In an electrifying leap forward for sustainable transportation, India’s electric vehicle (EV) market has charged ahead with a remarkable 42% increase in sales, reaching a milestone of 1.67 million units in FY2024. A recent report by JMK Research highlights this significant growth, emphasizing a bright future for electric mobility in the country. At EVFY, we're here to decode what this surge means for enthusiasts and potential EV buyers alike.
India’s Electric Vehicle Market Hits a New High

FY2024 has been a groundbreaking year for EVs in India. With sales skyrocketing to 1.67 million units, the country is witnessing a green revolution on its roads. Among the stars of the show, electric cars have shown an impressive 90% year-on-year growth, signaling a robust demand despite a limited range of models currently available.
E-Cars: Zooming into the Future
The e-car segment’s near doubling in sales volume speaks volumes about the latent potential waiting to be unleashed. The report suggests that with the right incentives, akin to those provided for electric two-wheelers (E2Ws) and three-wheelers (E3Ws) under the FAME scheme, the e-car market could experience unprecedented growth.
The Rise of Electric Two-Wheelers and Three-Wheelers

The E2W market has grown by 29% compared to last year, with the top three players holding a dominant 65.49% market share. Notably, TVS and Ola Electric have led the charge with growth rates of 122% and 114%, respectively.
On the three-wheeler front, both the passenger and cargo segments have shown formidable growth. The E3W passenger segment expanded by 53%, with EV penetration highest at 56% mainly due to favorable cost economics. The cargo version outdid this with an 83% growth, indicating a robust demand fueled by the booming logistics and e-commerce sectors.
E-Buses: Steering Towards Sustainability
The e-bus segment also witnessed a significant uptick, with sales increasing by 79% in FY2024. This growth is predominantly driven by public sector investments, with Tata Motors emerging as a market leader, capturing a 50% share in the e-bus market.
Outlook: A Charged Future Ahead
The last few months of FY2024 have been particularly dynamic for the EV market, and with the introduction of the Electric Mobility Promotion Scheme (EMPS) and the impending rollout of FAME-III from April 1, 2024, the momentum is only expected to accelerate. These initiatives aim to boost EV adoption across various segments by offering attractive incentives, ensuring the continued growth of the sector.
EVFY: Powering Your Electric Journey
At EVFY, we're excited about these developments and are committed to providing our users with comprehensive insights and the best deals in the electric vehicle space. Whether you're interested in e-cars, two-wheelers, three-wheelers, or buses, we’re here to help you navigate the electrifying roads of India’s EV landscape.
FAQs: Simplifying Your Electric Vehicle Queries
What drove the significant increase in EV sales in FY2024?
- The remarkable 42% jump in EV sales was driven by increased consumer interest in sustainable transportation, significant advancements in EV technology, and supportive government policies aimed at boosting electric mobility across the country.
Which EV segment saw the highest growth, and why?
- The electric car (e-car) segment experienced the highest growth at 90% year-on-year. This surge is attributed to the growing consumer demand for eco-friendly personal transportation options, despite the relatively limited variety of models available in the market.
How are the upcoming government schemes expected to impact EV adoption?
- With the launch of the Electric Mobility Promotion Scheme (EMPS) and FAME-III, EV adoption is expected to accelerate across all segments. These schemes offer incentives that lower the cost of ownership and encourage both manufacturers and consumers to shift towards electric vehicles, further fueling the market’s growth.
What makes E2Ws and E3Ws particularly popular in India?
- Electric two-wheelers (E2Ws) and three-wheelers (E3Ws) are popular due to their affordability, low operating costs, and suitability for India's urban and rural road conditions. These segments also benefit from favorable government policies and growing awareness about the environmental impact of fossil fuel vehicles.
How is the limited range of e-car models affecting market growth?
- While the limited range of e-car models presents a challenge, it also highlights a significant opportunity for growth. The demand outpacing supply suggests that consumers are ready to embrace electric cars. As more models become available, driven by consumer interest and policy support, the e-car segment is poised for even greater expansion.