India’s Electric Vehicle sales trend | January 2024

Category-wise Electric Vehicle sales, Jan 2024 | India

Total Registered Electric Vehicle Sales – Jan’24 -1,43,815 I Dec’23 -1,41,570

In January 2024, electric vehicle (EV) sales in India exhibited varying trends across different categories. Electric two-wheelers (E2W) continued to dominate the market with 81,476 units sold, showing a positive growth from the previous month’s figure of 75,723. However, the E-rickshaw category experienced a slight decline, registering 40,499 units compared to 45,068 in December 2023. Electric three-wheelers (E3W) in the L5 Passenger segment saw a modest increase, rising from 6,487 to 6,891 units. The E3W L5 Cargo category, on the other hand, witnessed a decrease from 2,337 units to 2,164. Electric four-wheelers (E4W) displayed growth, reaching 8,079 units in January, up from 7,420 in the previous month. Electric buses (E Bus) and other categories reported a decline, with E Bus sales dropping from 573 to 506 units. Overall, the EV market in India showcased a mixed performance across different segments in January 2024.

Category wise-Sales Trend from Jan 2023 to Jan 2024

15,72,383 EVs sold in last 12 months from Feb 2023 to Jan 2024

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

A total of 15,72,383 EVs were sold during the last 12-month period from Feb 2023 to Jan 2024. The sales figure for January 2023 started at 1,02,876 units and steadily increased month over month, reaching a peak of 1,58,450 units in May 2023. Despite a dip in June 2023, with 1,02,635 units sold due to a decrease in subsidies, the sales gained again July 2023 onwards.

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

The EV penetration percentage for EVs in the 2W category increased from 5.2% in Dec 2023 to 5.6% in Jan 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/ Chetak. Okinawa Autotech and Ampere/Greaves Electric 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 January 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 Jan 2024, the electric three wheeler goods sales were led by Mahindra & Mahindra, Piaggio Vehicles and OMEGA Seiki.

E-rickshaw Sales Trend by OEM

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

OEM wise E-4W Sales, Jan 2024

Others include Audi, Porsche 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, Jan 2024

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

JBM Auto sold the most electric buses in January 2024, followed by Tata Motors 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 | December 2023