Overall, 18,05,969 EVs have been sold between January and November 2024. This is 7.40% of the total 2.43 million (2,43,98,672 units) vehicles sold across all segments still end-November.The automobile industry in India had an ordinary year with a growth of just 0.5 per cent in the April-September quarter. The bright spot, however, was the rise in the sales of electric vehicles.
The government revealed that the number of EVs sold in the country this fiscal year is over 25% more than the same months of the financial year 2023-24. Responding to a query in the Lok Sabha, Minister of State for Heavy Industries, Bhupathiraju Srinivasa Varma said 13.06 lakh EVs were registered in the country from April 1 to November 30, 2024.
Overall, 18,05,969 EVs have been sold between January and November 2024. This is 7.40% of the total 2.43 million (2,43,98,672 units) vehicles sold across all segments still end-November.
The electric two-wheeler segment was the biggest driver of this growth. Of the 10,74,008 units sold in the first 11 months of this year, electric scooters, motorcycles and mopeds account for 60% of total EV volumes.
These were the game changer car launches of 2024 in India
Car sales in India are set to reach 4.2 to 4.5 million units in 2024. Ten game-changer cars like the Honda Amaze and Mahindra BE 6 have made a significant impact. Mahindra & Mahindra and Toyota Kirloskar Motor are expected to achieve record sales, despite challenges faced by other major carmakers.
Additionally, electric two-and three-wheelers together account for a majority 94.50% of total EV sales in India from January-November 2024. e-three-wheelers (631,855 units) have contributed to 35% of the sales in the first 11 months of 2024.
While electric cars and SUVs, with 89,877 units, account for a 5% share. The rest was covered by electric buses, heavy and light goods carriers.
The growth was aided not only by consumer preference, but also by the subsidies provided by the government.
PM E-Drive scheme
The government launched the PM E-Drive on October 1, with a budget of Rs 10,900 crore for faster adoption of electric vehicles, setting up of charging infrastructure and development of EV manufacturing ecosystem in India. The scheme will be implemented till March 31, 2026.
Two sectors that rose on India's business horizon in 2024
India is expected to become the world's third largest economy in the next five years. Emerging sectors, including global capability centres and data centres, are playing a significant role in this growth. The country's data centre capacity and GCCs have expanded rapidly, with increasing investments and advancements in AI and cybersecurity set to further boost the economy.
Under the PM E-DRIVE scheme, subsidies/demand incentives worth Rs 3,679 crore have been provided to insentivise e-two wheelers, e-three wheelers, e-ambulances, e-trucks and other emerging EVs.
The subsidy under the scheme for electric two-wheelers has been fixed based on battery power at Rs 5,000 per kilowatt hour but the overall incentive will not exceed Rs 10,000 in the first year. In the second year, it will be halved by Rs 2,500 per kilowatt hour, and the overall benefit will not exceed Rs 5,000..
Three-wheelers, including e-rickshaws, will get a demand incentive of Rs 25,000 in the first year, which will be halved to Rs 12,500 in the second year.
The men and women India loved and lost in 2024
In 2024, India bid farewell to prominent figures like Ratan Tata and musicians including Zakir Hussain, Prabha Atre, Sharda Sinha, Ustad Rashid Khan, and Pankaj Udhas. Their contributions in business, philanthropy, classical and folk music, and radio have left an indelible mark on the Indian cultural and economic landscape.
The scheme further allocates Rs 780 crore towards upgradation of testing facilities, new equipment and technology.
Before the PM E-DRIVE scheme, the EMPS-2024 (Electric Mobility Promotion Scheme) had been implemented for the period April 1, 2024 to September 30, 2024.
Under the scheme, 3.72 lakh electric vehicles were supported, including 3,33,387 electric two-wheelers, 13,590 e-rickshaws or e-carts and 25,238 electric three-wheelers in the L5 category with an outlay of Rs 493.55 crore.
Changing trend in the four-wheeler segment
Market leader Tata Motors was given a tough competition this year and its 11-month sales give it a market share of 64%, down from the 70% it had a year ago.
2024 exposed the underbelly of India's Silicon Valley
Bengaluru, India's tech hub, faced a severe water crisis this summer due to a poor monsoon season and depleted groundwater. Residents relied on expensive water tankers, and fines were imposed for non-essential water use. The city's rapid, unplanned growth, including a 1,055% increase in built-up area, has led to a 70% decrease in water surface area, exacerbating the problem.
JSW MG Motor India, which is benefiting from the launch of the new Windsor EV and its Battery As A Service sales strategy, has seen a strong surge in demand and its market share has jumped to 36% from 13% a year ago.
Meanwhile, the seven luxury carmakers have a 3% share of the overall ePV market in the January-November 2024 period.
Major EV launches in 2024
Companies launched multiple EVs this year. Tata released the Punch EV and Curvv, Mahindra came up with three EVs, including Mahindra XEV 9e, BE 6e and the updated XUV 400. MG launched the Windsor EV, while Kia launched the EV9. BYD also penetrated the Indian market with BYD Seal.
The increasing number of options has also meant that EVs are now launched at a competitive price, making it more affordable for people to buy.
