Electric vehicle (EV) sales jump 17% to 169,931 units in January: Federation of Automobile Dealers Associations (FADA) data
- IBEF
- February 10, 2025
Sales of electric vehicles (EVs) in India saw a notable increase in January 2025, with a 19.4% MoM and 17.1% YoY growth, reaching 1,69,931 units. This growth was seen across various segments, with passenger vehicles and two-wheelers leading the charge. In contrast, commercial vehicles and three-wheelers experienced slower growth. Companies like Ola Electric, Tata Motors, and Mahindra & Mahindra saw significant sales in their respective segments. However, some faced a drop in sales compared to the previous year. The reinstatement of subsidies for electric cargo three-wheelers further boosted the market, with 80,546 units sold after the scheme’s launch.
Looking ahead, the electric vehicle market is expected to continue its growth, with a compounded annual growth rate (CAGR) of 43%, reaching 9,32,000 units by 2030. Electric Sports Utility Vehicles (SUVs) are projected to account for 61% of the demand. The industry is set to experience an influx of new product launches, with over 30-35 expected this year. The Federation of Automobile Dealers Associations (FADA) anticipates a significant rise in market share across all segments. The Ministry of Heavy Industries' subsidies and growing consumer acceptance of clean mobility, supported by strong Original Equipment Manufacturers (OEM) commitments, indicate a bright future for EVs 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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