Electric Vehicle Sales Soar in 2024

Despite concerns over public charging infrastructure and battery longevity, electric vehicle (EV) sales in India surged by 20% in 2024, reaching nearly 100,000 units. This growth was fueled by significant price cuts towards the end of the year, making EVs more accessible to a broader audience.

Market Leaders and New Entrants

Tata Motors maintained its lead in the EV market, selling 61,496 units in 2024, despite a slight decrease in market share. JSW MG Motor saw an impressive 125% growth, thanks to innovative models like the Windsor SUV with a 'battery as a service' model. The industry is poised for further growth with major players like Maruti Suzuki and Hyundai planning to enter the EV market with new models.

Looking Ahead

With government incentives for fast charging networks and a slew of new EV models set to launch, the electric vehicle industry in India is on the brink of a significant transformation. Analysts predict continued growth in EV sales, driven by technological advancements and increasing consumer awareness.