Industry experts pointed to initiatives such as PM E-Drive, FAME II and reduced import duties as key factors driving the adoption of EVs
Total electric vehicle (EV) registrations (including all segments) in the country reached nearly two million units in the calendar year 2024, marking a significant increase, with the electric two- and three-wheeler (e2W and e3W) segments seeing transformative growth despite uncertainties over government subsidy support during the year.
The overall volume of battery-powered vehicles in 2024 stood at about 1.95 million units, compared with 1.53 million units in 2023, reflecting a robust 27 per cent increase.
Industry experts pointed to initiatives such as PM E-Drive, FAME II and reduced import duties as key factors driving the adoption of EVs.
Segment-wise
The e2W segment continued to be the dominant driver of green mobility, recording a 34 per cent increase in total sales, reaching 1.15 million units in 2024 (0.86 million units), according to Vahan data.
Within the e2W market, Ola remained the leader, although it lost its top position and dropped to third place in December 2024. Ola finished the year with about 4.08 lakh units sold (2.67 lakh units). TVS Motor secured the second position, with total electric scooter sales reaching 2.2 lakh units (1.67 lakh units). Bajaj saw a substantial rise in e2W sales reaching 1.93 lakh units (0.72 lakh units). Ather also saw sales rising to 1.26 lakh units (1.05 lakh units).
Other e2W manufacturers, including Hero MotoCorp, Greaves Electric Mobility, Revolt Motors, Bgauss Auto and Kinetic Green, also reported notable growth in their vehicle sales during the year.
The e3W segment saw a rise in volumes, reaching 6.91 lakh units (5.84 lakh units). Mahindra & Mahindra continued to lead with about 69,000 units sold (54,623 units). Bajaj Auto secured the second position with total e3W sales of 41,915 units (4,574 units). Piaggio’s sales reached about 22,000 units (21,085 units).
Electric passenger vehicle sales, including electric cars and SUVs, grew to over 98,500 units (82,238 units), fuelled by new launches. Tata Motors remained the leader, with more than 61,000 units sold, while MG Motor held the second spot with 21,415 units. Mahindra & Mahindra sold 7,098 units.
Source: thehindubusinessline.com
