Electric vehicle sales slump 19.4% in FY2021 to 238,120 units
Electric vehicle sales in India registered a 19.4% slump to 238,120 units in FY2021 from 295,497 units recorded in FY2020, as revealed by the Society of Manufacturers of Electric Vehicle (SMEV). The sales volume for the electric vehicles includes cumulative sales of electric two-wheelers, three-wheelers, and four-wheelers as well.
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This decline in sales of electric vehicles comes after a consecutive growth of 5 years. The electric two-wheelers grabbed the largest chunk of the electric vehicle sales in India in FY2021, as the segment contributed more than 60% of total sales, despite the 5% decline in sales as compared to the FY2020. In FY2021, electric two-wheelers recorded 143,837 units, as compared to 152,000 units sold in FY2020.
The majority of the electric two-wheeler sales came from the low-speed models, which contributed 103,000 units, while the high-speed electric two-wheelers sold 30,836 units. The shift of focus towards personal mobility, increased fuel prices, non-requirement of vehicle registration and driving licence are the key factors that played crucial roles in the sales of low-speed electric vehicles.
Besides the two-wheelers, another segment that has contributed to the greater penetration of electric mobility in the Indian automobile space is the three-wheeler segment. The electric auto-rickshaws that provide last-mile connectivity have been playing a key role in the growth of e-mobility in the country.
Despite a 37% sales decline in the segment, the electric three-wheelers sold 88,378 units in India in the last fiscal, as compared to 140,683 units recorded in the FY2020.
However, this number doesn't include the electric three-wheelers that have not registered to the transport authorities. The significant drop in sales in the last financial year was attributed to the incessant lockdowns and negative sentiment towards public mobility.
Meanwhile, the electric passenger vehicle sales have registered the all-time highest number in FY2021. The segment where the Indian market has models like Tata Nexon EV, Hyundai Kona EV, MG ZS EV, Mercedes-Benz EQC; the Nexon EV grabbed the crown of India's bestselling electric car with 3,803 units sold in FY2021.
The electric passenger vehicle segment has recorded a whopping 110% growth in the FY2021, with 5,905 units sold, as compared to 2,814 units registered in the FY2020.