Auto Industry Sells Total 90,996 Electric PVs In FY24 Registering 91.37% Growth

In FY’24, India’s electric vehicle (EV) market has shown promising growth across all segments, although from a relatively low base. 

Electric two-wheelers (2W) led the charge with sales of 9,47,087 units, a YoY increase of 30.06 per cent, capturing a 5.4 per cent market share. 

The electric three-wheeler (3W) category followed suit, selling 6,32,636 units with a notable 56.43 per cent YoY growth and securing a 54.3 per cent market share. 

Electric commercial vehicles (CV) witnessed an astounding 175.5 per cent growth YoY, with 8,571 units sold, achieving a 0.85 per cent market share. The electric passenger vehicle (PV) segment also saw a significant uptick with 90,996 units, marking a 91.37 per cent YoY increase and a market share of 2.3 per cent.