In September, electric vehicle (EV) sales in India experienced a remarkable 25% year-on-year increase, with a total of 149,000 registrations. This marks a significant rise from 119,000 EVs registered in September of the previous year, and a slight increase from 147,000 in August 2024. The first half of the current fiscal year (April-September) has shown a 19% growth, with total registrations reaching 837,000 EVs compared to 702,000 during the same period last year.

Passenger Vehicle Sales Reflect Steady Growth

During this fiscal year’s first half, electric passenger vehicles, including cars and SUVs, accounted for 43,120 units sold. This is a slight increase from 42,550 units sold during the same period last year. Sales in the first quarter rose by 8.6% to 22,749 units, while the second quarter saw a 6% decline, totaling 20,141 units.

Two-Wheeler Market Flourishes

September also marked a significant 40% rise in electric two-wheeler sales, totaling 88,000 units compared to 63,000 in September 2023 and 87,000 in August 2024. Ola Electric led the market with 23,965 units sold in September, although this was a decrease from 26,928 units in August. Bajaj’s sales increased to 18,933 units, surpassing TVS Motor to secure the second position in the market.

Three-Wheeler Registrations Increase

Electric three-wheeler registrations reached 54,000 units in September, reflecting a 10% year-on-year increase from 49,000 units in September 2023 and 52,000 units in August 2024.

Charging Infrastructure Growth

The demand for electric vehicle charging infrastructure has skyrocketed, with electricity consumption at public charging stations doubling. In the first quarter of this fiscal year, energy consumption surged to 176.9 million units, representing over 108% growth compared to the previous year. As of July 2024, India boasts 4.575 million EVs, with projections estimating 50 million EVs by 2030, potentially driving the market to a valuation of ₹4 lakh crore.

Public Charging Stations on the Rise

The number of public charging stations has increased significantly from 1,800 in February 2022 to 16,347 by March 2024. To achieve a ratio of one charging station for every 40 EVs, India will need to install around 400,000 stations annually.

Leading Automakers Show Positive Trends

Maruti Suzuki recorded a 2% increase in total sales, amounting to 184,727 vehicles, including 27,728 exports, which is a 23% increase from the previous year. Hyundai’s sales showed a significant shift, with SUVs comprising 70% of total sales, marking the highest monthly SUV sales in the company’s history. Kia Motors also reported a surge in sales, with the Sonet model achieving 5,351 units sold, a 44% increase from the previous year.

The electric vehicle market in India is rapidly expanding, demonstrating strong growth and promising prospects for the future.