India’s electric car market achieved a significant milestone in 2024, recording 99,004 electric car sales, according to the government’s Vahan portal, as reported by Electrive. This marks a 20% growth compared to 2023, with 16,441 more units sold than the previous year.
Market Leaders and Shifts
While the market expanded, Tata Motors, the leading EV brand, saw its market share shrink from 73% to 62%—its lowest since 2022. Despite this, the company sold 61,435 EVs in 2024, an increase of just 2% (1,428 units) over 2023. Tata’s diverse EV portfolio includes six models, such as the popular Nexon.ev and Tiago.ev, with the Harrier.ev and Sierra.ev set to debut this year.
JSW MG Motor emerged as a strong competitor, growing by 125% year-over-year with sales of 21,464 EVs. The September launch of the Windsor EV, alongside existing models like the ZS EV and Comet EV, was a major driver of this growth.
Mahindra & Mahindra took third place, selling 7,104 units of its XUV400, a 66% increase from 2023. With three new EV models, including the highly anticipated BE 6, the company is set for a major expansion.
Challenges for Premium EVs
China’s BYD, ranking fourth, sold 2,819 units—up 40% from the previous year. However, its high prices remain a barrier, with models like the Atto 3 and Seal out of reach for many Indian buyers. Similarly, Citroen struggled, selling just 1,873 units of its e-C3, a 4% decline.
Luxury brands like Hyundai, Kia, BMW, and Mercedes-Benz sold minimal EVs due to exorbitant pricing. However, the South Korean giants are expected to disrupt the market this year with the launch of affordable models like the Creta Electric and Carens EV.
The Road Ahead
India’s EV market is set for further growth in 2025, with Maruti Suzuki’s e Vitara and several other locally manufactured, affordable EVs entering the fray. With rising consumer interest and evolving market dynamics, the country is poised to break its sales record again.
Photo: crshelare
