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India’s electric vehicle (EV) landscape witnessed remarkable growth in the fiscal year 2023-2024 (FY2024), as highlighted in the Annual India EV Report Card by JMK Research. Here are the key insights from the report:
Sales Trends:
- Cumulative EV sales surged to 41,35,077 units by the end of FY2024, with annual sales surpassing 1.7 million vehicles.
- Electric two-wheelers (E2W) dominated the market, capturing over 55% of the share, followed by passenger electric three-wheelers (E3W P) with around 32% market share.
State-wise EV Sales:
- Uttar Pradesh, Maharashtra, Karnataka, Tamil Nadu, and Rajasthan emerged as the top EV-selling states in FY2024.
Annual Market Shares:
- Electric Two-Wheelers (E2Ws): Annual sales witnessed a 28% increase, with Ola Electric, TVS Motor, and Ather leading the pack, capturing over 65% of the market share.
- Electric Three-Wheelers (E3Ws): Sales of passenger and cargo E3Ws saw a 55% jump, with Mahindra Last Mile Mobility, YC Electric Vehicle, and Saera Electric dominating the passenger segment, while Mahindra Last Mile Mobility, Omega Seiki, and Piaggio Vehicles led in the cargo segment.
- Electric Cars (E-Cars): Tata Motors emerged as the top player, commanding over 65% market share, followed by MG Motor.
- Electric Buses (E-Buses): Tata Motors, JBM Auto, and Olectra Greentech accounted for more than 75% of the market share in the E-Bus category.
Battery Packs and Charge Points:
- iPower, Trontek, Amara Raja, and Inverted emerged as the top battery pack manufacturers.
- The report covered 41,000+ installed slow and fast charge points from seven leading players as of FY2024.
The FY2024 report underscores India’s rapid progress towards electric mobility and highlights the key players driving this transformation across various vehicle categories.
