Mumbai — The electric vehicle (EV) market in India has witnessed significant growth, with total sales increasing by 25% year-on-year in September 2024. More than 800,000 vehicles were sold in the first six months of the current financial year, marking a 19% rise compared to the same period last year. The electric two-wheeler segment has shown particularly strong performance, with sales soaring by 40% in September 2024 compared to the same month last year, driven by companies like Ola Electric and Bajaj.
Steady Growth in Electric Three-Wheelers
The electric three-wheeler segment has also experienced steady growth, with sales up by 10% in September 2024 compared to the same month last year. In contrast, the electric passenger vehicle segment has seen more modest growth, with a rise of only 8.6% in the first quarter of the current financial year. Additionally, power consumption at public charging stations has more than doubled in the first quarter, indicating a growing acceptance of electric vehicles.
Urgent Need for Expanded Charging Infrastructure
With the rapid increase in EV adoption, there is an urgent requirement to enhance the country’s charging infrastructure. India will need to install around 400,000 charging stations annually to meet the rising demand. Conventional automakers have had varied experiences in the Indian market; Maruti reported a 2% increase in sales, while Hyundai noted strong performance in its SUV segment. Kia Motors also recorded an impressive 44% year-on-year increase in sales of its popular Sonet SUV.
