George
Member
India's electric vehicle (EV) market has experienced significant growth, achieving record sales in recent years.
Overall EV Sales:
In 2023, EV sales in India reached approximately 1.53 million units, marking a 50% year-over-year increase from the 1 million units sold in 2022.
The cumulative EV sales in India reached 4,135,077 units by the end of FY2024, with annual sales surpassing 1.7 million units.
Electric Car Sales:
In 2024, electric car sales in India totaled 99,004 units, a 20% increase from 82,563 units in 2023.
Tata Motors maintained its leadership in the electric car segment, selling 61,435 units in 2024, a modest 2% increase from 60,007 units in 2023. However, its market share declined from 73% in 2023 to 62% in 2024, indicating increased competition.
MG Motor experienced substantial growth, with sales rising by 125% to 21,464 units in 2024, up from 9,523 units in 2023. This surge is largely attributed to the launch of the Windsor EV in September.
Mahindra & Mahindra also saw significant growth, with electric car sales increasing by 66% to 7,104 units in 2024, compared to 4,269 units in 2023.
Electric Two-Wheeler and Three-Wheeler Sales:
The majority of EV sales in India are dominated by two-wheelers and three-wheelers. In 2023, electric two-wheeler sales reached approximately 860,000 units, contributing significantly to the total EV sales of over 1.5 million units.
Market Outlook:
The Indian EV market is expected to continue its growth trajectory, with projections indicating a 66% increase in EV sales in 2024, following a near doubling of sales in 2023
This upward trend reflects India's commitment to sustainable mobility and the increasing consumer acceptance of electric vehicles across various segments.
Overall EV Sales:
In 2023, EV sales in India reached approximately 1.53 million units, marking a 50% year-over-year increase from the 1 million units sold in 2022.
The cumulative EV sales in India reached 4,135,077 units by the end of FY2024, with annual sales surpassing 1.7 million units.
Electric Car Sales:
In 2024, electric car sales in India totaled 99,004 units, a 20% increase from 82,563 units in 2023.
Tata Motors maintained its leadership in the electric car segment, selling 61,435 units in 2024, a modest 2% increase from 60,007 units in 2023. However, its market share declined from 73% in 2023 to 62% in 2024, indicating increased competition.
MG Motor experienced substantial growth, with sales rising by 125% to 21,464 units in 2024, up from 9,523 units in 2023. This surge is largely attributed to the launch of the Windsor EV in September.
Mahindra & Mahindra also saw significant growth, with electric car sales increasing by 66% to 7,104 units in 2024, compared to 4,269 units in 2023.
Electric Two-Wheeler and Three-Wheeler Sales:
The majority of EV sales in India are dominated by two-wheelers and three-wheelers. In 2023, electric two-wheeler sales reached approximately 860,000 units, contributing significantly to the total EV sales of over 1.5 million units.
Market Outlook:
The Indian EV market is expected to continue its growth trajectory, with projections indicating a 66% increase in EV sales in 2024, following a near doubling of sales in 2023
This upward trend reflects India's commitment to sustainable mobility and the increasing consumer acceptance of electric vehicles across various segments.