India’s passenger vehicle market hit a milestone in 2024 with the highest-ever annual sales of electric vehicles (EVs), clocking 99,000 units—a 20% increase from 82,563 units in 2023. Between 2015 and 2024, the total number of EVs sold in the country reached nearly 250,000.
Despite the growth, intensified competition has affected market leader Tata Motors, which saw its market share fall to a three-year low. October emerged as the standout month, with a record 11,361 units sold, thanks to festive-season demand driven by Dussehra and Diwali.
Here’s how the major players performed in 2024:
Tata Motors: Leading with 61,435 Units but Facing Market Share Decline
- Sales: 61,435 units (+2% YoY)
- Market Share: 62% (2024) vs. 73% (2023)
Tata Motors retained its leadership in the Indian EV market, recording a modest 2% growth in sales. However, its market share dropped significantly from 73% to 62%, highlighting increasing competition.
Tata’s extensive EV portfolio, including the Nexon EV, Tigor EV, Tiago EV, and Xpres-T, received two new additions in 2024: the Punch EV and Curvv EV. The Curvv EV alone sold over 20,000 units between August and December. Looking ahead, Tata plans to launch the Harrier EV by early 2025.
MG Motor India: Stellar Growth with a 125% Jump
- Sales: 21,464 units (+125% YoY)
- Market Share: 21% (2024) vs. 11% (2023)
MG Motor India more than doubled its market share, driven by the launch of the MG Windsor EV in September. The Windsor alone accounted for 45% of MG’s total sales in 2024, buoyed by the company’s innovative Battery-as-a-Service (BaaS) program.
MG plans to expand its lineup further with the Cybertser and Mifa 9, which will be available exclusively through its premium MG Select retail chain.
Mahindra: Strong Growth with XUV400 EV
- Sales: 7,104 units (+66% YoY)
- Market Share: 7% (2024) vs. 5% (2023)
Mahindra’s only EV offering, the XUV400, achieved a 66% growth in sales, helping the brand increase its market share from 5% to 7%. The vehicle’s competitive pricing and a 5-star Bharat NCAP safety rating have enhanced its appeal.
Mahindra also introduced two ‘Born Electric’ models—the BE 6e and XEV 9e—in November, with deliveries expected to begin by early 2025.
BYD: Modest Growth Amid Rising Competition
- Sales: 2,819 units (+40% YoY)
- Market Share: 2.84% (2024) vs. 2.43% (2023)
BYD recorded a 40% increase in sales, led by strong demand in October. The company is exploring new models, including a midsize electric SUV, to strengthen its foothold in the Indian market.
Citroën: Fleet Demand Buoys Sales Despite Overall Decline
- Sales: 1,873 units (-4% YoY)
- Market Share: 1.89% (2024) vs. 2.36% (2023)
Citroën’s sales dipped slightly, with the eC3 registering lower retail demand in the second half of the year. Bulk fleet orders helped sustain numbers earlier in the year. The brand is reportedly preparing to launch the Citroën Basalt EV in 2025.
Hyundai: Sales Slump Ahead of Creta EV Launch
- Sales: 910 units (-43% YoY)
- Market Share: 0.91% (2024) vs. 2% (2023)
Hyundai faced a sharp decline in EV sales following the discontinuation of the Kona EV. The upcoming Creta EV, set to debut in January 2025, is expected to rejuvenate its position in the market.
Luxury EVs: Moderate Growth Amid Mixed Performance
- Sales: 2,828 units (+7% YoY)
- Market Share: 2.85% (2024) vs. 3.20% (2023)
Luxury EV sales grew 7%, with Mercedes-Benz achieving the highest growth (+82% YoY) among competitors. However, market leader BMW and others, including Volvo and Porsche, saw declines.
Outlook for 2025
The Indian EV market is poised for further expansion, driven by new model launches across segments and increasing consumer interest in sustainable mobility solutions. Brands are expected to intensify efforts to capture market share, making 2025 a pivotal year for the industry.
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