India’s electrical automobile (EV) market registered a big uptick in gross sales, crossing 1.7 million models within the fiscal yr 2024, based on a report by JMK Analysis & Analytics.
The report detailed that electrical two-wheelers (E2Ws) constituted over 55% of the annual EV gross sales, totaling 41,35,077 models by the top of FY2024. The passenger electrical three-wheeler (E3W P) adopted with roughly a 32% market share.
When it comes to geographic distribution, Uttar Pradesh, Maharashtra, Karnataka, Tamil Nadu, and Rajasthan emerged as the highest EV-selling states, collectively accounting for over 50% of the market share.
Particularly, the E2W section noticed an annual enhance of about 28% in FY2024 in comparison with FY2023. The main gamers on this class had been Ola Electrical, TVS Motor, and Ather, who collectively held greater than 65% of this market.
Moreover, the mixed gross sales of passenger and cargo electrical three-wheelers elevated by 55% year-on-year. The highest firms within the passenger E3W class had been Mahindra Final Mile Mobility, YC Electrical Automobile, and Saera Electrical, with market shares of 9.01%, 7.14%, and 5.08% respectively. Within the cargo E3W section, Mahindra Final Mile Mobility, Omega Seiki, and Piaggio Autos led the market.
Electrical automobiles additionally confirmed exceptional progress, with gross sales surging by greater than 80% over the earlier yr. Tata Motors dominated this section with over 65% market share, adopted by MG Motor which held about 13%.
The electrical bus section was not left behind, witnessing an 84% enhance in gross sales in FY2024. Tata Motors, JBM Auto, and Olectra Greentech had been the highest three gamers, collectively accounting for greater than 75% of the E-bus market.
Moreover, the report coated the provision dynamics of battery packs, with iPower, Trontek, Amara Raja, and Inverted being the main suppliers in FY2024. It additionally talked about the set up of over 41,000 gradual and quick charging factors by main suppliers as much as the top of FY2024.
This surge in EV gross sales highlights a strong shift in the direction of electrical mobility in India, supported by rising infrastructural developments and market readiness for a variety of electrical automobiles from two-wheelers to buses.
 constituted over 55% of the annual EV sales, totaling 41,35,077 units by the end of FY2024. The passenger electric three-wheeler (E3W P) followed with approximately a 32% market share.){kind=link}