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Electric Vehicle Sales Surge By 55.2% In July, Two-Wheelers Lead The Charge
Electric vehicle sales in July surged by 55.2 per cent, reaching 1,79,038 units compared to the previous year. This growth was driven primarily by the electric two-wheeler segment, which saw a remarkable increase of 96 per cent. In July 2023, electric vehicle sales stood at 1,16,221 units.
Manish Raj Singhania, President of FADA, highlighted that the electric two-wheeler segment achieved a market share of 7.4 per cent in the overall two-wheeler market for July 2024.
He noted, "The increased market share in the 2W and 3W EV segments for July 2024, with YoY growth rates of 95.94 per cent and 18.18 per cent, respectively, and a market share of 7.4 per cent and 57.6 per cent, respectively, for the month, is a clear indication of the growing acceptance and demand for electric vehicles in India."
Passenger Vehicle Sales Decline
In contrast to the booming electric two-wheeler market, electric passenger vehicle sales experienced a slight decline. Sales dropped by 2.92 per cent to 7,541 units in July from 7,768 units in the same month last year.
Despite this decrease, the electric passenger vehicle segment maintained a market share of 2.4 per cent within the overall passenger vehicle market.
The Ministry of Heavy Industries extended the Electric Mobility Promotion Scheme (EMPS) effective date from April 1, 2024, to July 31, 2024, and now further to September 30. The scheme's outlay has been increased from ₹500 crore to ₹778 crore to accelerate EV adoption across India.
Industry Insights and Future Outlook
Singhania also mentioned that attractive discounts and expectations surrounding the end of the Electric Mobility Promotion Scheme significantly boosted sales. The extension of this scheme aims to further encourage EV adoption among consumers.
The e-two-wheeler segment registered an impressive gain during this period with sales jumping from 54,616 units in July last year to 1,07,016 units this year—a staggering increase of nearly 96 per cent. This surge appears to be driven by a growing consumer preference for electric mobility solutions.
In July alone, a total of 1,07,016 units of electric two-wheelers were sold compared to just 54,616 units in July last year. This significant rise underscores an increasing shift towards electric vehicles among consumers.
The Federation of Automobile Dealers' Association (FADA) data revealed that overall electric vehicle sales grew impressively by over half compared to last year’s figures.
This trend indicates a strong consumer interest in adopting cleaner mobility options as part of their daily commute. The extension and increased funding for EMPS are expected to support this upward trajectory in EV adoption across various segments.
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