India’s electric vehicle (EV) industry witnessed a phenomenal year in FY2024, clocking a robust 41% growth over the previous year. This translates to a staggering 1.66 million EV units retailed across the country, marking a new high for the sector.
Strong Performance Across Segments
The growth story wasn’t limited to a single category. Two-wheeler and three-wheeler segments, the backbone of the Indian EV market, displayed remarkable sales figures. Over 935,000 electric two-wheelers and a record-breaking 630,000 electric three-wheelers were sold during the fiscal year. While these segments dominated the market, passenger vehicles like electric cars and SUVs also saw significant growth, reaching a new peak of 90,000 units.
| Segment | Sales (FY2024) |
% Change (YoY)
|
| 2-Wheelers | 935,000 | 45.00% |
| 3-Wheelers | 630,000 | 38.00% |
| Cars & SUVs | 90,000 | 72.00% |
| Total | 1,660,000 | 41.00% |
March Sales Cap Off Stellar Year
March 2024 proved to be a particularly strong month, with the highest-ever monthly EV sales exceeding 197,000 units. This rapid buying spree across categories propelled the overall figures to a record level.
Factors Driving the Surge
Several factors are attributed to the EV sector’s impressive growth:
- Government Incentives: Supportive policies from the Indian government, including subsidies and tax benefits, have made EVs more affordable for consumers.
- Rising Fuel Prices: The ever-increasing cost of conventional fuel has incentivized people to consider EVs as a more economical alternative.
- Growing Environmental Concerns: A rising awareness of environmental issues has led to a shift towards cleaner transportation options like electric vehicles.
- Improved EV Technology: Advancements in battery technology and charging infrastructure are addressing range anxiety and convenience concerns, making EVs a more viable choice.
A Bright Future for Indian EVs
With a strong foundation laid in FY2024, the Indian EV industry is poised for continued growth. As battery costs decline, charging infrastructure expands, and new models enter the market, EV adoption is expected to accelerate further in the coming years. This presents exciting opportunities for manufacturers, investors, and consumers alike, paving the way for a more sustainable future for India’s transportation sector.
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