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.
