India’s Electric Vehicle (EV) sales soared to 17,52,406 units in FY 2023-24 with a growth of 40.31 per cent on a Year-on-Year (YoY) basis.
According to a report by JMK Research & Analytics, the growth in EV sales was led by two-wheelers and three-wheelers, which contributed 94 per cent to the total sales.
EV two-wheelers sales were up 29 per cent on YoY basis to 10,09,356 units.
This category’s contribution to the total EV sales stood at 57.60 per cent.
In EV three-wheelers, which include passenger and cargo vehicles, sales increased by 56 per cent to 6,34,969 units on YoY basis.
According to the report, “Lower running cost, increasing logistics demand and last-mile connectivity are the key factors for growth in this segment.”
The electric car segment sales shot up by 82 per cent on a YoY basis, registering sales of 99,085 units in FY 2024.
Electric bus sales soared to 3,708 units in FY2024 with a growth of 85 per cent on a YoY basis.
Meanwhile, Bengaluru has emerged as India’s leading city for electric car registrations in 2023, surpassing major cities like Mumbai, Delhi, and Pune.
The city’s tech-savvy workforce, who are usually open to accept new technologies, zero road tax, subsidized electricity for EV charging, and an extensive network of charging stations have all contributed to this growth.
According to data from Jato Dynamics reviewed by electric car registrations in Bengaluru surged more than threefold in 2023, reaching 8,690 units. The city’s love for of EVs extends beyond cars and also includes numerous two-wheelers.