Electric vehicle (EV) sales in India have been on the rise, showing a significant growth of over 40% in the fiscal year 2023-24. According to a report by JMK Research and Analytics, the total number of EVs sold during this period reached 1,752,406 units.
This surge in sales was primarily driven by electric two-wheelers (E2Ws) and electric three-wheelers (E3Ws), which collectively accounted for a staggering 94% of all EV sales. This indicates a growing preference among Indian consumers for electric bikes and rickshaws.
Surge in Electric Vehicle Sales in India
In the past year, electric bikes were the top choice for buyers, with sales reaching over a million units. This represents a 29% increase from the previous year, making up more than half of all electric vehicle sales. The rise in popularity is attributed to better awareness and the availability of advanced models comparable to regular bikes.
Electric rickshaws, both for passengers and cargo, also saw a significant increase in sales, growing by 56%. Over 600,000 electric rickshaws were sold, capturing over half of all rickshaw sales. This segment is gaining popularity rapidly, with over half of all three-wheelers being electric.
Electric buses, known as E-Buses, have experienced significant growth in sales, reaching a total of 3,708 units sold, which reflects an impressive 85% increase compared to the previous year. Despite this substantial growth, the report highlights that the overall adoption of electric buses in the transportation sector has remained relatively consistent over the past few years.
Driving Forces Behind Electric Vehicle Growth in India
The popularity of electric vehicles is rising due to their affordability, the growing need for logistics, and the increased demand for short-distance travel. These factors are pushing more people to buy electric bikes and rickshaws.
Electric cars are also becoming more popular, with nearly 100,000 sold in the last year. This marks an 82% increase from the previous year. However, despite this growth, the overall adoption of electric cars hasn’t changed much.
Leaders in Electric Vehicle Adoption
Karnataka emerges as a leader in several key categories of electric vehicle adoption. The state leads in electric two-wheelers (E2Ws) penetration at 11.63%, as well as in the electric car (E-Car) category with 4.24% electrification. Additionally, Karnataka has also led the adoption of electric buses (E-Buses), boasting a significant 9.77% electrification rate among the top five states.
Uttar Pradesh stands out for its high electrification rate in the electric three-wheeler passenger segment, with approximately 84% of this category being electric. Furthermore, in the electric three-wheeler car segment, states like Rajasthan, Tamil Nadu, and Uttar Pradesh have all achieved impressive electrification rates, exceeding 60% in the fiscal year 2023-24.
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