EV Sales In India Witness Sales Surge by Over 40% in FY 2023-24

The electric two-wheelers constituted 94 per cent of total EV sales in the country

JMK Research & Analytics recently came out with a positive news pertaining to EV sales in India. These figures were related to Financial Year 2023-2024 and shed light on overall sale of electric vehicles in the country.

In what can only be described as positive news, around 1,752,406 units of EV’s were sold in the country.

But this is not some standalone figure.

The FY 2024 sales figures point to a robust growth of EV numbers in the country. They point to a growth rate of over 40 percent in the competitive Indian landscape where it comes to EV’s.

Having said that, let us try to understand what constituted the lion’s share of sales in this figure?

(Source: Ola Electric)

Electric two wheelers rise to the occasion

It turns out, the biggest selling point belonged to the electric two-wheelers in the FY 2024 numbers. While surely, the big Indian metropolitan cities of Delhi, Mumbai, Kolkata, Chennai, Hyderabad and Bangalore are operating both Indian EV carmakers and foreign-makes, there’s more to the picture.

At the same time, cities like Agra, Ludhiana, Jaipur, Indore, Lucknow among others see a constantly rising sales chart of electric two-wheelers. This category includes both electric bikes but mostly, pure-EV scooters.

As a matter of fact, the electric two-wheelers (also known as E2W’s) constituted 94 per cent of total EV sales in the country.

Now, you might ask what is the total number of electric scooter units that were sold during this time? To that end, it’s vital to note the figure of 1,009,356. If that is not a big number, then one is compelled to ask, what is?

This burgeoning sales figure marked the growth of around 29 percent in overall electric scooter sales. But then what may have led to such a terrific turnaround?

An increased sense of awareness has led to a great change. Furthermore, we have seen better product offering in this said segment as compared to the ICE segment (two wheelers).

(Source: NueGo)

Change is around, is evident

Across the country, there has been a huge uptick where it comes to an increase in electrification of passenger buses.

As a matter of fact, just this February, there were no fewer than 1650 electric buses operating in New Delhi.

There has been a greater penetration of electric vehicles and its supporting charging infra than ever before. Take Mumbai for instance. The city constitutes a third of the overall registered EV sales in the entire state of Maharashtra.

At a time where much of the nation has been walking towards realising the mission of Clean India, urban mobility has undergone a sea change. And all of that is thanks to clean and green mobility measures such as an increased adoption of EV’s.

But then, this is just the start; EV sales still need to witness some landmark figure in all four corners of India.