India’s Electric Vehicle Sales Surge by Over 40% in FY 2023-24

By Editor


India witnessed a significant surge in electric vehicle (EV) sales, reaching a remarkable 1,752,406 units in the fiscal year 2023-24, marking a 40.31 percent year-on-year (YoY) growth. This data comes from a recent report by JMK Research & Analytics.

The impressive growth was primarily driven by the two-wheeler and three-wheeler segments, which together accounted for 94 percent of the total EV sales.

Two-wheeler EV sales increased by 29 percent YoY, totaling 1,009,356 units and representing 57.60 percent of the overall EV sales. The three-wheeler segment, encompassing both passenger and cargo vehicles, saw an even more substantial rise. Sales in this category jumped by 56 percent YoY, reaching 634,969 units. The report attributes this growth to factors such as lower running costs, increasing logistics demand, and improved last-mile connectivity.

The electric car market also experienced robust growth, with sales soaring by 82 percent YoY to 99,085 units in FY 2024. Additionally, the electric bus segment saw an impressive 85 percent YoY increase, with 3,708 units sold during the same period.

This surge in EV sales highlights India’s accelerating transition towards electric mobility, driven by various market and economic factors.

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