In 2024, the EV industry reached a significant milestone when its total sales reached 1.94 million units, a 26.5% increase over the year before.
EV market penetration increased from 6.39% in 2023 to 7.46% in 2024, indicating a rise in domestic market acceptance.
20 Lakh Electric Vehicles Sold in 2024
The sector’s growth was greatly accelerated by the E-DRIVE scheme, which restored lower subsidies for cargo electric three-wheelers.
Because of favorable regulations and changing consumer preferences, India’s EV sector is set to achieve more significant milestones.
Monthly trends in 2024 showed sales fluctuations influenced by policy changes and seasonal demand.
With 2,19,482 units sold, October 2024 saw the highest sales, which were fueled by holiday purchases and government subsidies.
In 2024, 73.69% of the 26.04 million vehicles sold were gasoline-powered, or roughly 19.18 million units.
2.62 Million Units Of Diesel Models Sold
Diesel models accounted for roughly 2.62 million units, or 10.05% of total sales.
Other fuels, such as CNG and hybrids, accounted for 9.87% of total sales.
Compared to ratios of 15.67 in 2023 and 21.05 in 2022, there was a slight shift toward greener alternatives in 2024, with roughly 12.43 gasoline, diesel, or hybrid vehicles sold for every EV sold.
Demand for passenger cars in India is predicted to rise in 2025, and numerous new models will be introduced in a variety of market segments.
To further increase market volumes, automakers such as Hyundai, Tata, Mahindra, MG, Kia, and Maruti Suzuki intend to launch zero-emission vehicles.
Electric Vehicles Will Generate 5 Crore Jobs By 2030 At Rs 20 Lakh Crore Market Size
India’s electric vehicle (EV) sector is on the brink of a revolutionary transformation, projected to reach a staggering ₹20 lakh crore market size by 2030. This unprecedented growth is expected to create around 5 crore jobs across the EV ecosystem, offering a significant boost to the nation’s employment landscape.
Addressing the 8th Catalyst Conference on Sustainability of E-Vehicle Industry-Evexpo 2024, Nitin Gadkari, the Minister for Road Transport and Highways, emphasized the enormous potential of India’s EV market. He highlighted the need for manufacturers to enhance production capacity while maintaining world-class quality standards. The EV financing market, estimated to touch ₹4 lakh crore by 2030, further underscores the sector’s growth trajectory.
