Electric vehicle (EV) sales in India reached a record 1.95 million units in 2024, an over 27% growth year-over-year against the 1.53 million units sold in 2023.

EVs accounted for 3.6% of overall automobile sales, according to data released by the Ministry of Road Transport and Highways through its Vahan Dashboard.

The EV market consistently surpassed the 100,000-unit mark every month, with October registering the highest sales at 219,527 units, followed by March with 213,068 units and November with 192,681 units.

Uttar Pradesh had the highest number of EVs sold, with 368,718 vehicles, followed by Maharashtra with 241,930 and Karnataka with 178,867.

India now has over 5.39 million registered EVs.

Electric two-wheelers

Electric two-wheelers accounted for nearly 59% (1.15 million) of total EVs sold in 2024. Ola Electric once again led the segment with the highest sales at 407,553 units, followed by TVS Motor Company (220,512), Bajaj Auto (193,460), Ather Energy (126,173), and Hero Motocorp (43,696).

Electric three-wheelers

Electric three-wheelers constituted 35% (691,302) of all EVs sold in 2024. Mahindra Last Mile Mobility sold 66,509 units, the most in this category, followed by YC Electric Vehicle  (43,977), Bajaj Auto (41,915), Saera Electric Auto (28,293), and Dilli Electric Auto (25,043).

Electric four-wheelers

Electric four-wheelers represented 5% of the total sales at 89,765 units in 2023. Tata Motors led the segment again, selling 54,875 units, followed by MG Motors selling 20,498 units. Other significant electric four-wheeler companies in the market include Mahindra (6,583), BYD (2,661), and BMW (1,169).

The Union Cabinet approved the ‘PM Electric Drive Revolution in Innovative Vehicle Enhancement (PM E-DRIVE) Program’ in September 2024. The PM E-DRIVE Program, with a total outlay of ₹109 billion (~$1.29 billion), focuses on providing demand incentives, deploying EVs, and developing charging infrastructure to support wider EV adoption.

The program allocates ₹36.79 billion ($438.1 million) in subsidies to promote electric two-wheelers (e-2Ws), three-wheelers (e-3Ws), e-ambulances, e-trucks, and e-buses. Specifically, it aims to support the deployment of 2.479 million e-2Ws, 316,000 e-3Ws, and 14,028 e-buses.

In March 2024, the Ministry of Heavy Industries launched the Electric Mobility Promotion Program 2024 with a funding of ₹5 billion (~$60.34 million). The program was scheduled from April 1, 2024, to July 31, 2024, targeting electric two-wheelers and three-wheelers, including e-rickshaws, e-carts, and L5 category vehicles. The program plans to support 372,215 EVs, which include 333,387 e-2Ws and 38,828 EV e-3Ws.