India’s Electric Vehicle sales trend | February 2024

Category-wise Electric Vehicle sales, Feb 2024 | India

Total Registered Electric Vehicle Sales – Feb’24 -1,40,611 I Jan’24 -1,44,640

In February 2024, India witnessed a total of 1,40,611 registered electric vehicles, marking a slight decline from the previous month’s figure of 1,44,640. Among the various categories, Electric Two-Wheelers (E2W) continued to dominate the market with 82,051 registrations, maintaining a consistent level compared to January 2024. However, E-rickshaw sales experienced a decline, dropping from 40,511 in January to 36,563 in February. Electric Three-Wheelers (E3W) saw a mixed trend, with the passenger variant experiencing a marginal increase from 6,915 to 6,944, while the cargo variant witnessed a slight uptick from 2,198 to 2,622 registrations. Electric Four-Wheelers (E4W) also saw a decrease from 8,379 to 7,118 registrations. Notably, the E Bus category witnessed a significant decrease in registrations, falling from 506 in January to 322 in February. Despite fluctuations in specific categories, the overall electric vehicle market in India displayed resilience amidst evolving consumer preferences and market dynamics.

Category wise-Sales Trend from Feb 2023 to Feb 2024

16,07,012 EVs sold in last 12 months from March 2023 to Feb 2024

Source: Vahan Dashboard. Data as per 1356 out of 1443 RTOs across 34 out of 36 state/UTs

A total of 16,07,012 EVs were sold during the last 12-month period from March 2023 to Feb 2024. The sales figure for February 2023 started at 1,07,221 units and steadily increased month over month, reaching a peak of 1,58,454 units in May 2023. Despite a dip in June 2023, with 1,02,640 units sold due to a decrease in subsidies, the sales gained again July 2023 onwards.

Fuel wise 2-Wheeler Sales Trend, Feb 2023 – Feb 2024

The EV penetration percentage for EVs in the 2W category marginally increased from 5.6% in Jan 2024 to 5.7% in Feb 2024.

High Speed E-2Wheeler Sales Trend by OEM

Source: Vahan Dashboard. Data as per 1356 out of 1443 RTOs across 34 out of 36 state/UTs

Note: Low speed Electric 2 Wheelers data is not included

Top players for the month are OLA Electric, TVS Motors and Bajaj. Okinawa Autotech and Greaves Electric Mobility registered strong Y-o-Y decline.

Fuel-wise 3W Passenger L5 Sales Trend

E-3W Passenger L5 Sales Trend by OEM

Source: Vahan Dashboard. Data as per 1356 out of 1443 RTOs across 34 out of 36 state/UTs.

The top 3 brands for February 2024 regarding the number of electric passenger 3Ws registered are Mahindra & Mahindra, Piaggio Vehicles and Bajaj Auto.

Fuel wise 3W Goods L5 Sales Trend

E-3W Goods L5 Sales Trend by OEM

Source: Vahan Dashboard. Data as per 1356 out of 1443 RTOs across 34 out of 36 state/UTs.

In Feb 2024, the electric three wheeler goods sales were led by Mahindra & Mahindra, Euler Motors and OMEGA Seiki.

E-rickshaw Sales Trend by OEM

In February 2024, the e-rickshaw sales were led by YC Electric, SAERA Electric and Dilli Electric.

E-cart Sales Trend by OEM

Source: Vahan Dashboard. Data as per 1356 out of 1443 RTOs across 34 out of 36 state/UTs.

In February 2024, the e-cart sales were led by YC Electric Vehicle and Dilli Electric.

OEM wise E-4W Sales, Feb 2024

Others include Audi, Porsche, JLR etc.

Source: Vahan Dashboard. Data as per 1356 out of 1443 RTOs across 34 out of 36 state/UTs.

Tata Motors is the clear leader, with over 68% of the market share, followed by MG Motors and Mahindra & Mahindra.

OEM wise Electric Bus Sales, Feb 2024

Source: Vahan Dashboard. Data as per 1356 out of 1443 RTOs across 34 out of 36 state/UTs.

Tata Motors sold the most electric buses in February 2024, followed by PMI Electro Mobility and Olectra Greentech.

For deeper insights into India’s EV sales trends (including Telangana data) – Segment-wise, OEM-wise, city- and state-wise- check out the EVreporter Data Portal here and subscribe.

Also Read: India’s electric vehicle sales trend | January 2024