India’s electric vehicle (EV) market registered a significant uptick in sales, crossing 1.7 million units in the fiscal year 2024, according to a report by JMK Research & Analytics.
The report detailed that electric two-wheelers (E2Ws) constituted over 55% of the annual EV sales, totaling 41,35,077 units by the end of FY2024. The passenger electric three-wheeler (E3W P) followed with approximately a 32% market share.
In terms of geographic distribution, Uttar Pradesh, Maharashtra, Karnataka, Tamil Nadu, and Rajasthan emerged as the top EV-selling states, together accounting for over 50% of the market share.
Specifically, the E2W segment saw an annual increase of about 28% in FY2024 compared to FY2023. The leading players in this category were Ola Electric, TVS Motor, and Ather, who collectively held more than 65% of this market.
Furthermore, the combined sales of passenger and cargo electric three-wheelers increased by 55% year-on-year. The top companies in the passenger E3W category were Mahindra Last Mile Mobility, YC Electric Vehicle, and Saera Electric, with market shares of 9.01%, 7.14%, and 5.08% respectively. In the cargo E3W segment, Mahindra Last Mile Mobility, Omega Seiki, and Piaggio Vehicles led the market.
Electric cars also showed remarkable growth, with sales surging by more than 80% over the previous year. Tata Motors dominated this segment with over 65% market share, followed by MG Motor which held about 13%.
The electric bus segment was not left behind, witnessing an 84% increase in sales in FY2024. Tata Motors, JBM Auto, and Olectra Greentech were the top three players, collectively accounting for more than 75% of the E-bus market.
Additionally, the report covered the supply dynamics of battery packs, with iPower, Trontek, Amara Raja, and Inverted being the major suppliers in FY2024. It also mentioned the installation of over 41,000 slow and fast charging points by leading providers up to the end of FY2024.
This surge in EV sales highlights a robust shift towards electric mobility in India, supported by growing infrastructural developments and market readiness for a range of electric vehicles from two-wheelers to buses.
