As per JMK Research, electric vehicle sales in India hit a notable 927,097 units in the first half of this year, with the E2W and E3W passenger segments driving nearly 90% of the growth.
The EV sales in India represented a 20.73% increase in the H1 of this year compared to the first half of 2023. According to a report published by JMK Research, it soared to 927,097 units in the first half of 2024 (January-June).
The electric two-wheeler and electric three-wheeler passenger segments have driven the maximum growth, making up 89.13% of total sales as per the report.
In H1 2024, electric two-wheeler sales totalled 556,091 units, representing about 58% of the total E2W sales for 2023. On the other hand, electric three-wheeler (passenger) sales reached 270,000 units, nearly 51% of the 2023 total, indicating stable figures with a forecast similar to last year.
The E3W Cargo sales were 45,265 units, or 72% of the 2023 total, whereas E-car sales hit 49,694 units, roughly half of 2023’s total. These segments are expected to grow in the next half of the year due to higher demand in logistics and the upcoming festive season.
E-bus sales amounted to 1,924 units, nearly 70% of the 2023 whole, with projections indicating an increase driven by new tenders and government efforts to electrify public transport.
JMK Research also conducted a study on the leading players behind the growth of EV sales. In the E2W segment, Ola Electric leads with over 240,000 units registered in H1 2024, holding a 43% market share, while the top five players together command 86% of the market.
The E3W Passenger segment has been fragmented with over 400 players, though Bajaj Auto has risen to the top five with a 4.44% increase in market share. In the three-wheeler cargo segment, Mahindra LMM remained the leader despite an approximate 4% decline in market share.
According to the report, Tata Motors is leading the E-Car segment despite a 6% market share drop, while MG Motors and Mahindra have seen slight increases due to new model launches. In the E-Bus category, Tata Motors, JBM, and VE Commercial have all gained market share in H1 2024, with Tata Motors maintaining its leadership.
JMK concluded that the sales in CY2024 are expected to surpass those of CY2023 in all segments of electric vehicles across India. Additionally, with the upcoming FAME III incentives, it has anticipated that EV sector will grow further, accelerating market growth.
