Having experienced the high prices for commodities like steel, copper, aluminium, and other important metals and the erratic challenges due to the semiconductor shortages, the automotive industry has and will continue to function.
What is remarkable is that despite all odds, some passenger vehicle manufacturers have managed to find the way out while others struggled and few lost their ground. For electric PVs in India, the sales, however, saw an upward trend. The first half of 2022 noted the highest ever half-yearly for electric passenger vehicles standing at 20,440 units. The month of June witnessed all-time high sales with 4,451 unit sales with Tata Motors taking the lion’s share of 92 per cent of the total electric PV market share.
Reckoning with the launches, the ease in the supply chains functioning, the increase of consumer interest for SUVs, and the festive season after the long halt caused by the pandemic – every factor contributing to the smooth growth of the PV segment and the same demand can be anticipated to sustain for a good time.
As reported by the Society of Indian Automobile Manufacturers (SIAM), the auto industry body suggests that the Q1 for the last five fiscal years has been consistent with the PV segment standing at only 1 per cent CAGR.
Taking into account the half-yearly growth graph of PV makers, few lost the market share while others gained by attracting more consumer traction over their new product-tech-feature offerings.
The launch of Tata Nexon is believed to have turned the tables for the company. Keeping the design aspect aside, what really worked for this particular SUV is the 5-star Global NCAP rating which actually caught most of the attention and inclination. Tata Motors will still have to work religiously to keep up the momentum.
The recent ado to Tata Motors’ electric product portfolio, the Nexon EV Max which comes with a larger battery pack took the final tally to an all-time high of 3,070 units, according to market reports. Accounting for 13,280 Nexon EV sales, the SUV commands a 65 per cent market share in H1 2022. This also factors in the cost factor that Tata took care of.
The Tata Tigor has also done well and the sales saw an upgrowth. The improved Tata Tigor EV that was launched in H2 2021 scaled sedan share constituting 27 per cent, becoming the second top-sold product after the Nexon.
Even MG Motors India has managed to hold the grip after facelift, the completely knocked down unit MG ZS EV settled for 300 units sales per month.
India is definitely treading the EV adoption way, but even when a lot of players are trying to experiment and bring new models, the EV sector specifically is dominated by only a handful of players. Tata Motors, leading the pack has a 92 per cent market share followed by MG Motors India with a 6 per cent share in the electric PV segment. Hyundai Kona, Mahindra eVerito, and Kia EV6 constitute a negligible share in the Indian electric passenger vehicle market with Kia EV6 wholesale standing at 16 units in H1 2022 and the rest are all fringe players.