EV Sales Skyrocket by 40% in 2024: JMK Research

The sale of electric vehicles (EVs) in India surged by 40.31% in FY2024, reaching a total of 1,752,406 units, according to a report by JMK Research & Analytics. The primary drivers of this growth were electric two-wheelers (E2Ws) and electric three-wheelers (E3Ws), which together accounted for 94% of all EV sales.

Leading the charge was the electric two-wheeler segment, with sales of 1,009,356 units. This represents a 29% year-on-year growth, capturing 57.60% of the total EV sales in FY2024. The surge in E2W sales can be attributed to increased consumer awareness and the introduction of advanced models that are comparable to internal combustion engine (ICE) vehicles.

Electric three-wheelers also experienced substantial growth, with sales rising by 56% year-on-year to 634,969 units in FY2024. This segment boasts a remarkable 52.34% EV penetration in the three-wheeler category. The report highlighted that favorable cost economics, increasing logistic demand, and enhanced last-mile mobility have been key drivers of growth in this segment.

The electric car (E-Car) category also saw significant growth, with sales reaching 99,085 units, marking an 82% year-on-year increase in FY2024. Despite this growth, the overall level of electrification penetration in the car sector has remained relatively unchanged.

Electric buses (E-Buses) exhibited the highest year-on-year growth among all segments, with sales totaling 3,708 units, an 85% increase. However, the report noted that the overall level of electrification in the bus sector has stayed relatively consistent over the past few years.

Karnataka emerged as a leader in multiple EV categories. The state-led in E2W penetration with 11.63%, the E-Car category with 4.24%, and the E-Bus category with 9.77% electrification among the top five states.

This data reflects the growing adoption and acceptance of electric vehicles in India, driven by favorable economics, technological advancements, and increasing environmental awareness among consumers.