EV segment appears to be on path of recovery after a challenging last year
Data published by CEEW Centre for Energy Finance (CEEW-CEF) on its electric mobility dashboard reveals that close to 1.34 lakh EVs were sold in FY21. This is lower than the numbers in FY20 and FY19. However, when we look at percentage share of EVs in total vehicle sales of India, the figure is 0.88%. This is the highest ever in a financial year. Cumulative sales of EVs since FY12 have crossed 6.38 lakh units.
Category wise EV sales
Three wheeler EVs continue to lead in terms of sales numbers in FY21. A total of 88,378 units were sold, which is 66.04% of total EV sales. Two wheelers are next with sales of 40,837 units. Share in sales is 30.51%. 4-wheeler EVs are placed at third place with sales of 4,588 units. Percentage share in sales is 3.43%. Goods vehicle EV sales were just 28 units in FY21.
Comparing the data with previous years, three wheeler EVs have lost quite a bit of their sales. Three wheeler EV sales in FY20 were close to 1.41 lakh units. In comparison, both two wheeler and 4-wheelers have registered significant YoY growth in FY21. As for goods vehicle EVs, their sales have been declining since FY18.
4-wheeler EV segment is expected to register strong growth in the near future, as more than 23 new products are scheduled for launch by FY22. CEEW-CEF’s dashboard also reveals the savings one can make by switching from petrol to an electric vehicle.
In Delhi, if a user shifts from petrol sedan to EV sedan, the cost savings work out at Rs 30,000 per annum. In case of two wheeler EVs, the savings work out at around Rs 8k per annum.
EV sales – statewise data
Uttar Pradesh, Bihar and Karnataka are the top three states, based on their contribution to EV sales in FY21. Uttar Pradesh alone contributed close to a quarter of overall EV sales. A total of 31,584 EVs were sold in the state in FY21. The top ten states in EV sales contributed around 88% of the overall EVs sold in FY21.
Data on FAME-II subsidy scheme reveals that there’s a lot more potential to be unlocked in EV space. Only 4.25% of sales targets have been achieved under FAME-II. It is possible that many buyers are still not aware of the various subsidies and benefits available under FAME-II.
By 2030, total EV sales in the country are expected to cross 14.8 million units. To get there, all stakeholders will have to make efforts to resolve the current set of issues such as range anxiety, lack of readily available charging stations, high upfront cost of EVs, and limited finance options.