Annual India EV Report Card: CY2024
Summary
This EV report analyses the movement in market shares (EV share) 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. The annual EV sales surpassed 20 lakh vehicles in CY2024, with more than 50% of the EV share accounted for by registered electric two-wheelers (E2W), followed by passenger electric three-wheelers (E3W P) with a ~36% market share.
- State-wise EV Sales: Uttar Pradesh, Maharashtra, Karnataka, Delhi, and Rajasthan were the top EV-selling states till CY2024, collectively accounting for over 50% of the EV share. In terms of CY2024 sales share, Uttar Pradesh, Maharashtra, Karnataka, Tamil Nadu, and Bihar emerged as the leading states in EV sales.
Annual Market Shares
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.
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.