The Indian electric vehicle (EV) industry marked another year of maturity in 2024, driven by advancements in charging infrastructure, policy initiatives from central and state governments, and growing investor interest. This collective push resulted in a promising surge in EV sales, signaling a robust shift toward sustainable mobility.

EV Registration Percentage 

India recorded a 30% year-on-year increase in EV registrations, reaching approximately 2 million units in 2024. Electric two-wheelers played a pivotal role in this growth, with their registrations rising by 33% to 1.14 million units. The increasing affordability, improved battery technology, and wider availability of charging networks contributed to this remarkable performance.

A significant milestone for the industry came when Ola Electric became the first Indian EV manufacturer to go public in August 2024. This development underscored the confidence of investors in the future of electric mobility in the country. Ola's IPO success reflects the potential of Indian EV companies to compete on a global stage, while inspiring other startups in the sector.

EV Ecosystem 

The year also witnessed increased collaboration between private players and governments to enhance the EV ecosystem. Incentives like subsidies under the FAME-II scheme and state-level benefits further fueled consumer interest in EVs. Simultaneously, investments in research and development have paved the way for innovations that address range anxiety and reduce charging times.

As India progresses toward its goal of becoming a global EV hub, 2024 has undoubtedly set the stage for a more sustainable and technologically advanced future in the automotive sector.

2024 Year Of Maturity 

The Indian electric vehicle industry marks another year of maturity in the year 2024. This is driven by advancements in charging infrastructure, policy initiatives from the central and state governments, and growing interest from investors. This collective effort has resulted in a promising surge in EV sales. This is a strong shift towards sustainable mobility and sector progress.