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EV sales soar 40.31% in FY24, two-wheelers lead the charge

EV sales in India rose 40.31% in FY24 to 1,752,406 units, according to a report by JMK Research & Analytics. According to the report, electric two-wheelers (E2W) and electric three-wheelers (E3W) were the main drivers, accounting for 94% of total electric vehicle sales.

The electric two-wheeler (E2W) segment led the trend, selling 1,009,356 units. This represents a year-on-year growth of 29% and accounted for 57.60% of total electric vehicle sales in fiscal 2024. Growing awareness and the introduction of similar advanced models of internal combustion engine (ICE) vehicles have contributed to this surge.

Electric Three Wheelers (E3W), which includes passenger and cargo variants, witnessed a year-on-year growth of 56%, with sales reaching 634,969 units in FY24. This segment sees an impressive EV penetration of 52 .34% in the three-wheeled vehicle segment. Wheels.

"Favorable cost economics, increasing logistics demand and enhanced demand for last-mile mobility have driven growth in this segment," the report noted.

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The electric vehicle (E-Car) category also saw significant growth, with sales reaching 99,085 units, representing a year-on-year increase of 82% in fiscal 2024. Despite this upward trend, the level of Electrification has remained relatively unchanged.

Electric buses (E-Buses) experienced the highest year-on-year growth among all sectors, with total sales reaching 3,708 units, an increase of 85%. However, the report notes that the overall level of electrification in the bus sector has remained relatively constant in recent years.

Karnataka has emerged as a leader in multiple categories. The state topped E2W penetration at 11.63%, electric car category at 4.24% and electric bus category at 9.77% electrification among the top five states.

Uttar Pradesh boasted the highest rate of electrification of passenger three-wheelers – around 84% of this category are electric. In the three-wheeler freight sector, electrification in Rajasthan, Tamil Nadu and Uttar Pradesh exceeded 60% in FY24.

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