India Achieves 11.5 Times Increase in EV Sales Over Five Years
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Synopsis
India has reached a remarkable milestone, with EV sales surpassing two million in FY2024-25, marking a record high and a significant increase from the previous year. Electric two-wheelers dominate the market, while three-wheelers and cars also show promising growth.
Key Takeaways
- India sold over two million EVs in FY2024-25.
- Electric two-wheelers account for 60 percent of sales.
- Sales have grown over 11.5 times since FY2020.
- E3W passenger sales increased by 9 percent.
- Electric car sales saw a 12 percent YoY growth.
New Delhi, April 18 (NationPress) India has achieved a significant milestone by surpassing two million electric vehicles (EVs) sold in the financial year ending March 31, 2024-25. This marks the highest sales recorded in a single fiscal year, with a 15.6 percent increase compared to 1.75 million sales in FY2024, as per a report from JMK Research.
From FY2020, EV sales have surged over 11.5 times, spurred by rising public interest, improved charging infrastructure, and robust governmental support, the report indicates.
Electric two-wheelers have taken the lead, commanding nearly 60 percent of total EV sales in India, equating to around 1.2 million units. This segment has enjoyed a year-on-year growth of about 20 percent.
Since FY2020, this category has expanded by over 42 times, highlighting the growing inclination towards e-scooters and e-bikes among urban commuters seeking economical and environmentally friendly options, the report elaborates.
Following closely, the electric three-wheeler segment, which is the second largest by volume, has seen rapid growth and increased competitiveness. In FY2025, the sales of E3W passenger vehicles reached 609,762 units, reflecting a year-on-year rise of around 9 percent. The E3W cargo segment achieved a remarkable YoY growth of nearly 26 percent, driven by the booming logistics and e-commerce sectors, along with favorable cost dynamics, according to the report.
On the other hand, the electric car segment, while smaller in scale, continues to progress steadily. With 110,748 units sold, it experienced a 12 percent year-on-year growth, constituting approximately 5.5 percent of the total EV sales in India.
Lastly, electric bus sales faced a slight decline of 3.8 percent in FY2025, totaling 3,570 units. However, growth is anticipated to pick up in the forthcoming years, bolstered by targets and incentives under the PM E-DRIVE scheme, aimed at enhancing the adoption of e-buses across major urban areas in the country, the report concluded.
