Electric Vehicle Sales: India’s electric vehicle (EV) market continues to evolve, reflecting shifts in consumer preferences and government policies. November 2024 saw notable trends across various categories, shedding light on the growing influence of EVs in India’s automotive landscape.
Overview of Electric Vehicle Sales in November 2024
November 2024 registered 1,91,554 EV sales, a decline from October’s 2,19,021. Despite the drop, EVs maintain their strong foothold in India’s market. Key observations include a significant dip in electric two-wheelers (E2Ws) but a rise in electric three-wheeler passenger vehicles.
Key Highlights by Vehicle Segment
Electric Vehicle Sales Two-Wheelers (E2Ws)
E2Ws experienced a 14.9% drop in sales, reaching 1,18,944 units in November 2024. Top-performing OEMs in this category included Ola Electric, TVS Motors, and Bajaj Auto. Market penetration dropped to 4.6%, reflecting a possible impact of economic or seasonal factors.
Electric Three-Wheelers
- Passenger Vehicles (L5): Sales rose by 3.9%, with 15,355 units sold. Top players were Mahindra Last Mile Mobility and Bajaj Auto.
- Goods Vehicles (L5): Registered an 11.2% decline, selling 2,251 units. Leaders included Bajaj Auto and Euler Motors.
E-Rickshaws and E-Carts
E-rickshaw sales declined by 8.2% (40,386 units), while e-cart sales dropped by 7.9% (5,423 units). YC Electric and Dilli Electric led these segments.
Electric Four-Wheelers (E4Ws)
Sales fell sharply by 22.9%, with only 8,613 units sold. Tata Motors dominated with over 48% market share, followed by MG Motors and Mahindra & Mahindra.
Electric Buses
The steepest decline was observed in the electric bus category, with sales plummeting by 59.5% to 161 units. Tata Motors led the segment, followed by Olectra Greentech.
Year-on-Year Trends
From December 2023 to November 2024, India sold 19,46,896 EVs, with peaks in March and October 2024. This reflects growing interest but also highlights market fluctuations influenced by policy changes, subsidies, and consumer sentiment.
Challenges and Opportunities in India’s EV Market
Despite fluctuations, India’s EV industry is set for growth. Challenges include supply chain disruptions, infrastructure gaps, and price sensitivity. However, government initiatives and increasing consumer awareness create ample opportunities for expansion.
FAQs
How many EVs were sold in November 2024?
India recorded 1,91,554 EV sales in November 2024.
Which EV category showed growth in November 2024?
The electric three-wheeler (L5 Passenger) category grew by 3.9% in November 2024.
Who leads the E4W market in India?
Tata Motors leads the E4W market with over 48% market share.
Why did EV sales decline in November 2024?
Seasonal factors, subsidy adjustments, and market dynamics likely contributed to the decline.
What is the outlook for India’s EV market?
The market shows potential for steady growth, driven by government support and increasing EV adoption.