India EV Market Trend Update 2024-July/ English
In recent years, the EV market in India has been growing, supported by government policies. Not only startups but also major companies are entering this promising market.
This report provides a monthly update on the rapidly growing EV market in India.
Sales Figures for FY24
E-2 Wheelers: 944,126 units
E-3 Wheelers: 632,485 units
E-4 Wheelers: 90,432 units
E-Buses: 3,693 units
Top EV Brands (July 2024)
2-Wheelers: OLA (41,597 units), TVS (19,471 units), Bajaj (17,642 units), Ather (10,080 units), Hero (5,044 units)
4-Wheelers: TATA (4,721 units), MG Motor (1,520 units), Mahindra (485 units), BYD (341 units), PCA (155 units)
Recent News (July 2024)
- EV Owners' Preferences: 51% of EV 4W owners in India want to return to ICE vehicles.
- Hyderabad's EV Charging Hub: A new EV charging hub with 102 charging points opened near Hyderabad airport.
- EMPS Extension: The government extended the Electric Mobility Promotion Scheme (EMPS) by two months and increased the budget to ₹7.78 billion.
- OLA's IPO: OLA Electric Mobility's IPO is set to open on August 2.
- Uttar Pradesh's Policy: Uttar Pradesh announced a 100% exemption on registration fees for strong hybrid vehicles.
- FAME3: The third phase of the FAME scheme is planned but not yet approved.
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