October 2024 marked a significant milestone for India’s electric vehicle (EV) market, fueled by the festive cheer of Navratri and Deepawali. The Federation of Automobile Dealers Associations (FADA) released data showcasing a robust 55% year-over-year (YoY) growth in EV retail sales, accompanied by an impressive 36% month-over-month (MoM) increase. FADA President, C S Vigneshwar, credited this surge to heightened consumer interest during the festive season, which has propelled EV sales to new heights across various segments.
Two-Wheelers Leading the Charge
The electric two-wheeler market demonstrated remarkable progress, achieving a 6.7% market share—up from last year’s figures. This growth was attributed to a combination of rising consumer enthusiasm and continuous innovation within the industry. Electric two-wheelers are becoming more accessible and appealing as urban commuters seek efficient and eco-friendly alternatives.
Three-Wheelers Solidify Urban Mobility Role
Electric three-wheelers emerged as a powerhouse in urban transport, securing a commanding 54.7% market share. Their increased popularity underlines the segment’s vital role in short-distance and last-mile connectivity solutions in cityscapes.
Niche but Steady: Commercial Vehicles
Despite being a niche category, electric commercial vehicles sustained steady growth with a 0.89% market share. Industry analysts believe this consistent performance highlights the segment’s potential in urban logistics and delivery services.
Passenger EVs Gaining Traction
Electric passenger vehicles showed incremental gains, achieving a 2.2% market share. This reflects a growing interest among consumers in sustainable, personal transportation options, spurred by both environmental awareness and innovative product offerings.
Top EV Retailers in October 2024
Electric Passenger Vehicles:
- Tata Motors: 6,152 units
- MG Motor: 2,530 units
- Mahindra: 907 units
- BYD: 363 units
- PCA Automobiles: 254 units
Electric Three-Wheelers:
- Mahindra: 7,475 units
- Bajaj Auto: 6,310 units
- YC Electric: 4,601 units
- Saera Electric: 2,484 units
- Dilli Electric: 2,388 units
Electric Commercial Vehicles:
- Tata Motors: 479 units
- PMI Electro: 86 units
- JBM Auto: 82 units
- Switch Mobility: 66 units
- Olectra Greentech: 46 units
A Gradual Shift Toward Electrification
The October 2024 retail data underscores India’s gradual shift toward electric mobility. With consumer demand bolstered by festive enthusiasm and a growing awareness of sustainability, the nation’s EV market continues to gain momentum. As Vigneshwar put it, the surge during the festive season serves as a strong indicator of changing consumer preferences and the steady evolution of the country’s transport landscape.
