Electric vehicle (EV) sales in 2024 reached a record-breaking 1.94 million units, marking a remarkable 26.5% growth compared to 2023. According to data from the Ministry of Road Transport and Highways (MoRTH), this surge boosted EV penetration to 7.46%, up from 6.39% the previous year.
The steady growth underscores the rising popularity of EVs as they continue to capture a larger share of the domestic market. A key factor driving this expansion was the introduction of the E-DRIVE scheme, which reintroduced reduced subsidies for cargo electric three-wheelers, providing crucial support to the sector’s development.
India’s EV industry is poised for even greater milestones, fueled by supportive measures and shifting consumer preferences. Monthly sales trends in 2024 revealed fluctuations influenced by policy adjustments and seasonal demand. October stood out as the strongest month, with 2,19,482 units sold, driven by festive purchases and subsidy programs.
Of the 26.04 million vehicles sold throughout the year, petrol variants dominated with a 73.69% share, translating to approximately 19.18 million units. Diesel models accounted for 10.05% (around 2.62 million units), while alternative fuel options, including hybrids and CNG vehicles, made up 9.87%.
In 2024, for every EV sold, approximately 12.43 vehicles powered by petrol, diesel, or hybrids were purchased, reflecting a steady shift toward greener alternatives. This marks a notable improvement from the previous ratios of 15.67 in 2023 and 21.05 in 2022.
Looking ahead to 2025, the Indian passenger vehicle market is set for a significant boost as numerous new models are poised to debut across various segments. Automakers like Maruti Suzuki, Hyundai, Tata, Mahindra, MG, Kia, and others are gearing up to launch new zero-emission vehicles, further driving growth and scaling up EV adoption.
