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EV sales in India to go up by 40 per cent to 1.75 million units in FY 2024

0EV sales in India surged significantly in the fiscal year 2023-24, reaching 17,52,406 units, marking a robust 40.31 per cent increase on a year-on-year (YoY) basis. As per the report by JMK Research Analytics, this growth was predominantly driven by the two-wheeler and three-wheeler segments.

Edited By: Saumya Nigam @snigam04 New Delhi Published on: June 12, 2024 12:40 IST
EV, pixabay
Image Source : PIXABAY EV sales in India to go up by 40 per cent to 1.75 million units in FY2024

India's Electric Vehicle (EV) sales have reportedly grown by 17,52,406 units in FY 2023-24, stating a growth of 40.31 per cent on a Year-on-Year (YoY) basis. As per the report by JMK Research Analytics, the growth in EV sales was led by two-wheelers and three-wheelers, which contributed 94 per cent to the total sales.

EV two-wheelers sales were up 29 per cent on a YoY basis to 10,09,356 units. This category's contribution to the total electric vehicle sales stood at 57.60 per cent.

In EV three-wheelers, which include passenger and cargo vehicles, sales increased by 56 per cent to 6,34,969 units on a YoY basis.

According to the report, "Lower running cost, increasing logistics demand and last-mile connectivity are the key factors for growth in this segment."

The electric car segment sales have reportedly shot up by 82 per cent on a YoY basis, which further registering sales of 99,085 units in FY 2024.

Electric bus sales soared to 3,708 units in FY2024 with a growth of 85 per cent on a YoY basis.

ALSO READ: Hero MotoCorp’s sales drop by 4 per cent in May: Know-why?

Hero MotoCorp has reportedly sold around 498,123 units of motorcycles and scooters in May 2024, marking a 4.1 per cent decline in sales, when compared to the previous year’s sales number, which was 519,474 units. The drop in monthly sales indicates a challenging period for the company in the short term.

ALSO READ: Indian scientist discovers new technology to charge EV faster than smartphones

We all will agree to the fact that charging an electronic device is time-consuming. For smartphones or other appliances, it usually takes around 15-20 minutes to 30 minutes to gather enough juice to last for a longer span. Over the period, tech players have been continuously working towards upgrading the charging speed for smartphones/tablets/laptops- to have enough power, and some have even introduced smartphones with superfast charging capabilities, which could charge a smartphone 15-20 minutes faster. 

ALSO READ: Hyundai Motor installs EV charging station in Chennai, plans 100 facilities in Tamil Nadu

According to the automaker, Electric Vehicle owners can access the charging facility on the company's own Charger Management System in the myHyundai App, for easy location, navigation and pre-booking of charging slots, making digital payments and remote charging status monitoring.

 

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