India’s EV Sales Cross 1.7 Million In FY2024: JMK Research & Analytics

India’s electric vehicle sales increased significantly and crossed 1.7 million units between 2023-2024, revealed JMK Research & Analytics, a Gurguram-based specialist research and consulting firm. Out of which 55 per cent of the annual sales comprised electric two-wheelers, totalling 41,35,077 units. This is a 28 per cent increase from FY2023, and the leading players in this segment included Ola Electric, TVS Motors, and Ather – all three collectively held more than 65 per cent of the market share.

Sales of passenger electric cars also increased steadily and surged by more than 80 per cent year-on-year. Tata Motors dominated this segment with over 65 per cent market share, followed by MG Motors which held 13 per cent of the market share, showcasing a huge difference between the penetration of these EVs.

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On the other hand, passenger electric three-wheelers constituted 32 per cent of the market share and the combined sales of passenger and cargo electric three-wheelers increased by 55 per cent year-on-year. The leading companies in this segment included Mahindra Last Mobility, YC Electric Vehicle, and Saera Electric. All three command market shares of 9.01 per cent, 7.14 per cent, and 5.08 per cent, respectively. While, Mahindra Last Mile Mobility, Omega Seiki, and Piaggio Vehicle lead the cargo electric three-wheeler market.

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EV sales were registered the highest in Uttar Pradesh, Maharashtra, Karnataka, Tamil Nadu, and Rajasthan, accounting for almost 50 per cent of the market share. The report also revealed that over 41,000 slow and fast chargers were installed across India in the last financial year. Thus making the market ready for a range of new EVs to launch in India.