Between April 2023 and March 2024, a staggering 16,70,736 EVs were sold in India, translating to 4577 EVs sold daily. That was a jump of 41.66% in the number of total EVs sold in India compared to the previous financial year.
On the other hand, EV sales increased by nearly 50% in CY 2023, and the sales are estimated to jump by nearly 66% in CY 2024.
The EC market has become vast in previous years and is anticipated to grow further in the future. In this post, let’s explore more details about the number of EVs sold in India according to financial and calendar year, its distribution by type, and more.
Number of EVs Sold In India: In A Glimpse
- EV sales in India are estimated to rise by 66% in CY 2024.
- 7,28,202 EVs were sold in CY 2024 as of May.
- 6.5% of the total vehicles sold in the CY 2023 in India were electric vehicles.
- In FY 23-24, 16,70,736 electric vehicles were sold in India.
- 56.51% of the total EVs sold in India were two-wheeler EVs in FY 23-24.
- 9,44,126 two-wheeler EVs were sold in India in FY 23-24
- A total of 6,32,485 three-wheeler EVs were sold in the country in FY 23-24.
- 3,693 electric buses were sold in India in FY 23-24.
- 70% of the EV market share in India belongs to Tata.
EV Sales In India
EV sales in India are estimated to rise by 66% in 2024.
After growing by 48.65% in CY 2023, EV sales in India are anticipated to increase by 66% in CY 2024.
Of that, a 4% increase in sales will be witnessed in the passenger vehicles. This growth is anticipated to be driven by new entrants and government subsidies.
Further, by the year 2030, electric vehicles are anticipated to make up nearly one-third of the passenger vehicle market.
Source: Counterpoint.
How Many EVs Are Sold In India?
1,23,059 EVs were sold in India in May 2024.
Comparatively, in April 2024, 1,12,871 EVs were sold in India. That indicates an increase of 9.03% in the number of total EVs sold in India in May 2024 compared to April 2024.
Further, 7,28,202 EVs were sold in CY 2024 as of May.
The following table displays the number of EVs sold in India in April 2024 and May 2024.
| Type of EV | April 2024 | May 2024 |
|---|---|---|
| Two-Wheeler | 64,375 | 63,871 |
| Three-Wheeler | 41,117 | 52,324 |
| Four-Wheeler | 7,158 | 6,620 |
| Bus | 221 | 244 |
Here are further details about the number of total EVs sold in CY 2024:
- January 2024: 1,44,466
- February 2024: 1,40,889
- March 2024: 2,06,724
- April 2024: 1,12,871
- May 2024: 1,23,059
Source: Society of Manufacturers of Electric Vehicles.
Percentage Of Electric Vehicles In India
6.5% of the total vehicles sold in the calendar year 2023 in India were electric vehicles.
In CY 2023, 1522.18K electric vehicles were sold in the country. Of these, 56.29% of the EVs sold were two-wheelers, and 38.27% were three-wheelers.
Meanwhile, 5.26% and 0.18% of the EVs sold in the same year were four-wheelers and buses, respectively.
Comparatively, 61.63% of the EVs out of 1023.99K EVs sold in 2022 were two-wheelers.
The following table displays the distribution of the total number of EVs sold in India over the years.
| Calendar Year | Two-wheeler | Three-wheeler | Four-wheeler | Bus |
|---|---|---|---|---|
| 2023 | 856.84 K | 582.55 K | 80.12 K | 2.67 K |
| 2022 | 631.09 K | 352.74 K | 38.17 K | 1.99 K |
| 2021 | 156.2 K | 159.91 K | 13 K | 1.18 K |
| 2020 | 29.11 K | 91.24 K | 4.2 K | 0.09 K |
| 2019 | 30.36 K | 134.17 K | 1.67 K | 0.51 K |
Source: JMK Research, Statista.
EV Sales In India By Financial Year
In FY 23-24, 16,70,736 Electric vehicles were sold in India.
That’s a 41.66% increase in the number of electric vehicles sold compared to the previous year. In FY 22-23, 1,179,419 electric vehicles were sold in the country.
Further, the number of electric vehicles sold in India increased by 867.44% between FY 19-20 and FY 23-24.
The following table displays the number of electric vehicles sold over the years.
| Financial Year | Total EV Sales in India |
|---|---|
| FY 23-24 | 16,70,736 |
| FY 22-23 | 11,79,419 |
| FY 21-22 | 4,45,001 |
| FY 20-21 | 1,41,228 |
| FY 19-20 | 1,72,696 |
| FY 18-19 | 1,45,989 |
| FY 17-18 | 95,198 |
Source: Society of Manufacturers of Electric Vehicles.
Number Of EVs Sold In India By Type
The majority of the EVs sold in FY 23-24 were two-wheelers, accounting for 56.51% of the total EVs sold in India.
Besides, three-wheeler EVs sold in FY 23-24 accounted for 37.85% of the total EVs, while four-wheelers and buses accounted for just 5.41% and 0.22%, respectively, of the total EVs sold.
Comparatively, in FY 22-23, 21.42% of the total EVs sold were two-wheelers.
The following table displays the distribution of the total EVs sold in India by type.
| Financial Year | Two-Wheeler | Three-Wheeler | Four-Wheeler | Bus |
|---|---|---|---|---|
| FY 23-24 | 9,44,126 | 6,32,485 | 90,432 | 3,693 |
| FY 22-23 | 7,28,054 | 4,01,882 | 47,499 | 1,984 |
| FY 21-22 | 2,52,642 | 1,72,543 | 18,622 | 1,194 |
| FY 20-21 | 44,803 | 90,898 | 5,154 | 373 |
| FY 19-20 | 26,834 | 1,43,051 | 2,377 | 434 |
| FY 18-19 | 28,007 | 1,16,031 | 1,885 | 66 |
| FY 17-18 | 2005 | 91,970 | 1,204 | 19 |
Source: Society of Manufacturers of Electric Vehicles.
Two-wheeler EV Sales In India
292,772 two-wheeler EVS were sold in India in CY 2024 as of May.
Meanwhile, in the first quarter of CY 2024, the two-wheeler EV sales reached 164,526.
Two-wheeler EV sales were recorded to be the highest in March 2024, with a total sales of 1,36,560 EVs.
Here is a table displaying the number of two-wheeler EVs sold in CY 2024.
| Month | Two-wheeler EV Sales |
|---|---|
| January 2024 | 82,018 |
| February 2024 | 82,508 |
| March 2024 | 1,36,560 |
| April 2024 | 64,375 |
| May 2024 | 63,871 |
Source: Society of Manufacturers of Electric Vehicles
9,44,126 two-wheeler EVs were sold in the FY 2023-2024.
The majority of the EV sales were recorded in March 2024 at 1,36,560 and in May 2023 at 1,05,582.
Besides, over 50,000 EVS were sold in all the months of FY 23-24.
The following table displays the total number of EVS sold over the FY 23-24.
| Month | Number of Two-wheeler EVs Sold in FY 23-24 |
|---|---|
| April | 66,877 |
| May | 1,05,582 |
| June | 46,106 |
| July | 54,614 |
| August | 62,767 |
| September | 64,077 |
| October | 75,144 |
| November | 92,018 |
| December | 75,855 |
| January | 82,018 |
| February | 82,508 |
| March | 1,36,560 |
| Total | 9,44,126 |
Source: Society of Manufacturers of Electric Vehicles (FY 23-24)
Electric Three-Wheeler Sales In India
6,32,485 three-wheeler EVs were sold in India in FY 23-24.
That was an increase of 57.38% compared to 4,01,882 three-wheeler EVs sold in India in FY 22-23.
Further, in May 2024, 52,324 three-wheeler EVs were sold in India, while in April 2024, 41,117 three-wheeler EVs were sold.
Besides, the number of three-wheelers EVS sold has increased by 587.71% between FY 17-18 and FY 23-24.
The following table displays the number of three-wheeler EVs sold in India in FY 23-24.
| Month | Number of Three-Wheeler EVs Sold in FY 23-24 |
|---|---|
| April | 38,083 |
| May | 44,698 |
| June | 48,151 |
| July | 53,877 |
| August | 56,860 |
| September | 57,547 |
| October | 57,006 |
| November | 53,912 |
| December | 57,653 |
| January | 53,459 |
| February | 50,598 |
| March | 60,641 |
| Total | 6,32,485 |
Source: Society of Manufacturers of Electric Vehicles.
EV Car Sales In India
A total of 90,432 EV cars were sold in India in FY 23-24.
That’s an increase of 90.39% in the number of EV Cars sold in India compared to 47,499 EV cars sold in FY 22-23.
Further, the number of EV cars sold in April 2024 and May 2025 was recorded to be 7,158 and 6,620, respectively.
The following table displays the number of EV Cars sold in India in FY 23-24.
| Month | Number of EV Cars Sold in FY 23-24 |
|---|---|
| April | 6,041 |
| May | 7,718 |
| June | 7,974 |
| July | 7,771 |
| August | 7,016 |
| September | 6,365 |
| October | 7,602 |
| November | 7,526 |
| December | 7,490 |
| January | 8,440 |
| February | 7,438 |
| March | 9,051 |
| Total | 90,432 |
Source: Society of Manufacturers of Electric Vehicles.
EV Bus Sales In India
3,693 electric buses were sold in India in FY 23-24.
Comparatively, 1,984 electric buses were sold in India in FY 22-23. That displays an increase of 86.14% in the number of electric buses sold in India in FY 23-24 compared to the previous financial year.
Besides, 244 electric buses were sold in May 2024, and 221 were sold in April 2024.
Further, the number of electric buses sold in India in FY 17-18 was just 19, which grew to 434 in FY 19-20.
The following table displays the number of electric buses sold in India in FY 23-24 and FY 22-23.
| Month | Number of EV Buses Sold in FY 23-24 | Number of EV Buses Sold in FY 22-23 |
|---|---|---|
| April | 88 | 165 |
| May | 280 | 165 |
| June | 204 | 145 |
| July | 144 | 207 |
| August | 269 | 227 |
| September | 258 | 206 |
| October | 239 | 241 |
| November | 268 | 117 |
| December | 577 | 161 |
| January | 549 | 139 |
| February | 345 | 113 |
| March | 472 | 98 |
| Total | 3,693 | 1,984 |
Source: Society of Manufacturers of Electric Vehicles.
Market Share of EV Brands By Sales
70% of the EV market share in India belongs to Tata.
Tata witnessed a 58% increase in its sales in CY 2023.
At the same time, MG Motor makes up 14% of the EV market and saw an 186% increase in its sales in CY 2023.
Another brand with a significant share is Mahindra And Mahindra. Plus, Citroen managed to make its hold in the market despite being launched in 2023.
The following table displays the market share of EV brands and the YoY growth witnessed by these brands.
| Brand | Market Share | YoY growth |
|---|---|---|
| Tata | 70% | 58% |
| MG Motors | 14% | 186% |
| Mahindra and Mahindra | 7% | 2476% |
| Citroen | Less than 5% | (entered the market in 2023) |
| BYD | Less than 5% | 1538% |
| Others | 5% | 216% |
Source: Counterpoint Research.
Read More Related To EVs:
Conclusion: A 66% Rise Is Estimated In The Sale Of EVs In CY 2024
As of May 2024, 728,202 EVs had already been sold in India. That’s a rapid increase in sales compared to the previous year, and the majority of the vehicles sold are two-wheelers and three-wheelers.
However, the number of electric cars sold is also increasing gradually, and the sales of EV cars are expected to witness a surge this year.
Overall, the number of EVs sold in India is anticipated to increase due to government incentives, rising fuel costs, growing environmental consciousness, etc.
