Electric car sales in India jump 20% in 2024, Tata Motors retains top spot
- IBEF
- January 9, 2025
Electric car sales in India saw a 20% increase in 2024, reaching nearly 10,00,00 units sold, compared to 8,26,88 units in 2023. This growth came despite consumer concerns about charging infrastructure, battery life, and resale values, as the Federation of Automobile Dealers Associations (FADA) highlighted. The electric vehicle segment now accounts for 2.4% of the total 4.07 million vehicles sold, up from 2.1% in the previous year. Price reductions at the end of 2024 played a key role in driving this surge in demand.
Tata Motors remained the leading electric vehicle seller, with 6,14,96 units sold, although its market share decreased from 73% to 62%. Tata Motors plans to expand its electric portfolio with new SUV models, including the Harrier, Safari, and Sierra. JSW MG Motor experienced a remarkable 125% increase in sales, reaching 2,14,84 units in 2024, up from 95,26 units the previous year. This growth was largely driven by the success of the Windsor SUV and the introduction of a battery rental option. With both Tata Motors and JSW MG reducing prices to boost demand, analysts predict continued growth in electric vehicle sales in 2025. New electric models from major manufacturers like Maruti Suzuki, Hyundai, and Mahindra & Mahindra are expected to drive adoption further. Government incentives to support fast-charging networks are also likely to play a pivotal role in expanding the electric vehicle market in India.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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