EVs saw significant growth in India in 2024, with nearly 2 million registrations across two-wheelers, three-wheelers, and four-wheelers, a 29% increase from 2023.

The electric car segment more than doubled to 147,000 units, with Tata Motors as the leader.

Two-wheelers made up 60% of total registrations, with 1.14 million units, led by Ola Electric, TVS, and Ather Energy.

Electric three-wheelers also grew by 12.8%, with Mahindra, Bajaj Auto, and Piaggio leading the market.

The expansion of the EV market was driven by government subsidies and investments in EV infrastructure under the PM E-drive scheme, which allocated 10,900 crore rupee (US$1.25 billion) for development.

Despite a 31% decline in funding for EV startups to US$624 million, the market maintained momentum due to government initiatives and broader industry support.