Looking towards an optimistic 2025, India’s EV sales hit 2 million in CY2024, as the total EV count of the country surpassed 24% YoY. 60% of the sales were accounted for by E-two-wheelers.
India’s electric vehicle (EV) sales have reportedly experienced a significant surge, crossing the 2 million mark in the calendar year (CY) 2024, an important milestone for the country’s e-mobility revolution.
According to a report by JMK Research and Analytics, by the end of 2024, India’s total EV count surpassed 5.6 million, with a 24% year-on-year (YoY) increase from 1.6 million units in 2023. This growth has also boosted the penetration of EVs in the overall vehicle market, which now stands at 8%, up from 6.8% in the previous year.
A closer look at the segment-wise growth also revealed some key trends. The electric two-wheeler (E-2W) market led the charge, accounting for nearly 60% of total EV sales in 2024, with 1.2 million units sold. This segment saw impressive growth of around 30% compared to the previous year, driven by the rising popularity of electric scooters and bikes, especially in urban areas where consumers are seeking cost-effective and eco-friendly transportation options.
The electric three-wheeler (E-3W) market, the second largest segment by volume, also witnessed rapid growth, with total sales reaching 694,466 units, marking a YoY increase of approximately 18%. The cargo segment of E-3Ws performed exceptionally well, experiencing a 45% increase, driven mainly by the growth of logistics and e-commerce sectors and favourable cost benefits.
Meanwhile, the electric car (E-Car) segment, though still relatively small, continues to make steady progress. In 2024, 99,848 electric cars were sold, reflecting a 6.9% YoY increase. This segment now represents about 5% of the total EV market.
The electric bus (E-Bus) segment also showed remarkable growth, increasing by 39% to reach 3,834 units, thanks in part to government incentives under the PM E-DRIVE scheme, which aims to promote the adoption of electric buses in major cities.
Among electric two-wheelers, Ola Electric maintained a dominant position, selling 425,600 units (35.42% of the market share). Other market players included TVS Motor Company with a 19.49% share, Bajaj Auto (16.58%), and Ather Energy (11.08%). Notably, Bajaj Auto had its best-ever retail performance, with a 145% YoY growth, selling 199,206 Chetaks.
The electric three-wheeler market remained fragmented, with Mahindra Last Mile Mobility leading the passenger segment, selling 58,983 units, a growth of around 28%. In the electric cargo segment, Bajaj Auto saw impressive growth of 1290%, securing a 4.7% market share.
The electric car market was dominated by Tata Motors, holding a 62% market share, followed by MG Motor India with 22%. Tata’s sales saw a 7% decline, while MG’s sales grew by 86%.
“As we look towards 2025, the industry remains optimistic about sustained growth, expecting the momentum of EV adoption to carry forward. However, challenges such as rising prices, affordability concerns, and slowing demand in urban markets could hinder growth,” highlighted the report.
These challenges were persistent in 2024 as well, and the industry tackled these by offering discounts and taking advantage of the festive season sales.
Overall, EVs are becoming increasingly mainstream in India thanks to rising awareness, government support, and incentives. New product launches will further give a boost to the industry this year, predicted JMK.
