EV Market Expands: 8 Lakh Vehicles Sold

Electric vehicle (EV) sales in India have been steadily increasing, with a 25% year-on-year growth in September. A total of 1.49 lakh EVs were registered in September 2024, compared to 1.19 lakh in September 2023. This marks a 19% growth in EV registrations for the first half (April-September) of the current financial year, with a total of 8.37 lakh EVs registered during this period.

These figures indicate a growing trend towards electric vehicle adoption in India, driven by factors such as government incentives, increased awareness, and advancements in EV technology. As the EV market continues to expand, it is expected that the growth rate will further accelerate in the coming years.

The growth in electric vehicle (EV) sales in India has been particularly strong in the passenger vehicle segment. In the first half (April-September) of the current financial year, sales of electric passenger vehicles (cars and SUVs) increased by 1.4% to 43,120 units, compared to 42,550 units in the same period last year.

Sales in the first quarter of the current financial year grew by 8.6% to 22,749 units, while sales declined by 6% to 20,141 units in the second quarter. This indicates a strong start to the year for EV passenger vehicles, followed by a slight slowdown in the second quarter.

Overall, the EV market in India is experiencing significant growth, with the passenger vehicle segment leading the way. As the range and affordability of electric vehicles improve, it is expected that sales will continue to rise in the coming years.

Two-wheeler EV sales increased by 40% in September, 88 thousand sold

• Sales of electric two-wheelers in September stood at 88 thousand units. It was 63 thousand units in September 2023 and 87 thousand units in August 2024. That means there was an increase of 40% on an annual basis.
• Ola Electric’s sales in September stood at 23,965 units, compared to 26,928 units in August 2014. Bajaj sold 18,933 units, up from 16,650 in August. This helped Bajaj overtake TVS Motors to take the second position.
• Registration of electric three-wheelers in September was 54 thousand units. It was 49 thousand units in September 2023 and 52 thousand units in August 2024. That means an increase of 10% on an annual basis.

Electricity consumption at the country’s charging stations doubled

• In the first quarter of the current financial year, electricity consumption at public charging stations (PCS) of EVs has more than doubled on an annual basis. During this period, 17.69 crore units of energy were consumed, which is more than 108% on an annual basis.
• There were 16.82 lakh EVs in India in 2023-24, which has increased to 45.75 lakh by July 2024. There are estimated to be 5 crore EVs in the country by 2030, whose market can reach Rs 4 lakh crore.
• There were 1,800 public charging stations in February 2022, which increased to 16,347 in March 2024. India will need to install 4 lakh stations annually to achieve the ratio of one station per 40 EVs.
• The total sales (domestic and export) of the largest car manufacturing company, Maruti, increased by 2% in September. A total of 1,84,727 vehicles were wholesaled. Exported 27,728 cars, up 23% from September last year.
• SUVs accounted for 70% of Hyundai’s total sales. This is its record for the highest SUV sales in a single month. CNG had a 13.8% share.
• Kia Motors sold a maximum of 5,351 Kia Sonet in September, 44% more than last year.