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Indiau2019s annual electric vehicle (EV) sales grew 27% to surpass two million units in 2024, according to a latest report by BloombergNEF, signifying an increasing adoption of new-age vehicles.
Given the industry’s growing importance and impending growth, the electric mobility sector in India also attracted investment worth USD 1 billion from venture capital, private equity and commercial banks, according to the report. This finance was mostly taken up by EV manufacturers, who closed deals worth USD 671 million.
However, rising demand and fierce competition in the EV space is causing a number of automakers to turn to public markets to finance their expansion plans.
As the report highlighted, Hyundai Indiau2019s initial public offering was the largest in the nationu2019s history, and Ola Electric became the first pure-play EV firm to list on public markets.
Category-wise performance
Currently, 2.6% of all passenger cars sold in the nation are electric, and competition is getting fiercer. While Tata Motors retained its top spot, MG Motor was the biggest gainer– its market share grew to 25% in 2024 from 13% the year before.
As the competition heats up in the two-wheeler space, legacy manufacturers are becoming a bigger threat to startups. TVS Motor, Bajaj Auto, and Hero MotoCorp’s combined sales share of electric two-wheelers increased from 29% in 2023 to 40% in 2024. Bajaj is currently the third-largest EV seller, surpassing Ather Energy, as its yearly EV sales increased by 2.7 times in 2024.
In the commercial vehicle segment, sales of electric trucks and vans increased 2.5 times to reach 6,220 units in 2024.
As per the report, EV adoption is centered in the light commercial vehicle segment where demand is driven by delivery or logistics service providers adopting electric vans and small trucks due to lower operating costs and to fulfill decarbonization requirements.
State-wise, Karnataka and Maharashtra had the largest sales of electric two-wheelers and passenger EVs in 2024. On the other hand, Delhi surpassed Maharashtra to have the largest fleet of electric buses. Interestingly, Mumbai and Delhi are home to 49% of Indiau2019s 10,730 e-bus fleet.
Government Push
The Central government, driven by a combination of environmental concerns and energy security, has introduced several policy measures to promote EVs in India. In 2024, the PM E-Drive scheme was unveiled which was the third demand-side strategy for the industry, targeted at accelerating the adoption of electric vehicles (EVs), establishing charging infrastructure, and building a robust EV manufacturing ecosystem in the country.
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Significant EV adoption was seen in passenger cars, two-wheelers, and commercial vehicles, driven by government policies and logistics demand.
“>
India’s annual electric vehicle (EV) sales grew 27% to surpass two million units in 2024, according to a latest report by BloombergNEF, signifying an increasing adoption of new-age vehicles.
Given the industry’s growing importance and impending growth, the electric mobility sector in India also attracted investment worth USD 1 billion from venture capital, private equity and commercial banks, according to the report. This finance was mostly taken up by EV manufacturers, who closed deals worth USD 671 million.
However, rising demand and fierce competition in the EV space is causing a number of automakers to turn to public markets to finance their expansion plans.
As the report highlighted, Hyundai India’s initial public offering was the largest in the nation’s history, and Ola Electric became the first pure-play EV firm to list on public markets.
Category-wise performance
Currently, 2.6% of all passenger cars sold in the nation are electric, and competition is getting fiercer. While Tata Motors retained its top spot, MG Motor was the biggest gainer– its market share grew to 25% in 2024 from 13% the year before.
As the competition heats up in the two-wheeler space, legacy manufacturers are becoming a bigger threat to startups. TVS Motor, Bajaj Auto, and Hero MotoCorp’s combined sales share of electric two-wheelers increased from 29% in 2023 to 40% in 2024. Bajaj is currently the third-largest EV seller, surpassing Ather Energy, as its yearly EV sales increased by 2.7 times in 2024.
In the commercial vehicle segment, sales of electric trucks and vans increased 2.5 times to reach 6,220 units in 2024.
As per the report, EV adoption is centered in the light commercial vehicle segment where demand is driven by delivery or logistics service providers adopting electric vans and small trucks due to lower operating costs and to fulfill decarbonization requirements.
State-wise, Karnataka and Maharashtra had the largest sales of electric two-wheelers and passenger EVs in 2024. On the other hand, Delhi surpassed Maharashtra to have the largest fleet of electric buses. Interestingly, Mumbai and Delhi are home to 49% of India’s 10,730 e-bus fleet.
Government Push
The Central government, driven by a combination of environmental concerns and energy security, has introduced several policy measures to promote EVs in India. In 2024, the PM E-Drive scheme was unveiled which was the third demand-side strategy for the industry, targeted at accelerating the adoption of electric vehicles (EVs), establishing charging infrastructure, and building a robust EV manufacturing ecosystem in the country.