This EV report analyses the movement in market shares of the top vehicle categories, key vehicle-selling states, and key players in the Jan 2024-Dec 2024 period (CY2024) in the Indian electric vehicle (EV) space.
Sales Trends
Vehicle Category-wise EV Sales: The cumulative EV sales in India reached 56,36,683 units by the end of CY2024. While the annual EV sales crossed 20 lakh vehicles in CY2024 with more than 50% of the share accounted for by registered electric two-wheelers (E2W) followed by passenger electric three-wheeler (E3W P) with ~36% market share.
State-wise EV Sales: Uttar Pradesh, Maharashtra, Karnataka, Delhi and Rajasthan were the top EV-selling states till CY2024, accounting for more than 50% of the market share. In terms of CY2024 sales share, Uttar Pradesh, Maharashtra, Karnataka, Tamil Nadu and Bihar were the top EV-selling states.
Annual Market Shares
Electric Two-Wheelers (E2Ws): On an annual basis, the sales for E2W segment recorded an increase of ~30% in CY2024 over sales in CY2023. Ola Electric, TVS Motors, and Bajaj were the top 3 E2W players in CY2024, accounting for more than ~70% market share in registered vehicle category sales.
Electric Three-Wheelers (E3Ws): On a yearly basis, the combined sales of both passenger and cargo (registered) E3Ws in CY2024 recorded an increase of ~18% over the sales in CY2023. Mahindra Last Mile Mobility, YC Electric, Bajaj Auto, Saera Electric, and Dilli Electric were the top 5 E3W Passenger players in CY2024, with a combined share of ~31%. Mahindra Last Mile Mobility, Omega Seiki, YC Electric, Dilli Electric, and Bajaj Auto were the top 5 E3W Cargo players in CY2024 with a combined share of ~31%.
Electric Cars (E-Cars): On a yearly basis, E-Car sales registered an increase of ~8.6% in CY2024 over CY2023 sales. Tata Motors was the top E-Car player, accounting for more than 60% of the entire market share, followed by MG Motor which accounted for ~22% of the market share.
Electric Buses (E-Buses): On an annual basis, E-Bus sales witnessed a jump of ~42% in CY2024 over sales in CY2023. Tata Motors, Olestra Greentech and JBM Auto were the top 3 E-Bus players accounting for ~74% of the total E-buses sold in CY2024.
