June 2024 EV Retail Data Reflects Increasing Adoption Despite Seasonal Challenges

Abhijeet Singh
06 Jul 2024
02:27 PM
1 Min Read

“However, on a MoM basis, the performance was mixed, reflecting seasonal and environmental challenges" - FADA

June 2024 EV Retail Data Reflects Increasing Adoption mobility outlook

The Federation of Automobile Dealers Associations (FADA) has released its June 2024 electric vehicle (EV) retail data, revealing an encouraging shift towards sustainable mobility in India. FADA President, Manish Raj Singhania, highlighted the mixed monthly performance amid YoY increases across most EV categories, reflecting both seasonal and environmental influences.

In the electric passenger vehicle (PV) segment, there was a decrease in market share from 2.5% in May to 2.4% in June, accompanied by a YoY decline of 1.3%. Despite this, the electric two-wheeler (2W) category showed growth, capturing 5.8% of the market share in June compared to 3.5% last year, marking a substantial YoY increase of 72.49%. However, this segment did experience a month-on-month (MoM) decline.

Commercial electric vehicles (CV) demonstrated positive progress, with their market share rising to 0.7% in June from 0.57% a year ago, reflecting a YoY growth of 16.6%. The electric three-wheeler (3W) segment maintained a robust market share of 55.5%, achieving a YoY growth of 8.68%.

Looking ahead, the steady progress of the monsoon and supportive government policies towards green technologies are expected to further boost the electric vehicle market. The data for June 2024 highlights the increasing consumer interest in electric vehicles, driven by a combination of environmental awareness and supportive policy measures.

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