EV sales up by 40 pc to 1.75 million units in FY2024 in India

India’s Electric Vehicle (EV) sales soared to 17,52,406 units in FY 2023-24 with a growth of 40.31 percent on a Year-on-Year (YoY) basis.

According to a report by JMK Research & Analytics, the growth in EV sales was led by two-wheelers and three-wheelers, which contributed 94 percent to the total sales.

EV two-wheelers sales were up 29 percent on a YoY basis to 10,09,356 units.

This category’s contribution to the total EV sales stood at 57.60 percent.

In EV three-wheelers, which include passenger and cargo vehicles, sales increased by 56 percent to 6,34,969 units on a YoY basis.

According to the report, “Lower running cost, increasing logistics demand, and last-mile connectivity are the key factors for growth in this segment.”

The electric car segment sales shot up by 82 percent on a YoY basis, registering sales of 99,085 units in FY 2024.

Electric bus sales soared to 3,708 units in FY2024 with a growth of 85 percent on a YoY basis.

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