EV sales soar 40.31 per cent in FY24, two-wheelers lead the charge
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The electric two-wheeler (E2W) segment led the charge, selling 1,009,356 units. This represents a year-on-year growth of 29 per cent, capturing 57.60 per cent of total EV sales in FY2024. The increased awareness and introduction of advanced models comparable to internal combustion engine (ICE) vehicles contributed to this surge.
Electric three-wheelers (E3Ws), comprising both passenger and cargo types, experienced a 56 per cent year-on-year growth, with sales hitting 634,969 units in FY2024. This segment boasts an impressive 52.34 per cent EV penetration in the three-wheeler category.
«Favorable cost economics, increasing logistic demand, and enhanced demand for last-mile mobility have driven growth in this segment,» the report noted.
The electric car (E-Car) category also saw significant growth, with sales reaching 99,085 units, marking an 82 per cent year-on-year increase in FY2024. Despite this upward trend, the level of electrification penetration has remained relatively unchanged.
Electric buses (E-Buses) saw the highest year-on-year growth among all segments, with sales totaling 3,708 units, an 85 per cent increase. However, the report pointed out that the overall level of electrification in the bus sector has stayed relatively consistent over the past few years.
Karnataka emerged as a
