India's EV sales surge 40% to 1.75 million units in FY2024

12 Jun 2024 CW Team

E2Ws led the charge, with sales reaching 1,009,356 units, marking a notable y-o-y growth of 29 per cent. This segment comprised a significant 57.60 per cent of the overall EV sales in FY2024. The increase in E2W adoption was mainly due to heightened awareness and the launch of improved product models that rival internal combustion engine (ICE) vehicles.

E3Ws, both passenger and cargo, demonstrated an impressive 56 per cent Y-o-Y growth, with 634,969 units sold in FY2024. This segment emerged as the most electrified, achieving an overall 52.34 per cent EV penetration in the three-wheeler category. The report attributed this growth to favourable cost economics, rising logistic demands, and an increased need for last-mile mobility.

The electric car (E-Car) category recorded sales of 99,085 units, showing a remarkable y-o-y growth of 82 per cent in FY2024. Despite the on-going upward trend in sales since FY2021, the level of electrification penetration remained relatively stable due to a simultaneous rise in the number of ICE buses.

Electric bus (E-Bus) sales reached 3,708 units during FY2024, exhibiting the highest y-o-y growth of 85 per cent. However, the report highlighted that despite this consistent upward trend, the level of electrification penetration has stayed relatively unchanged over the past few years.

Karnataka led in E2W penetration with 11.63 per cent, in the E-Car category with 4.24 per cent electrification, and in the E-Bus category with 9.77 per cent among the top five states. Uttar Pradesh had the highest three-wheeler passenger electrification rate, with approximately 84 per cent of the category electrified. Rajasthan, Tamil Nadu, and Uttar Pradesh each surpassed 60 per cent electrification in the three-wheeler cargo category in FY2024.

India's electric vehicle (EV) sales soared to 1,752,406 units in FY2024, reflecting a substantial year-on-year (y-o-y) increase of 40.31 per cent compared to the previous fiscal year, as reported by JMK Research & Analytics. This growth was predominantly driven by electric two-wheelers (E2Ws) and electric three-wheelers (E3Ws), which together accounted for 94 per cent of the total EV sales across all categories for the year. E2Ws led the charge, with sales reaching 1,009,356 units, marking a notable y-o-y growth of 29 per cent. This segment comprised a significant 57.60 per cent of the overall EV sales in FY2024. The increase in E2W adoption was mainly due to heightened awareness and the launch of improved product models that rival internal combustion engine (ICE) vehicles. E3Ws, both passenger and cargo, demonstrated an impressive 56 per cent Y-o-Y growth, with 634,969 units sold in FY2024. This segment emerged as the most electrified, achieving an overall 52.34 per cent EV penetration in the three-wheeler category. The report attributed this growth to favourable cost economics, rising logistic demands, and an increased need for last-mile mobility. The electric car (E-Car) category recorded sales of 99,085 units, showing a remarkable y-o-y growth of 82 per cent in FY2024. Despite the on-going upward trend in sales since FY2021, the level of electrification penetration remained relatively stable due to a simultaneous rise in the number of ICE buses. Electric bus (E-Bus) sales reached 3,708 units during FY2024, exhibiting the highest y-o-y growth of 85 per cent. However, the report highlighted that despite this consistent upward trend, the level of electrification penetration has stayed relatively unchanged over the past few years. Karnataka led in E2W penetration with 11.63 per cent, in the E-Car category with 4.24 per cent electrification, and in the E-Bus category with 9.77 per cent among the top five states. Uttar Pradesh had the highest three-wheeler passenger electrification rate, with approximately 84 per cent of the category electrified. Rajasthan, Tamil Nadu, and Uttar Pradesh each surpassed 60 per cent electrification in the three-wheeler cargo category in FY2024.

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