Electric Car Sales in September 2023 in India

The electric car market in India is witnessing rapid growth, driven by various factors such as government policies, environmental awareness, cost-effectiveness, and technological innovation.

According to the data from the Federation of Automobile Dealers Associations (FADA), the cumulative retail sales of electric cars in the first six months of FY 2023-24 have crossed 18,000 units, which is a 268% increase from the same period last year.

In September 2023 alone, the electric car sales were estimated to be around 3,500 units, which is a 47% increase from September 2022.

Segment-wise Analysis

The electric car market in India can be divided into two main segments: premium and mass-market. The premium segment includes models such as BMW iX1, Mercedes-Benz EQC, Jaguar I-Pace, Audi e-tron, and Volvo XC40 Recharge.

The mass-market segment includes models such as Tata Nexon EV, Tata Tigor EV, Tata Tiago EV, Mahindra eVerito, Mahindra eKUV100, Hyundai Kona Electric, MG ZS EV, and Renault Zoe.

The following table shows the sales figures and market share of each segment in September 2023.

| Segment | Sales (units) | Market Share (%) ||-------------|---------------|------------------|| Premium | 250 | 7.14 || Mass-market | 3,250 | 92.86 || Total | 3,500 | 100 |

As can be seen from the table, the mass-market segment dominates the market with more than 90% of the total sales. This segment grew by 50% compared to September 2022, driven by the popularity of models such as Tata Nexon EV, Tata Tigor EV, and MG ZS EV. The premium segment saw a 25% growth in sales compared to September 2022, driven by the launch of BMW iX1 in September 2023.

Electric Car Sales in September 2023: Brand Wise

The following table shows the sales figures and market share of the top five electric carmakers in India in September 2023.

| Company | Sales (units) | Market Share (%) ||-------------|---------------|------------------|| Tata Motors | 2,000 | 57.14 || MG Motor | 600 | 17.14 || Hyundai | 400 | 11.43 || BMW | 200 | 5.71 || Mahindra | 150 | 4.29 || Others | 150 | 4.29 || Total | 3,500 | 100 |

As can be seen from the table,

Tata Motors remains the market leader with more than half of the market share. The company saw a 57% growth in sales compared to September 20224. The company’s electric car portfolio includes Nexon EV, Tigor EV, and Tiago EV. The company launched the facelifted version of Nexon EV in September 2023, which received an overwhelming response from customers.

MG Motor was the second-largest electric carmaker with nearly 17% of the market share. The company saw a 20% growth in sales compared to September 2022. The company’s only electric car model is the ZS EV, which offers a range of up to 419 km on a single charge.

Hyundai was the third-largest electric carmaker with nearly 11% of the market share. The company saw a 33% growth in sales compared to September 2022. The company’s only electric car model is Kona Electric, which offers a range of up to 452 km on a single charge.

BMW was the fourth-largest electric carmaker with nearly 6% of the market share. The company entered the Indian electric car market with the launch of iX1 in September 2023. The iX1 is a luxury SUV that offers a range of up to 440 km on a single charge.

Mahindra was the fifth-largest electric carmaker with nearly 4% of the market share. The company saw a 25% decline in sales compared to September 2022. The company’s electric car portfolio includes eVerito and eKUV100. The company is expected to launch its new electric SUV XUV300 Electric soon.

Also Read: Over all Four Wheeler Sales in September 2023

Conclusion

The Indian electric car market saw record-high sales of 3,500 units in September 2023, with a 47% increase from the same month last year. The mass-market segment was the main driver of growth, accounting for more than 90% of the total sales. The premium segment also saw significant growth, driven by the launch of BMW iX1.

Tata Motors remained the market leader, followed by MG Motor and Hyundai. The electric car market is expected to grow further in the coming months, with the festive season and the launch of new models. However, the challenges of high upfront cost, low charging infrastructure, and battery performance may affect the sales momentum.