Annual electric vehicle (EV) sales in India hit 1.67 million units in FY2024, a 42% increase year-on-year (YoY)—according to a new report by JMK Research.
The e-car segment registered maximum YoY growth of 90% despite the availability of limited models in this segment in India.
“This clearly shows the future potential of the e-car segment. If fueled with incentives, as done for the E2W and E3W segments in the FAME scheme, the e-car segment is sure to see massive adoption,” stated the report.
Riding on the booming logistics and e-commerce sector, as well as favourable cost economics, the electric three-wheeler (E3W) cargo segment saw an 82% rise in sales.
E2W
The electric two-wheeler (E2W) segment grew by 29% on a YoY basis, compared to the previous year’s YoY growth of 188%. EV penetration reached 5.39% in FY2024. The report stated that the E2W market has started showing signs of consolidation with the top three players commanding 65.49% share in FY2024. TVS and Ola Electric saw the maximum YoY growth of 122% and 114%, respectively.
E3W
In FY2024, E3W passenger segment grew by 53% YoY. EV penetration was the highest (56%) in this segment mainly because of favourable cost economics. The top three players (Mahindra, YC and Saera) accounted for 21% share. Mahindra registered maximum YoY growth of 69% in E3W passenger category in FY2024.
E3W cargo
In FY2024, the E3W cargo segment grew by 83% YoY. EV penetration increased by nearly 10% in this segment on a YoY basis. The top three players (Mahindra, OSM and Piaggio) accounted for 27% share. Mahindra recorded maximum YoY growth of 67% in the E3W cargo category in FY2024.
E-cars
Owing to very limited models in the e-car segment in India, the top three manufacturers contributed to more than 90% of sales in FY2024. Mahindra sales grew multi-fold from 485 units in FY2023 to 6,058 units in FY2024.
E-bus
E-bus sales increased substantially by 79% in FY2024, reaching 3,607 units. This segment is driven by public sector entities, including state transport undertakings. Given multiple allocations under various tenders, volumes are likely to see exponential growth in the coming years. Tata Motors saw tremendous growth in FY2024, commanding a 50% share of the e-bus market.
Outlook
The report stated the EV sales in India grew tremendously in the last few months of FY2024. It expects this momentum to continue as the government has lined up EMPS (Electric Mobility Promotion Scheme) starting from April 1, 2024, along with FAME-III, which will soon be rolled out to accelerate EV adoption with suitable incentives across categories.
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