Electric Vehicle Market Buzz: September 2024 Highlights, Top 10 EV Players Dominate Indian Market: September 2024

India’s electric vehicle (EV) market continues to evolve rapidly, with September 2024 marking another significant milestone. The month saw a surge in sales across various segments, from two-wheelers to three-wheelers and even buses. This blog post will delve into the key highlights of the Indian EV market in September 2024, exploring trends, market leaders, and the factors driving this growth.

Key Takeaways from September 2024:

• E2Ws continue to dominate: The electric two-wheeler segment remains the most popular, with over 89,000 units sold in September.
• E3Ws show steady growth: Both cargo and passenger E3Ws experienced significant year-over-year increases.
• E-cars face a slight downturn: Sales of electric cars dipped slightly compared to the previous month and year.
• E-buses surge: The electric bus segment saw a substantial increase in sales.
• Market Leaders:
• E2Ws: The top 10 players in the E2W market accounted for approximately 95% of total sales.
• E3Ws: Bajaj Auto and Mahindra Last Mile Mobility are leading the E3W market, alternating between the top positions.
• E-cars: Tata Motors continues to dominate the E-car market with a significant market share.
• E-buses: Tata Motors also leads the E-bus market, followed by Olectra Greentech and PMI Electro Mobility.
• Growing adoption: The overall trend for electric vehicles in India is positive, with steady growth in most segments.
• Government incentives: Government policies and incentives are likely driving the adoption of electric vehicles.
• Infrastructure development: The development of charging infrastructure is crucial for further growth in the electric vehicle market.
• Future Outlook:
• Continued growth: Given the positive trends and government support, the Indian electric vehicle market is expected to continue growing in the coming years.
• Technological advancements: Advancements in battery technology and charging infrastructure will play a significant role in accelerating the adoption of electric vehicles.
• Competition: Intense competition among manufacturers will likely lead to more affordable and innovative electric vehicle options.

Detailed Article:

Electric Two-Wheeler (E2W)

The Indian electric two-wheeler (E2W) market continued its upward trajectory in September 2024, with sales of high-speed E2Ws increasing by 1.59% month-over-month to reach 89,876 units. This growth was driven by strong demand from both individual buyers and fleet operators. The top 10 players in the industry consolidated their position, accounting for approximately 95% of total registrations. Year-over-year, E2W sales witnessed a robust growth of around 40.74% in September 2024 compared to the same period in 2023. This indicates a growing preference for electric two-wheelers as a sustainable and affordable transportation option in India.

E3W- Cargo

The electric three-wheeler (E3W) cargo segment continued to expand in September 2024, with sales reaching 6,595 units, representing a 7% increase from the previous month. Year-over-year, cargo E3W sales surged by 40% compared to September 2023, highlighting the growing demand for electric vehicles in the commercial sector. The top 10 players in the E3W cargo market accounted for 42.93% of total sales in September 2024. Bajaj Auto emerged as the leader in this segment with a market share of 7.87%, narrowly edging out Mahindra Last Mile Mobility, which held a 7.82% share. This indicates a competitive landscape in the E3W cargo market, with multiple players vying for market share.

E3W- Passenger: 

The electric three-wheeler (E3W) passenger segment witnessed steady growth in September 2024, with sales reaching 56,303 units, representing a 3% increase from the previous month. Year-over-year, passenger E3W sales grew by 8% compared to September 2023, reflecting the increasing popularity of electric three-wheelers as a convenient and affordable transportation option for passengers. The top 10 players in the E3W passenger market accounted for 41.94% of total sales in September 2024. Mahindra Last Mile Mobility maintained its lead in this segment with a market share of 9.99%, followed by Bajaj Auto at 7.97%. The competitive landscape in the E3W passenger market is expected to intensify as more players enter the segment.

Electric Passenger Cars

The Indian electric car market experienced a slight downturn in September 2024. Sales totaled 5,784 units, marking a 9% decline month-over-month and a 4% decrease year-over-year. Despite this slowdown, Tata Motors continued to dominate the market, capturing a substantial 61.79% of the market share. This indicates a strong preference for Tata’s electric car offerings among Indian consumers.

Electric Buses

The Indian electric bus market witnessed substantial growth in September 2024. Sales surged by 64% month-over-month to 398 units, and by 54% year-over-year compared to September 2023. This significant increase highlights the increasing adoption of electric buses as a more sustainable and environmentally friendly transportation solution. Tata Motors continued to dominate the market, capturing a commanding 44.72% market share, followed by Olectra Greentech at 28.89% and PMI Electro Mobility at 18.59%.