Summary:

According to Vahan statistics from MoRTH, India's electric vehicle (EV) sector expanded by 26.5% in 2024, reaching 1.94 million units by December 29, up from 1.5 million in 2023. This increase in EV penetration brought the total to 7.46%, up from 6.39% the previous year. Despite the rise of EVs, petrol cars remain dominant, accounting for 73.69% of the 26.04 million vehicles sold in 2024, indicating a gradual shift towards electric transportation.

EV sales surged dramatically in the second half of 2024, peaking in October with 219,482 units, driven by festive demand and the launch of the PM E-DRIVE program. Although sales declined in November and December, they consistently remained above 100,000 units monthly. The reintroduction of cargo e3W subsidies further accelerated growth. The industry quickly adapted, selling 80,546 units shortly after the plan was launched, showcasing India's expanding market potential for electric vehicles.

Source: IBEF 

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