JMK Research

EV Sales surge by 42% in FY2024 to clock 1.67 million units EV sales in India increased by 42% year on year (YoY) in FY2024, with 1.67 million units registered, underscoring the rapid growth of the country’s electric vehicle market. The e-car segment registered maximum YoY growth of 90%. Riding on the booming logistics and e-commerce sector, as well as favourable cost economics, the E3W cargo segment saw an 82% rise in sales. Further, even with the limited models in…

Market share of top 2 OEMs in E2W segment grew by 12% in CY2023 India has shown ~5% E2W adoption in overall 2W segment in CY2023. The segment has shown a 35% year-on-year sales growth in the country.  The overall E2W market is fragmented with more than 150 players in the category. However, the top 2 E2W players captured more than 50% of the market share in CY2023. Fig 1: Market share analysis of E2W OEM’s in India Source: Vahan…

6.5% of total vehicles sold in India in 2023 were EVs The electric vehicle market in India is witnessing rapid growth with a year-on-year (y-o-y) surge of ~50% in CY2023. EVs accounted for 6.5% of total vehicle sales during the last calendar year. This growth reflects the rising electric vehicle market share in India, with the E2W segment leading at 56% of total EV sales in CY2023. In terms of y-o-y sales growth, the electric car segment saw the highest…