New Delhi: India’s journey towards a sustainable future has hit a new milestone as the electric vehicle (EV) market witnessed an unprecedented boom in FY2024. With a staggering 1,752,406 EVs rolling out, the nation saw a remarkable 40.31% growth from the previous year. This surge is a testament to the country’s commitment to reducing carbon emissions and embracing green transportation.
The driving force behind this electric surge has been the electric two-wheelers (E2Ws) and electric three-wheelers (E3Ws), which combined, powered 94% of total sales. E2Ws took the lead, selling 1,009,356 units and marking a 29% growth, while E3Ws weren’t far behind with 634,969 units and an impressive 56% growth. The electric car (E-Car) and electric bus (E-Bus) segments also showed significant upticks, with sales of 99,085 units and 3,708 units, respectively, highlighting an over 80% growth in each category.
JMK Research & Analytics’ white paper shines a spotlight on the top five states fueling this EV adoption wave:
Uttar Pradesh: The EV Vanguard
Uttar Pradesh has emerged as the EV capital of India, especially in the E3W segment. With 305,355 units sold, the state claimed 17.42% of the national market share and a 62% growth. E3W passenger vehicles dominated with a 75% share, followed by E2Ws, E3W cargo, and E-Cars. The state’s success is partly credited to the FAME II scheme, with subsidies over Rs 395 crore. Despite a modest number of public charging stations, the widespread use of simple charging plugs for E3Ws has kept the wheels of progress turning.
Maharashtra: The Investment Magnet
Maharashtra’s strategic initiatives have made it a hub for EV manufacturing and innovation. The state has leveraged over Rs 1,148 crore in FAME II subsidies and boasts 3,083 public charging stations. Investments from industry giants like PMI Electromobility and Bajaj Auto are propelling Maharashtra to the forefront of the EV revolution.
Karnataka: The Silicon Valley of EVs
Karnataka, with 169,826 units sold, is making its mark with a 9.66% national share. The state is a leader in E2W and E-Car sales, thanks to over Rs 1,002 crore in FAME II subsidies and a robust network of 5,130 public charging stations. Companies like Ola Electric and Ather Energy are driving innovation from Karnataka’s tech-centric landscape.
Tamil Nadu: The Steady Climber
Tamil Nadu’s 101,204 EV units reflect a solid 6% national contribution and a 41% growth. The state’s focus on E2Ws, which make up 86.36% of its market, along with strategic investments and 643 public charging stations, are setting the pace for its steady ascent in the EV race.
Rajasthan: The New Contender
Rajasthan’s 98,351 EV units and a 5.61% market share highlight its emerging role in India’s EV narrative. The state’s 11.34% growth is fueled by E2Ws and E3Ws, supported by Rs 296.69 crore in FAME II subsidies and a growing network of 500 public charging stations.
This electrifying growth story is not just about numbers; it’s about India’s decisive shift towards a greener, cleaner, and more sustainable mode of transportation. With each state contributing uniquely to this revolution, India is steering towards an eco-friendly future, one EV at a time.
