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Electric Vehicle Sales See Surge In Financial Year 2024: FADA

Published on 10 Apr, 2024, 8:23 AM IST
Updated on 10 Apr, 2024, 8:29 AM IST
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Satvik Khare
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Electric passenger vehicle sales grew by a staggering 91.37 per cent in FY24.

Electric vehicle sales have witnessed a significant surge in the financial year 2024 (FY24), as per data released by the Federation of Automobile Dealers Association (FADA). Electric passenger vehicle sales grew by a staggering 91.37 per cent, while electric two-wheeler sales grew by 30.06 per cent in the last financial year. 

Tata

The electric passenger vehicle segment saw total sales of 90,996 units in FY24, up by 91.37 per cent compared to FY23. Tata Motors led the electric passenger vehicle sales by retailing 64,217 units and witnessing a Year-on-Year growth of 65.82 per cent. Next in line is the MG Motor India which sold 11,611 units and saw a YoY growth of 155.19 per cent. However, the biggest YoY growth was seen by Mahindra as it grew by 1,151.75 per cent in FY24 with 6,071 electric vehicles sold. 

In FY24, the electric two-wheeler segment saw sales of around 9.47 lakh units, witnessing a growth of 30.06 per cent. Ola Electric led the segment with over 3.29 lakh units sold in the last financial year, witnessing a YoY growth of 115.48 per cent. TVS came in second position with nearly 1.8 lakh units sold and registered a growth of 122.84 per cent. The biggest YoY growth was seen by Greaves Electric Mobility as it grew by 2,930.33 per cent with 31,273 units sold. 

Ather

The Mahindra Group was the leader in electric three-wheeler sales in FY24, with 60,618 units sold and witnessed a growth of 68.78 per cent. The segment saw total sales of over 6.32 lakh units with YoY growth of 56.43 per cent. The electric commercial vehicle segment saw total sales of just 8,571 units with a YoY growth of 175.5 per cent. Leading this segment was Tata Motors which sold 5,590 units and saw YoY growth of 2,476 per cent. 

Mahindra

In March 2024, the Indian automobile sector saw 9,503 electric passenger vehicles sold with a YoY growth of 7.50 per cent. Again, Tata Motors led the segment with 7,005 vehicles sold last month but saw a YoY decline of 4.21 per cent. In the electric two-wheeler space, Ola Electric was the leader again, selling 53,320 units and growing by 148.75 per cent compared to March 2023. Total sales in the electric two-wheeler segment amounted to more than 1.39 lakh units and saw a YoY growth of 61.75 per cent. 

The electric three-wheeler segment saw total sales of 60,733 units with YoY growth of 34.20 per cent. Furthermore, sales in the electric commercial vehicle segment amounted to 2,149 units (a YoY growth of 400.9 per cent) and the majority of these sales were by Tata Motors – 1,658 units and YoY growth of 3,668.2 per cent. 

Switch

Manish Raj Singhania, President, FADA, said, “In FY24, India’s electric vehicle (EV) market has shown promising growth across all segments, although from a relatively low base. Electric two-wheelers (2W) led the charge with sales of 9,47,087 units, a YoY increase of 30.06 per cent, capturing a 5.4 per cent market share. The electric three-wheeler (3W) category followed suit, selling 6,32,636 units with a notable 56.43 per cent YoY growth and securing a 54.3 per cent market share. Electric commercial vehicles (CV) witnessed an astounding 175.5 per cent growth YoY, with 8,571 units sold, achieving a 0.85 per cent market share. The electric passenger vehicle (PV) segment also saw a significant uptick with 90,996 units, marking a 91.37 per cent YoY increase and a market share of 2.3 per cent.”

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EV Sales
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FADA
Electric Passenger Vehicle Sales
Electric Two Wheeler Sales
Electric Commercial Vehicle Sales

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