Annual India EV Report Card: FY2024

Annual India EV Report Card: FY2024

Summary

The report analyses the movement in market shares of the top vehicle categories, key vehicle-selling states, and key players in the April 2023-March 2024 period (FY2024) in the Indian electric vehicle (EV) space.

Sales Trends:

  • Vehicle Category-wise EV Sales: The cumulative EV sales in India reached 41,35,077 units by the end of FY2024. Annual EV sales crossed 1.7 million vehicles in FY2024, with more than 55% of the share accounted for by registered electric two-wheelers (E2W), followed by passenger electric three-wheeler (E3W P) with ~32% market share.
  • State-wise EV Sales: Uttar Pradesh, Maharashtra, Karnataka, Delhi, and Rajasthan accounting for more than 50% of the market share between FY2014 and FY2023. In terms of FY2024 sales share, Uttar Pradesh, Maharashtra, Karnataka, Tamil Nadu, and Rajasthan were the top EV-selling states.

Annual Market Shares:

  • Electric Two-Wheelers (E2Ws): On an annual basis, the sales for the E2W segment recorded an increase of ~28% in FY2024 over sales in FY2023. Ola Electric, TVS Motor, and Ather were the top 3 players in FY2024, accounting for more than ~65% market share in registered vehicle sales category.
  • Electric Three-Wheelers (E3Ws): On a yearly basis, the combined sales of both passenger and cargo (registered) E3Ws in FY2024 recorded an increase of 55% over sales in FY2023. Mahindra Last Mile Mobility, YC Electric Vehicle, and Saera Electric were the top 3 Passenger E3W players with shares of 9.01%, 7.14%, and 5.08% respectively, and Mahindra Last Mile Mobility, Omega Seiki, and Piaggio Vehicles were the top 3 Cargo E3W Players with shares of 14.94%, 6.89%, and 6.49% respectively.
  • Electric Cars (E-Cars): On a yearly basis, E-Car sales registered an increase of more than 80% in FY2024 over FY2023 sales. Tata Motors was the top E-Car player, accounting for more than 65% of the market share, followed by MG Motor with ~13% of the market share.
  • Electric Buses (E-Buses): On an annual basis, E-Bus sales witnessed a jump of 84% in FY2024 over that in FY2023. Tata Motors, JBM Auto, and Olectra Greentech were the top 3 E-Bus players accounting for more than 75% of market share in E-bus category.
  • Battery Packs: The report covers the actual supply in Indian market from key battery pack manufacturers in FY2024. iPower, Trontek, Amara Raja and Inverted are the top players in terms of actual supplies.
  • Charge Points: The report includes 41,000+ installed slow and fast charge points of leading 7 players as of FY2024.



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