Sale of electric vehicles in India soared 40.31% in FY2024 to 1,752,406 units, according to a report by JMK Research & Analytics. As per the report, electric two-wheelers (E2Ws) and electric three-wheelers (E3Ws) were the primary drivers, accounting for 94% of all EV sales.
The electric two-wheeler (E2W) segment led the charge, selling 1,009,356 units. This represents a year-on-year growth of 29%, capturing 57.60% of total EV sales in FY2024. The increased awareness and introduction of advanced models comparable to internal combustion engine (ICE) vehicles contributed to this surge.
Electric three-wheelers (E3Ws), comprising both passenger and cargo types, experienced a 56% year-on-year growth, with sales hitting 634,969 units in FY2024. This segment boasts an impressive 52.34% EV penetration in the three-wheeler category.
“Favorable cost economics, increasing logistic demand, and enhanced demand for last-mile mobility have driven growth in this segment,” the report noted.
The electric car (E-Car) category also saw significant growth, with sales reaching 99,085 units, marking an 82% year-on-year increase in FY2024. Despite this upward trend, the level of electrification penetration has remained relatively unchanged.
Electric buses (E-Buses) saw the highest year-on-year growth among all segments, with sales totaling 3,708 units, an 85% increase. However, the report pointed out that the overall level of electrification in the bus sector has stayed relatively consistent over the past few years.
Karnataka emerged as a leader in multiple categories. The state led in E2W penetration at 11.63%, the E-Car category with 4.24%, and the E-Bus category with 9.77% electrification among the top five states.
Uttar Pradesh boasted the highest three-wheeler passenger electrification rate, with around 84% of this category being electric. In the three-wheeler cargo segment, Rajasthan, Tamil Nadu, and Uttar Pradesh all exceeded 60% electrification in FY2024.
