EV revolution in India is now shifting gears in 2024 and has experienced a growth rate of 26.5% with 1.94 million sold units. But will that transform India’s roads or is the race already on?
It started out as a boom. The monthly totals for January and February were 145,064 and 141,740 respectively. March grew even further with sales of 213,068 in March showing increasing consumer demand.
But then there was a mid-year dip in April and May, which had raised eyebrows before the numbers rebounded in October to reach 219,482 units thanks to festive season buzz and PM E-DRIVE promotion.
Even with the upsurge, EVs still represent only 7.46% of all vehicle sales in 2024. Autos driven by petrol still have the upper hand accounting for 73.69% of the sold cars in this year’s 26.04 million. What’s behind the EV flurry, and can it keep up?
An Energy from Policy and Innovation
State policies, most prominently the FAME programme, were key. EVs were cheaper due to subsidies and incentives and a greater charging network – 12,146 stations around the country as of February – which raised buyer confidence. The first came out of Maharashtra and then Delhi and other states.
EVs also became more desirable through technology. Battery life, fast charging and lower prices come into the market, so electric transportation becomes a tempting alternative. Yet, challenges linger.
Highway Curves in the Road Forward
While urban environments are open to EVs, semi-urban and rural settings are wary. There is still a shortage of charging facilities and expensive batteries. But can India overcome these challenges and bring EVs mainstream?
Industry leaders remain optimistic. These predictions predict a CAGR of 22.92% during 2024– 2030. In light of the government’s ambitious plans for 2030, greener roads will soon be unable to resist.
Driving Towards a Greener Future
It’s not only about numbers, India’s turn towards sustainability is evident in the rise of EVs. With environmental awareness increasing, more and more people are shifting towards environmentally friendly transportation. Even though this is an incremental change, it marks a revolutionary time for the Indian car industry.
A Legacy Year and Many More To Come
And, arguably, 2024 has marked the beginning of India’s EV future. With solid policy, technology and growing consciousness, the sector has all the ingredients to rewrite the transportation landscape.
But will the momentum continue? In the final months of the year, the solution appears to be optimistic. It’s a long journey but India’s EV race is here to stay – and there is no going back.
