India’s electric vehicle (EV) market is shifting gears, according to a new report by JMK Research. The report, titled “Top 5 States’ EV Adoption Trends in India,” highlights a significant surge in EV sales during fiscal year (FY) 2024, with a total of 17,52,406 units sold – a robust 40.31% year-over-year growth.
The report identifies five states as frontrunners in EV adoption: Uttar Pradesh, Maharashtra, Karnataka, Tamil Nadu, and Rajasthan. These states collectively account for over half of India’s EV market share.
Uttar Pradesh takes the pole position with a commanding 17.42% share, followed by Maharashtra at 12.11%. Karnataka, Tamil Nadu, and Rajasthan hold shares of 9.66%, 5.77%, and 5.61% respectively.
Interestingly, the report breaks down EV adoption by vehicle category. While Electric Two-Wheelers (E2Ws) dominate sales, there’s a positive trend in other segments. Electric Three-Wheelers (E3Ws), both passenger and cargo variants, show promising growth. Even Electric Cars (E-Cars) witnessed a remarkable year-on-year increase of approximately 82% in FY 2024.
The report also explores the reasons behind this surge in EV adoption. It credits factors like subsidies provided under the FAME II scheme by the Indian government for propelling EV sales.
While E2Ws remain the most popular EV category, states like Karnataka are taking the lead in E-Car adoption with an electrification rate of 4.24% among the top 5 performers. Notably, Uttar Pradesh boasts the highest electrification rate for E3W passenger vehicles at a staggering 84%.
JMK Research’s report paints a promising picture for India’s EV future. With significant growth and state-wise leadership emerging, electric vehicles are poised to become a mainstream transportation option in India.
