline of 0.91% on MoM (month-on-month) basis however a whopping 866 percent jump over the same period last year. It is important to note that the year-ago base was quite low.
In terms of player wise rankings, Ola Electric dethroned market leader Hero Electric, while Okinawa took the second place. Hero Electric fell to the third position while Bajaj re-entered the top 10 rankings after its brief absence last year, pushing Benling to the 11th place.
Sales of electric three-wheelers (passenger and cargo) in April 2022 stood at 18,738 units and 2,316 units respectively, a decline of 9.59 percent and 26.38 percent respectively.
For the electric passenger vehicle segment, the cumulative sales in April 2022 came at 2,659 units, witnessing a decline of 25.55 percent over the previous month, but a growth of 344.65 percent in registrations albeit a low-year-ago base. Tata Motors saw the highest registration (87 percent market share in the segment) thanks to the economical and popular models – Tiago, Tigor and Nexon.
The cumulative sales of electric buses for the month stood at 164 units, a growth of 116 percent over the previous month and 6 percent YoY. This month’s sales were driven by JBM Auto (30%), followed by PMI Electro (29%), Tata Motors (23%) and Olectra Greentech (18%).