In FY2024, India’s electric vehicle (EV) market has shown growth across all segments although from a relatively low base.
Electric two-wheelers led the charge with sales of 9,47,087 units, an year-on-year increase of 30.06 per cent, capturing a 5.4 per cent market share. The electric three-wheeler category followed suit, selling 6,32,636 units with a notable 56.43 per cent growth and securing a 54.3 per cent market share.
Electric commercial vehicles witnessed an astounding 175.5 per cent growth with 8,571 units sold, achieving a 0.85 per cent market share.
The electric passenger vehicle segment also saw a significant uptick with 90,996 units, marking a 91.37 per cent increase and a market share of 2.3 per cent.
While the base for EV adoption in India is still expanding, these figures underscore the accelerating shift towards electric mobility and highlight the market’s potential for sustainable transportation solutions, said FADA president Manish Raj Singhania.
The electric two-wheeler segment sales were spearheaded by Ola Electric, which sold 3,29,237 units in FY24, registering a 115.48 per cent growth over FY23 sales of 1,52,791 units. TVS Motor took the second position selling 1,82,969 units against 82,108 units last financial year, thus posting a growth of 122.84 per cent. Ather Energy clocked 1,08,889 units in FY 24
