Indian OEM Electric Vehicle September Sales Insights & Analysis

India’s EV Market shown a significant growth and it has increase 23% from last year with 1.59 lakh unit sales in the month of September 2024.

Two-Wheeler has a greater share in the EV registration 0.88 lakhs unit which has notable increase of 40% from Sept’ 2023.

Three Wheeler has a significant growth in the EV registration 0.63 lakhs unit which is up from 8.6% from last Year.

Four-Wheeler is slightly low but gaining momentum every MOM.

Market Share: -

Tata Motors has a biggest market share which accounted 61% in 2024 and MG Motor India is following the lead behind Tata which is 16.65% and Mahindra has 7.7% share in EV segment in sept 2024.

Ola Electric has a major market share (27%) in EV 2W segment but it has reduced from August 2024 by 4%. Followed by Bajaj having a market share of 21.50% which makes it India’s 2nd two-wheeler EV manufacturer in the month of September and TVS Motor Co. market share has 20% which makes these three companies accounted more than 50% market share by sales in EV.

Recently, the government has announced the rollout of the PM Electric Drive Revolution in Innovative Vehicle Enhancement (PM E-DRIVE) Scheme' for promotion of electric mobility in the country. The scheme has an outlay of Rs 10,900 crore over a two-year period with subsidy / demand incentives worth Rs 3,679 crore aimed at supporting 24.79 lakh e-two-wheelers, 316,000 e-three-wheelers, and 14,028 electric buses. Passenger vehicles have been left out of the ambit of the PM E-Drive Scheme which runs from October 1, 2024 through to March 31, 2026.

This shows EV is gaining momentum in India and with the help of Government subsidy and policy in favor leads to gain more traction in coming months or years.