Electric vehicle (EV) sales in India have surged to an impressive 9,27,097 units in the first half of 2024 (January to June), marking a significant 20.73% increase compared to the same period in 2023 as per JMK Research. The E2W (electric two-wheeler) and E3W (electric three-wheeler) passenger segments are leading this growth, accounting for 89.13% of the total sales.
E2W sales alone reached 5,56,091 units in H1 2024, which is approximately 58% of the total E2W sales in the calendar year 2023. Meanwhile, the E3W passenger segment saw sales of 2.70 lakh units, making up nearly 51% of the total E3W passenger sales in 2023. This suggests that sales in this segment have remained steady and are projected to match last year’s figures by the end of 2024.
In the E3W cargo segment, sales hit 45,265 units in the first half of 2024, representing 72% of the sales in CY2023. This indicates a significant year-over-year increase, driven by rising demand in the logistics and last-mile delivery sectors, pushing the electrification rate in this category to almost 49.2%.
E-car sales reached 49,694 units in H1 2024, nearly half of the total sales in CY2023. Expectations are high for a slight increase in sales this year, bolstered by the upcoming festival season. E-bus sales have also shown strong growth, with 1,924 units sold in H1 2024, nearly 70% of the total sales in 2023. This growth is propelled by new tenders and a focus on public transport electrification by the central and various state governments.
Market Share Highlights
The E2W segment sees Ola Electric maintaining its lead with over 2.40 lakh units registered in H1 2024, capturing a 43% market share. The top five players together hold 86% of the E2W market. The E3W passenger segment remains highly fragmented, with over 400 players. Bajaj Auto notably entered the top 5 in H1 2024, with a 4.44% increase in market share.
In the E3W cargo segment, Mahindra LMM remains the market leader despite a 4% decline in market share compared to last year. Tata Motors leads the E-car segment, although it experienced a 6% decline in market share in H1 2024. MG Motors and Mahindra saw slight increases in market share, driven by new model launches this year.
The E-bus category saw significant market share increases for Tata Motors, JBM, and VE Commercial in H1 2024, with Tata Motors continuing to lead the segment.
Future Outlook
The data indicates that EV sales in CY2024 are set to surpass those of CY2023 across all segments. With the forthcoming FAME III policy, anticipated incentives are expected to further drive EV sales and boost market growth.
