TL;DR
India's electric two-wheeler market surged past 1.5 million units in FY24, marking 44% growth, driven by consumer adoption, incentives, and new models, solidifying its global leadership in EV two-wheelers.
India's electric two-wheeler segment has demonstrated remarkable growth, with sales surpassing 1.5 million units in the fiscal year 2024. This significant milestone underscores the accelerating adoption of EVs among Indian consumers, driven by evolving government incentives, increasing fuel costs, and a broader range of attractive models from both established players and new entrants. The market saw a robust 44% year-on-year growth, indicating a strong positive trajectory despite initial adjustments to FAME-II subsidy revisions earlier in the year. Key manufacturers like TVS, Bajaj, and Ather Energy continue to dominate sales, while new models and enhanced charging infrastructure further contribute to consumer confidence and demand. The push for localized manufacturing and battery technology advancements is also playing a crucial role in making EV two-wheelers more accessible and affordable across the country. This consistent growth positions India as a global leader in the electric two-wheeler revolution.