Mumbai, Apr 21: India has crossed an important milestone with more than two million EVs sold in the financial year that ended on March 31 this year (2024-25).This is the highest ever sales in a single fiscal year, with a 15.6 per cent jump from 1.75 million sales in FY2024, according to a JMK Research report.
Since FY2020, EV sales have grown over 11.5 times, thanks to growing public interest, better charging infrastructure, and strong support from the government, the report states.
Electric two-wheelers led the charge, dominating the market with nearly 60 per cent of the total electric vehicle sales in India, which translates to around 1.2 million units. This segment enjoyed a year-on-year growth of approximately 20 per cent.
Since FY2020, the segment has expanded by over 42x times, reflecting the increasing preference for e-scooters and e-bikes among urban commuters seeking cost-effective, eco-friendly alternatives, the report said.
In a close second, the electric three-wheeler segment, the second largest by volume, has experienced rapid expansion and competitiveness. In FY2025, the E3W passenger sales were at 6,09,762 units, representing a YoY rise of around 9 per cent. The E3W cargo segment experienced a maximum YoY growth of almost 26 per cent, driven by the thriving logistics and e-commerce sectors, as well as favourable cost economics, the report states.
Meanwhile, the electric car segment, though smaller in comparison, continues to show steady progress. With 1,10,748 units sold, a YoY growth of 12 per cent, it makes up around 5.5 per cent of total electric vehicle sales in India.
Lastly, the electric-bus sales experienced a slight decline, by 3.8 per cent in FY2025, reaching 3,570 units. Although the growth is expected to accelerate in the coming years, driven by the targets and focused incentives under the PM E-DRIVE scheme, which are poised to boost the adoption of e-buses across major cities in the country, the report added.