India's Electric Vehicle Sales Hit 1.75 Million In FY2024, Marking A 40% Growth

Published: Saturday, June 15, 2024, 14:00 [IST]

India's electric vehicle (EV) market witnessed a substantial growth in FY2024, with total sales hitting 1,752,406 units.

This represents a 40.31 per cent year-on-year (y-o-y increase, according to JMK Research & Analytics. The primary drivers were electric two-wheelers (E2Ws) and electric three-wheelers (E3Ws), which together accounted for 94 per cent of the total EV sales.

Key Market Segments

E2Ws led the market with 1,009,356 units sold, showing a 29 per cent y-o-y growth and making up 57.60 per cent of overall EV sales. E3Ws followed closely with 634,969 units, reflecting a 56 per cent y-o-y growth. Electric cars (E-Cars) and electric buses (E-Buses) also saw growth, with sales of 99,085 units (82 per cent growth) and 3,708 units (85 per cent growth), respectively.

Top Performing States

Uttar Pradesh

Uttar Pradesh led India's EV landscape, especially in the E3W segment, with total sales of 305,355 units in FY2024. This state captured 17.42 per cent of the national market, showing a substantial 62 per cent y-o-y growth. E3W passenger vehicles dominated with a 75 per cent share, followed by E2Ws at 17 per cent, E3W cargo at 6 per cent, and E-Cars at 2 per cent.

The state has benefited from the FAME II scheme, availing subsidies worth over Rs 395 crore. Despite having only 583 public charging stations, Uttar Pradesh leads in EV sales, mainly due to the widespread use of simple charging plugs for E3Ws. Local manufacturers such as Mini Metro, Hotage Corporation, J.S. Auto, and Gayatri Electric Vehicle boost the state's market.

Maharashtra

Maharashtra ranks second in India's EV market, with 212,352 units sold, representing 12 per cent of the national total. The state excels in E2W and E-Car categories, with sales of 183,879 and 14,143 units, respectively. E2Ws dominate Maharashtra's market with an 86.59 per cent share, while E-Cars, E3Ws, and E-Buses hold 6.68 per cent, 5.93 per cent, and 0.30 per cent shares, respectively.

Maharashtra has utilised over Rs 1,148 crore in FAME II subsidies. The state boasts 3,083 public charging stations, with Pune and Mumbai housing 75 per cent of these facilities. Key investors include PMI Electromobility, Gensol EV, Bajaj Auto, Mahindra, and Piaggio.

Karnataka

Karnataka recorded EV sales of 169,826 units in FY2024, accounting for 9.66 per cent of India's total. The state ranks second in E2W and E-Car sales, with 149,767 and 13,288 units, respectively. E2Ws hold an 88.19 per cent share, followed by E-Cars at 7.82 per cent.

Karnataka has secured over Rs 1,002 crore in FAME II subsidies. The state leads in charging infrastructure with 5,130 public charging stations, mainly in Bengaluru. Major players like Mahindra, Altigreen, Ola Electric, and Ather Energy have significant operations here.

Tamil Nadu

Tamil Nadu registered 101,204 EV units in FY2024, contributing 6 per cent to India's total. The state saw a 41 per cent y-o-y growth, driven by E2W sales, which accounted for 86.36 per cent of the market. E-cars and E3W cargo also showed notable growth.

The state has availed Rs 414 crores in subsidies under FAME II. With 643 public charging stations, key clusters are in Chennai and Coimbatore. Major investments come from Mahindra, Ather, Ampere, and VinFast. Ola Electric is expanding its Future Factory, and HMIL is establishing an EV ecosystem.

Rajasthan

Rajasthan saw 98,351 EV units sold in FY2024, representing a 5.61 per cent share of India's EV market. The state experienced an 11.34 per cent y-o-y growth, with E2Ws and E3Ws leading the market.

Rajasthan has utilised Rs 296.69 crore in FAME II subsidies. The state has 500 public charging stations, mainly in urban centres like Jaipur and Udaipur. E2W manufacturers like Hop Electric, Battre, and Okinawa are based here, along with Hero Electric and Saera Electric manufacturing facilities.

DriveSpark Thinks

The increased availability of charging infrastructure and government initiatives promoting electric vehicles are further propelling the market forward.

This shift towards cleaner transportation not only reduces carbon emissions but also lessens the country's dependence on fossil fuels. As consumers and businesses embrace EVs, the automotive industry is poised for a significant transformation in India.

As the EV market continues to expand, it is creating new opportunities for innovation and investment in renewable energy technologies. With a focus sustainability and reducing environmental impact, India is positioning itself as a global leader in the transition towards a more eco-friendly transportation sector.