In August 2024, India’s electric vehicle (EV) market presented a mixed bag of trends. Sales data for various EV segments showed both declines and growth compared to previous months and the same period last year as per JMK Research.
High-Speed Electric Two-Wheelers (HS E2Ws):
Sales of high-speed electric two-wheelers in India fell by 17.28% month-over-month (MoM) to 88,472 units in August 2024. Despite this drop, the sector saw a year-over-year (YoY) increase of approximately 42%. The leading manufacturers, including Ola Electric, TVS, and Bajaj Auto, dominated the market, with the top 10 players collectively accounting for around 95% of total registrations.
Passenger Electric Three-Wheelers (E3Ws):
The passenger E3W segment saw a slight MoM decrease of about 2%, with 54,563 units sold in July 2024. However, YoY sales improved by around 7% compared to August 2023. Mahindra Last Mile Mobility led the market with an 8.56% share, followed by Bajaj Auto at 6.71%. Notably, the top 10 players held a 41.22% share of the passenger E3W market.
Cargo Electric Three-Wheelers (E3Ws):
Cargo E3Ws experienced a significant MoM decline of 21%, with 6,180 units sold. Nonetheless, this segment saw a YoY increase of 9%. Mahindra Last Mile Mobility topped the cargo E3W market with a 7.84% share, while Bajaj Auto overtook Dilli Electric with a 5.97% share. The top 10 cargo E3W players together held a 44.47% market share.
Electric Cars:
Electric car sales reached 6,336 units in August 2024, marking a 16% MoM decrease and a 15% YoY decline. Tata Motors continued to lead the segment with a substantial 64.47% market share, maintaining its dominance in the E-car sector.
Electric Buses:
Sales of electric buses amounted to 243 units, reflecting a dramatic 44% MoM decrease and a 10% YoY drop. Tata Motors led the E-bus market with a 47.33% share, followed by Olectra Greentech at 36.63% and PMI Electro Mobility with 9.88%.
Overall, the electric vehicle market in India showed varied performance across different segments in August 2024. The high-speed electric two-wheeler segment faced a downturn, while passenger E3Ws and cargo E3Ws showed resilience with notable year-over-year growth. Tata Motors continued to solidify its leadership in the electric car and bus markets, underscoring its strong presence in India’s evolving EV landscape.
