India Witnesses Significant Surge In Electric Vehicle Registrations In December 2021: Analysis

For the past few years, electric vehicle adoption has been expanding across India. More specifically, electric two-wheelers are driving EV growth in India, aided by the pandemic's increased desire for personal mobility. A recent analysis has also revealed that in December 2021, there was a record 240 per cent jump in the year-on-year number of sales of EVs.

Various regulations are being developed to reward and encourage electric vehicle manufacturers, as well as to provide benefits to consumers who are early adopters. With several model introductions and new companies hitting the market, electric car registrations have now surpassed 50,000 vehicles in a single month for the first time.

According to an analysis by JMK Research & Analytics—a firm specialising in renewable energy, electric mobility and the battery storage sector for Indian and international clients—overall EV sales are increasing, with 50,866 units sold in December 2021, representing a month-on-month rise of 21 per cent from 42,055 vehicles that were sold in November and a year-on-year gain of 240 per cent.

The analysis mentioned that in India, less than 15,000 vehicles were sold at the same time a year ago in December 2020.

It was also found that Uttar Pradesh continues to have the highest monthly registered EV sales among all states and Union Territories, accounting for 23 per cent of overall sales in India in December last year, with over 10,000 units sold, making it the first state to do so. Maharashtra has the second-highest sales, with 13 per cent, followed by Karnataka (9 per cent), Rajasthan (8 per cent), Delhi (7 per cent), and Tamil Nadu (7 per cent).

The growing cost of fuel has had a significant influence on the average Indian household's monthly budget. This is also precisely expressed in numbers. Over 90 per cent of the total sales were made up of battery-powered two-wheelers and passenger three-wheelers. Two-wheelers alone accounted for 48.6 per cent of all sales, almost half of the total.

Electric cars made up only 5 per cent of the total, while electric cargo three-wheelers made up only 4.3 per cent of the total. This clearly demonstrates the scarcity of affordable electric vehicle options.

As per the analysis, in December last year, overall high speed-electric two-wheeler sales in the country were 24,725 units, representing a 10 per cent year-over-year increase and a 444 per cent increase in registrations. The top 10 players, including Okinawa Autotech, Hero Electric, Ampere Vehicles, Ather Energy, Pure EV and others in this market, accounted for 94 per cent of all registrations in December 2021.

However, while Hero Electric maintained its sales from the beginning of 2021, Okinawa’s constant growth finally surpassed the market giant in the last month of the year.

In the case of electric cars, Tata continued to dominate the market. It led the way in e-car sales last month, accounting for 93 per cent of all registrations in December 2021.

This growth of EV in India indicates that individuals are willing to embrace it if they can find practical answers to their concerns. While there are worries regarding the lack of charging infrastructures in the country, this issue is being addressed, with gas stations and housing societies installing charging points.

Apart from key players like Tata Power, which aims to install 10,000 stations in Indian cities, the government plans to deploy up to 70,000 EV charging centres across the country in the next few years in order to strengthen EV charging infrastructure and accelerate the adoption of such vehicles.