Analysis of India’s CY 2024 EV sales

January 28, 2025 EV Sales 6 min read

India EV Sales – CY 2024 | Jan 2024 to Dec 2024

Source: Vahan Dashboard Data (Jan-Dec 2024) as per 1375 out of 1436 RTOs across 35 out of 36 state/UTs and Telangana Regional Transport portal (Jan-Dec 2024).

Note – Low-speed e-2W data not included. ‘Others’ category includes Forklift, Adapted Vehicle, Crane mounted vehicle etc.

Observations

In 2024, India’s EV sales surpassed 2 million units. With a total sales of 20,22,873 units of electric vehicles, India’s EV industry hits record sales across all vehicle segments. EVs account for 7.7% of overall automobile sales in 2024.

EV sales for 2024 show a 25.4% YoY growth from 16,13,208 units sold in 2023.

High-speed e-2W, with sales of 12,11,193 units in 2024, registered the highest segment share and a massive growth of 30.7% over CY 2023 numbers.

4,81,599 e-rickshaws and 58,957 e-carts were sold in India in 2024.

1,05,695 units of electric 4Ws were registered in 2024, marking a Y-o-Y growth of 12.8%.

e-Goods Carrier is an up-and-coming category gaining traction with a Y-o-Y growth of 127.7%.

Vehicle Category-wise EV Penetration in CY 2024 vs 2023 vs 2022

Note – 3W E-rickshaw and E-carts not considered for calculation of segment-wise EV penetration.

L5M – passenger 3W L5 vehicles | L5N – Cargo 3W L5 vehicles

In 2024, the penetration of electric vehicles in the cargo 3W category reached an impressive 24.2%, up from 22% penetration in 2023. EV penetration in the passenger 3W category more than doubled over the year, reaching 20.8%.

EV Penetration for 2Ws marked a slight increase of 1.1%, making for 6.2% of total 2W sales in India in 2024.

EV penetration in the 4W segment slightly increased, making for 2.5% of total 4W sales in India in 2024.

Vehicle Category-wise EV Sales

Source: Vahan Dashboard Data (Jan-Dec 2024) as per 1375 out of 1436 RTOs across 35 out of 36 state/UTs and Telangana Regional Transport portal (Jan-Dec 2024).

Low speed e2W data not included.

Observations

Total EV sales in India were 20,22,873 units in the calendar year 2024.

Electric 2Ws accounted for 59.9% of the total EV sales, up from 57.4% in 2023.

E-rickshaws had a 23.8% share in 2024, down from 29.4% in the previous year.

High-speed (L5) electric three-wheeler passenger and four-wheelers made up 6.1% and 5.2% of the pie, respectively.

e-2W dominate Indian EV sales, with 12,11,193 units sold in 2024. Electric 2Ws account for 6.2% of all 2Ws (>19 million units) sold in the country in 2024.

Top 15 OEMs made up 96.3% (11,66,614 units) of high-speed e-2W sales in 2024. Ola Electric, TVS Motors, Bajaj Auto, and Ather Energy are major OEMs with over 1 lakh unit sales in 2024.

Ola Electric registered its highest-ever sales for the year 2024, with 4,27,206 units sold. Its YoY growth was 49.5%. Ola Electric registered the highest market share of 35.3% in 2024, up from the 30.8% market share in CY 2023.