India's Electric Vehicle Sales Cross 2 Million Mark in 2024, Reflecting Rapid Growth in E-Mobility

Anushka Khare Posted on: 2025-01-13 08:20:00 Viewer: 1,619 Comments: 0 Country: India City: New Delhi

India's Electric Vehicle Sales Cross 2 Million Mark in 2024, Reflecting Rapid Growth in E-Mobility

New Delhi, India (Urban Transport News): India has reached a significant milestone in its electric vehicle (EV) revolution, with sales surpassing the 2 million mark in 2024 for the first time. This surge represents a 24% year-on-year increase, building on the impressive 1.6 million EVs sold in 2023. As a result, the country's overall EV market penetration has grown to approximately 8%, up from 6.8% in the previous year. With over 5.6 million electric vehicles now on Indian roads, the nation is cementing its position as a key player in the global e-mobility movement.

Key Insights from the Electric Vehicle Market in 2024

The breakdown of segment-wise growth highlights the diverse landscape of India’s electric vehicle market:

  • Electric Two-Wheelers Lead the Charge
    Dominating the EV market, electric two-wheelers accounted for nearly 60% of total sales, translating to 1.2 million units. This segment witnessed a robust growth rate of 30% year-on-year, driven by the rising popularity of electric scooters and bikes, especially among urban commuters seeking eco-friendly and cost-effective transportation alternatives. Notably, Ola Electric led the market with over 425,600 units sold, capturing 35.42% of the market share.

  • Electric Three-Wheelers Surge
    The electric three-wheeler segment continues to experience rapid growth, with 694,466 units sold in 2024—a rise of 18% compared to the previous year. Noteworthy is the cargo segment of electric three-wheelers, which saw an explosive 45% year-on-year growth. The boom in logistics and e-commerce, coupled with cost-efficiency, has driven this surge, making it a crucial part of India’s EV landscape.

  • Electric Cars Show Steady Growth
    While smaller in volume, the electric car segment remains a key player, with 99,848 units sold in 2024, reflecting a 6.9% increase from 2023. Though the segment comprises about 5% of total EV sales in India, it continues to show steady growth, largely driven by leading brands like Tata Motors, which holds a dominant share of the market.

  • Electric Buses See a Strong Rise
    The electric bus market saw significant growth in 2024, increasing by 39%, with 3,834 units sold. This growth is expected to accelerate further, bolstered by government incentives under the PM E-Drive scheme aimed at boosting the adoption of electric buses in major cities across the country.

Performance of Leading EV Manufacturers in 2024

The Indian EV market remains fiercely competitive, with several key players making substantial strides in 2024:

  • Electric Two-Wheelers:
    Ola Electric continued its dominance in the e-scooter market, while Bajaj Auto saw its best-ever performance, achieving a 145% year-on-year increase in sales of its Chetak model. Ather Energy and Hero MotoCorp also posted strong growth, with Hero’s Vida e-scooters recording a near fourfold increase in sales.

  • Electric Three-Wheelers:
    Mahindra Last Mile Mobility (LMM) remained the market leader in the e-3w passenger segment, selling 58,983 units and achieving a 28% year-on-year growth. Bajaj Auto’s entry into the e-3w passenger category has been nothing short of impressive, with an 810% increase in sales, signaling strong market traction.

  • Electric Cars:
    Tata Motors maintained a dominant 62% share of the electric car market, although it experienced a 7% drop in sales in 2024. MG Motor India, however, saw remarkable growth, with a 86% increase in sales, selling 21,966 units.

  • Electric Buses:
    Tata Motors continues to lead the electric bus segment, with substantial growth recorded across all key players in this category.

Outlook for the Future

Electric vehicles have firmly established themselves as a cornerstone of India’s automotive future, driven by rising environmental awareness, supportive government schemes, and a growing shift towards sustainable transportation. The nation is well on its way to achieving its long-term mobility goals, though challenges such as rising vehicle costs and affordability concerns persist, particularly in urban areas.

As we look ahead to 2025, the EV market is expected to continue its upward trajectory, fueled by aggressive product launches, new models, and further government incentives. While certain obstacles remain, the momentum towards broader EV adoption is set to accelerate, making electric mobility an integral part of India’s transportation ecosystem.

(Source: JMK Research)





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