In the fiscal year 2024, India witnessed a remarkable surge of 42% in electric vehicle (EV) sales, totalling 1.67 million units, a report from JMK Research & Analytics, said. The e-car segment experienced the highest year-on-year growth of 90%, propelled by the burgeoning logistics and e-commerce sectors and favourable cost economics.
E2W Segment
The electric two-wheeler (E2W) segment demonstrated a robust growth of 29% year-on-year, with an EV penetration rate of 5.39% compared to 4.54% in the previous fiscal year. Consolidation within the market became apparent, with the top three players commanding a substantial 65.49% market share.
E3W Passenger Segment
In the E3W passenger segment, sales surged by 53% year-on-year, driven by favourable cost economics, resulting in an EV penetration rate of approximately 56%. Major players like Mahindra witnessed a significant year-on-year growth of around 69%.
E3W Cargo Segment
The E3W cargo segment experienced an impressive 83% year-on-year growth, with the top three players accounting for approximately 27% market share. Mahindra, a key player in this segment, demonstrated notable growth of approximately 67%.
E-Cars
Despite limited models available, the e-car segment recorded substantial growth of 90% year-on-year. Mahindra emerged as a significant player, witnessing a multi-fold increase in sales from the previous fiscal year.
E-Bus Segment
E-bus sales witnessed a remarkable increase of 79% in FY2024, reaching 3,607 units. Tata Motors secured a significant market share of approximately 50%, propelled by tenders from public sector entities and State Transport Undertakings (STUs).
The momentum in the EV sector is expected to continue with the introduction of the Electric Mobility Promotion Scheme (EMPS) and the forthcoming rollout of FAME-III. These initiatives aim to accelerate EV adoption by providing incentives across various categories, signalling a promising trajectory for the Indian EV market.
Also Read:
New EV Import Policy Will Boost Electric Passenger Car Manufacturing