The Indian Mobility Sector witnesses an all-time high record registration of EVs (all categories) going up to 2.18 lakh units against the highest record of 2.13 Lakhs in March this year. 

Month-on-Month Growth 

The EV industry has recorded a growth of around fifty-eight thousand Units from 160 thousand units sold in September 2024. While the same industry had recorded a sale of 1.4 lakh units in October 2023 (last year. 

Two-Wheeler Segment 

The Two-wheeler sector has received a record number of sales with 1.39 lakh units being sold in October itself, leaving behind the last record of 1.08 lakh units being sold in July 2024. The EV two-wheeler ecosystem In India is made up of companies like Ola, TVS, Bajaj, Ather, and Hero, among others. 

The companies recorded sales as: 

While Ola tops the charts among companies, there are still major service-related issues that remain unresolved from Ola’s end. It has recorded a 20-30% month-on-month reduction in service backlogs, as per a recent report by HSBC Securities & Capitals Markets. Most of the growth witnessed by Ola comes from tier-II & tier-III cities owing to ramped-up sales network and product line-up.  

Four-Wheeler Segment 

The 4-wheeler segment has also recorded a positive trend in this festive season as total sales in October crossed the mark of 10,000, for the first time,  going up to 10,520 units. The 4-wheeler EV scenario in India comprises majorly of Tata Motors & JSW MG Motor, among others.  

Tata leads the 4-wheeler EV segment's highest sales of 6,100 units in October itself while JSW MG Motor secured second spot with little over 2500 units sold in October. 

Green Mobility 

It is a welcoming trend for the Indian Mobility sector in general as India aims to penetrate its automobile sector with EVs to fructify the advantages of EVs in the public space. As India strides forward towards its goal of 30% EV penetration and Net-zero Carbon emission by 2070, this development indicates a growing inclination of the users towards the EV sector which is worth capturing. 

The trend brings in a piece of good news for local as well as global level affairs as India ranks 3rd in automobile sales, worldwide after surpassing Japan in 2024. Its GDP contribution has raised from 2.77 percent in 1992-93 to 7.1 percent. Out of this 77 percent are two-wheelers while 18% are 4-wheeler, as per data in 2021-22. 

Eventually, the remarkable surge in EV registrations in India marks a significant milestone in the country's journey towards green mobility. The impressive growth across both two-wheeler and four-wheeler segments, with companies like Ola, Tata, and TVS leading the charge, reflects a growing consumer preference for electric vehicles. As India aims for 30% EV penetration by 2030 and net-zero emissions by 2070, these milestones highlight the country's potential as a global leader in sustainable transportation.