Electric two-wheeler sales in July 2024 surged by 96%, boosting overall EV sales by 55%, while passenger vehicle sales slightly declined.
The sales of electric two-wheeler in July 2024 reached up to 1,07,016 units which was 1.97 times of 54,616 units in July 2023. To the extent of 95.94 percent increase paints a picture of acceptance of electric mobility solutions in the two-wheeler segment.
Overall Electric Vehicle Sales
The Federation of Automobile Dealers’ Association said Electric Vehicle Sales in July 2024 rose by 55.2% YoY to 1,79,038 units against 1,16,221 units in India’s July 2023. The steady sales progress of electric two-wheeler was the main cause of the overall increase.
Decline in the Sales of Electric Passenger Vehicles.
While the electric two-wheeler has continuously been on the rise, the sale of electric passenger vehicles took a slight dip. Sales declined by 2.92 percent in the financial year ending July 2024; the outlets sold 7,541 vehicles in July 2024 from 7,768 vehicles in July 2023. However, the market share for electric passenger vehicles remained intact and stabilized in the range of 2.4 percent amid the overall market for passenger vehicles.
Market Overview and Prospect
Mr Manish Raj Singhania, President of FADA, pointed out that electric two-wheelers were able to capture 7.4 percent of the overall two-wheeler market in the Indian market in July 2024. He said, “The trend to increase more and more in the sales of 2W and 3W EVs for July 2024 at YoY growth rates of 95.94 percent and 18.18 percent respectively and have a market share of 7.4 percent in 2W and 57.6 percent in 3W for the month, shows a steady shift of consumer preference towards electric vehicles in the country. “
Extension of the Electric Mobility Promotion Scheme (EMPS)
To increase the demand for EVs the Ministry of Heavy Industries postponed the EMPS effective date from April 1, 2024 to September 30, 2024. Moreover, the outlay for the scheme was raised from ₹500 crore to ₹778 crore for the implementation of the identified strategies. This extension and increased funding are intended to further push the adoption of electric vehicles in the country.
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