India’s electric vehicle market experienced a significant surge in FY2024, with total sales reaching 1,752,406 units, marking a robust year-on-year (y-o-y) growth of 40.31 per cent. According to JMK Research & Analytics, this surge was primarily driven by electric two-wheelers (E2Ws) and electric three-wheelers (E3Ws), which together accounted for 94 per cent of the total EV sales.
E2Ws led the market with 1,009,356 units sold, reflecting a 29 per cent y-o-y growth and constituting 57.60 per cent of overall EV sales. E3Ws followed closely with 634,969 units, showing a remarkable 56 per cent y-o-y growth. Electric cars (E-Cars) and electric buses (E-Buses) also saw impressive increases, with sales of 99,085 units (82 per cent growth) and 3,708 units (85 per cent growth), respectively.
The white paper released by JMK Research & Analytics has highlighted the top five states which are at the forefront of this nationwide EV adoption surge.
UTTAR PRADESH: LEADING THE CHARGE
This state emerged as a dominant force in India’s EV landscape, particularly in the E3W segment. The state recorded total EV sales of 305,355 units in FY2024, capturing 17.42 per cent of the national market and showing a substantial y-o-y growth of 62 per cent. E3W passenger vehicles led the state’s market with a 75 per cent share, followed by E2Ws at 17 per cent, E3W cargo at 6 per cent, and E-Cars at 2 per cent. The state boasts the highest penetration rate in the E3W passenger segment at approximately 84 per cent.
Uttar Pradesh has been a major beneficiary of the FAME II scheme, availing subsidies worth over Rs 395 crore. Despite having only 583 public charging stations, the state leads in EV sales, primarily due to the widespread use of simple charging plugs for E3Ws.
However, in terms of investment, the state’s EV market is bolstered by several manufacturers, including Mini Metro, Hotage Corporation, J.S. Auto, and Gayatri Electric Vehicle. Notably, Ashok Leyland has initiated the establishment of a new commercial vehicle plant focused on green mobility.
MAHARASHTRA: A HUB FOR E2WS AND E-CARS
Maharashtra ranks second in India’s EV market, with 212,352 units sold, making up 12 per cent of the national total. The state excels in E2W and E-Car categories, with sales of 183,879 and 14,143 units respectively. E2Ws dominate Maharashtra’s market with an 86.59 per cent share, while E-Cars, E3Ws, and E-Buses hold 6.68 per cent, 5.93 per cent, and 0.30 per cent shares, respectively.
This state has utilised subsidies worth over Rs 1,148 crore under the FAME II scheme. The state boasts of 3,083 public charging stations, with Pune and Mumbai accounting for 75 per cent of these facilities.
Maharashtra has attracted significant investments from companies like PMI Electromobility, Gensol EV, Bajaj Auto, Mahindra, and Piaggio. These investments are driving Maharashtra’s prominence in the EV sector.
KARNATAKA: A RISING STAR
Karnataka recorded EV sales of 169,826 units in FY2024, accounting for 9.66 per cent of India’s total. The state ranks second in E2W and E-Car sales, with 149,767 and 13,288 units, respectively. E2Ws dominate with an 88.19 per cent share, followed by E-Cars at 7.82 per cent.
As per the report, Karnataka has secured over Rs 1,002 crore in FAME II subsidies. The state leads in charging infrastructure with 5,130 public charging stations, primarily concentrated in Bengaluru.
Key players like Mahindra, Altigreen, Ola Electric, and Ather Energy have established significant operations in Karnataka. The state is also home to battery manufacturing facilities by Log9 Materials and other companies.
TAMIL NADU: STEADY GROWTH
This state registered 101,204 EV units in FY2024, contributing 6 per cent to India’s total. The state saw a 41 per cent y-o-y growth, driven by E2W sales, which accounted for 86.36 per cent of the market. E-cars and E3W cargo also showed notable growth.
The data revealed that Tamil Nadu has availed Rs 414 crores in subsidies under FAME II. The state has 643 public charging stations, with significant clusters in Chennai and Coimbatore.
The state has attracted major investments from Mahindra, Ather, Ampere, and VinFast. Ola Electric is expanding its Future Factory, and HMIL is establishing an EV ecosystem in Tamil Nadu.
RAJASTHAN: EMERGING PLAYER
Rajasthan saw 98,351 EV units sold in FY2024, representing a 5.61 cent share of India’s EV market. The state experienced an 11.34 per cent y-o-y growth, with E2Ws and E3Ws leading the market.
Rajasthan has utilised Rs 296.69 crore in FAME II subsidies. The state has 500 public charging stations, primarily in urban centres like Jaipur and Udaipur.
Rajasthan hosts E2W manufacturers like Hop Electric, Battre, and Okinawa. Hero Electric and Saera Electric have also set up manufacturing facilities in the state.
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