Tata Motors leads Indian EV market with a market share of 72%: Canalys

By promoting 34,000 electrical autos through the first half of 2023, Tata Motors captured a 72 per cent share in India’s electrical automobile (EV) market, information launched by Canalys confirmed.

The contributors to this included excessive gross sales numbers of Tiago, Nexon and Tigor fashions. Tata has already introduced its plans to introduce 4 extra EVs by 2024. Based on the information, Tata Motors is adopted by MG Motor with a share of 10.8 per cent and Mahindra at 9 per cent. 

Tiago was the highest-selling EV automotive in India, adopted by Nexon and Tigor. Mahindra XUV400 and MG ZS had been the opposite two within the prime 5.

The info additionally revealed that the gross sales of EVs in India jumped 137 per cent to 48,000 models in HICY23 as in comparison with H1CY22. EVs at present occupy 2.4 per cent of the Indian market. 

“Persevering with its momentum from 2022, the Indian EV market grew considerably in H1CY23. There’s now a sensible choice of cheap and premium EVs, offering an inclusivity-driven growth through the first half of the yr to potential clients,” stated Ashwin Amberkar, an analyst at Canalys.

“Inexpensive, feature-loaded EVs are attracting budget-conscious patrons and it has widened the market’s attain throughout numerous financial lessons this yr. Premium EVs with an extended vary and options together with superior connectivity, upgradable infotainment and ADAS expertise have proved standard with tech-savvy eco-conscious professionals.”

Based on Canalys, MG Motors surpassed 10 per cent market share, largely because of the success of the MG ZS and MG Comet (also referred to as the MG Air), which gained traction in chosen markets.

In the course of the interval, Mahindra offered a direct problem to Tata with its XUV 400, securing a considerable 9 per cent market share. Equally, Citroen’s eC3 EV achieved a 3.5 per cent market share, reflecting a constructive market response to extra reasonably priced compact EVs.

Hyundai launched its second EV, the Ioniq 5, sharing the platform with the Kia EV6. The automaker additionally introduced that it’s going to launch 5 EV fashions in India by 2032.

Maruti Suzuki, India’s main automotive producer, stated it would launch its first EV in 2024 and plans to launch six extra fashions by 2030.

“Maruti is late with EVs, however its scale and ambition give it the potential to dramatically increase the scale of the Indian EV market,” Canalys stated.

“Regardless of elevated competitors in 2023, Canalys expects Tata to proceed to dominate the market, with the Tiago remaining essentially the most reasonably priced EV available in the market,” Amberkar stated. “Extra deliveries will proceed in H2CY23, with the potential to extend the market share of EVs to over 3.5 per cent.”

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