In a significant milestone for India’s electric mobility sector, retail sales of electric vehicles (EVs) experienced robust growth across various segments during the fiscal year 2023-24, according to data released by the Federation of Automobile Dealers Associations (FADA).
The latest figures revealed a remarkable uptick in EV registrations, with all segments witnessing substantial increases compared to the previous fiscal year.
In the electric passenger vehicle segment, registrations surged to 90,996 units during FY24, marking a notable 91% rise from 47,551 units in FY23. Tata Motors emerged as a frontrunner in this category, with registrations totaling 64,217 units, representing a 66% increase over the previous fiscal year’s figures.
Similarly, electric two-wheelers experienced a surge in registrations, reaching 9,47,087 units in FY24, up by 30% from 7,28,205 units in FY23. Ola Electric led the segment with retail sales of 3,29,237 units, followed closely by TVS Motor Company with registrations of 1,82,969 units.
The electric three-wheeler segment also witnessed substantial growth, with retail sales climbing by 56% to 6,32,636 units in FY24 compared to 4,04,430 units in FY23. Mahindra Group recorded significant gains, retailing 60,618 units during the fiscal year, reflecting a robust 69% growth over the previous year’s figures.
Furthermore, the retail sales of electric commercial vehicles registered a remarkable three-fold increase, soaring to 8,571 units in FY24 from 3,111 units in FY23. Tata Motors emerged as a key player in this segment, selling 5,590 units during the fiscal year, followed by JBM Auto with registrations of 530 units.
Commenting on the encouraging trend, Manish Raj Singhania, President of FADA, emphasized the accelerating shift towards electric mobility in India. He highlighted the market’s potential for sustainable transportation solutions, noting the expanding base for EV adoption and the growing demand for environmentally friendly vehicles.
The surge in EV sales underscores the increasing acceptance and viability of electric vehicles in India’s automotive landscape, signaling a promising future for the country’s electric mobility ecosystem.