India’s Electric Vehicle sales trend | March 2024

Category-wise Electric Vehicle sales, March 2024 | India

Total Registered Electric Vehicle Sales – March’24 -2,11,615 I Feb’24 -1,41,403

In March 2024, electric vehicle (EV) sales in India saw significant growth across various categories compared to February 2024. Electric two-wheelers (E2W) experienced a notable surge from 82,508 units to 139,288 units, while E-rickshaw sales also slightly increased from 36,566 to 37,352 units. The category of E3W L5 Passenger vehicles saw a substantial rise from 6,952 to 11,777 units. Similarly, E-cart sales increased from 4,438 to 5,090 units, while E3W L5 Cargo vehicles surged from 2,642 to 6,554 units. Electric four-wheelers (E4W) saw growth from 7,434 to 9,383 units. Sales of electric buses (E Bus) also experienced a slight increase from 322 to 414 units. Additionally, other EV categories collectively saw a rise from 541 to 1,757 units, indicating a broader trend towards electrification in transportation. Overall, March witnessed substantial growth across various segments of the electric vehicle market in India.

Category wise-Sales Trend from March 2023 to March 2024

16,78,905 EVs sold in last 12 months from April 2023 to March 2024

Source: Vahan Dashboard. Data as per 1360 out of 1447 RTOs across 34 out of 36 state/UTs

During the twelve-month period from April 2023 to March 2024, a total of 1,678,905 electric vehicles (EVs) were sold in India. The sales figure for March 2023 started at 140,919 units and consistently rose month by month, peaking at 158,458 units in May 2023. Although there was a slight dip in June 2023, attributed to a decrease in subsidies resulting in 102,638 units sold, sales rebounded from July 2023 onwards. Notably, in March 2024, EV sales reached an all-time high of 211,615 units, marking a significant milestone in the EV market’s growth trajectory.

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

The penetration percentage of electric vehicles (EVs) in the two-wheeler (2W) category surged from 5.7% in February 2024 to 9.1% in March 2024.

High Speed E-2Wheeler Sales Trend by OEM

Source: Vahan Dashboard. Data as per 1360 out of 1447 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 Auto. Greaves Electric Mobility and Okinawa Autotech 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 1360 out of 1447 RTOs across 34 out of 36 state/UTs.

The top 3 brands for March 2024 regarding the number of electric passenger 3Ws registered are Mahindra Last Mile Mobility Ltd, Bajaj Auto and Piaggio Vehicles.

Fuel wise 3W Goods L5 Sales Trend

E-3W Goods L5 Sales Trend by OEM

Source: Vahan Dashboard. Data as per 1360 out of 1447 RTOs across 34 out of 36 state/UTs.

In March 2024, the electric three wheeler goods sales were led by OMEGA Seiki, Mahindra Last Mile Mobility and Piaggio Vehicles.

E-rickshaw Sales Trend by OEM

In March 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 1360 out of 1447 RTOs across 34 out of 36 state/UTs.

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

OEM wise E-4W Sales, March 2024

Others include Audi, Porsche, JLR etc.

Source: Vahan Dashboard. Data as per 1360 out of 1447 RTOs across 34 out of 36 state/UTs.

Tata Motors is the clear leader, with over 74% of the market share, followed by MG Motors and Mahindra & Mahindra.

OEM wise Electric Bus Sales, March 2024

Source: Vahan Dashboard. Data as per 1360 out of 1447 RTOs across 34 out of 36 state/UTs.

Tata Motors sold the most electric buses in March 2024, followed by JBM Auto and PMI Electro Mobility.

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 | February 2024