According to JMK Research & Analytics, India’s sales of electric vehicles (EVs) surged to 1,752,406 units in FY2024, a significant year-over-year (y-o-y) rise of 40.31 percent over the previous fiscal year. Electric two-wheelers (E2Ws) and electric three-wheelers (E3Ws), which together accounted for 94% of all electric vehicle sales across all categories for the year, were the main drivers of this development.
Leading the way were E2Ws, whose sales of 1,009,356 units represented a noteworthy y-o-y gain of 29%. In FY2024, this segment accounted for a substantial 57.60 percent of all EV sales. The introduction of superior product models that compete with internal combustion engine (ICE) vehicles and more awareness were the primary causes of the rise in the acceptance of E2W.
E3Ws saw a remarkable year-over-year increase of 56% for both passenger and freight, with 634,969 units sold in FY2024. This segment was the most electrified, with a 52.34 percent total EV penetration in the three-wheeler category. The study ascribed this expansion to improved last-mile mobility requirements, growing logistical demands, and favorable cost economics.
Increase in EV sales
With sales of 99,085 units, the electric automobile (E-automobile) category saw an impressive y-o-y growth of 82% in FY2024. Because there was a concurrent increase in the number of ICE buses, the degree of electrification penetration remained relatively consistent despite the ongoing upward trend in sales since FY2021.
Sales of electric buses (E-Bus) increased to 3,708 units in FY2024, showing the greatest year-over-year rise of 85%. The study pointed out that throughout the previous few years, the degree of electrification penetration has remained mostly constant despite this steadily growing tendency.
Among the top five states, Karnataka topped the charts for E2W penetration (11.63%), E-Car electrification (4.24%), and E-Bus electrification (9.77%). With almost 84% of the three-wheeler passenger category electrified, Uttar Pradesh had the greatest rate of electrification. In the three-wheeler cargo category, Rajasthan, Tamil Nadu, and Uttar Pradesh all had electrification rates above 60% in FY2024.
