👨💻
Mr. Aniket Samant
Research & Design
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📩 aniketpro101@gmail.com
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@actasiff
17.5 million EVs sold globally in 2024 (22% market share), India's 1.43 million EVs growing at 35-40% CAGR — the complete demand-side picture
From 0.55 million in 2015 to 17.5 million in 2024 — a 32x increase in less than a decade
| Year | Total EV (M) | BEV (M) | PHEV (M) | EV Share | YoY Growth |
|---|---|---|---|---|---|
| 2015 | 0.55 | 0.33 | 0.22 | 0.7% | — |
| 2016 | 0.75 | 0.47 | 0.28 | 0.9% | +36% |
| 2017 | 1.20 | 0.76 | 0.44 | 1.3% | +60% |
| 2018 | 2.08 | 1.36 | 0.72 | 2.2% | +73% |
| 2019 | 2.26 | 1.50 | 0.76 | 2.5% | +9% |
| 2020 | 3.18 | 2.09 | 1.09 | 4.1% | +41% |
| 2021 | 6.75 | 4.62 | 2.13 | 8.3% | +112% 🚀 |
| 2022 | 10.52 | 7.38 | 3.14 | 13.0% | +56% |
| 2023 | 14.20 | 10.10 | 4.10 | 18.0% | +35% |
| 2024E | 17.50 | 12.80 | 4.70 | 22.0% | +23% |
| 2025P | 21.00 | 15.50 | 5.50 | 25.0% | +20% |
| 2030P | 40-50 | 32-40 | 8-10 | 45-55% | ~15% |
| 2035P | 60-75 | 55-68 | 5-7 | 70-80% | ~8% |
China dominates with 11 million EVs, Norway leads with 92% EV share, India at #10 with 1.5 million (all segments)
| # | Country | EV Sales 2024 (M) | EV Share | Stock (M) | Key OEMs |
|---|---|---|---|---|---|
| 1 | 🇨🇳 China | 11.0 | 50% | 25.0 | BYD, Tesla, SAIC |
| 2 | 🇪🇺 Europe | 3.5 | 24% | 10.5 | Tesla, VW, BMW |
| 3 | 🇺🇸 USA | 1.8 | 11% | 4.8 | Tesla, GM, Ford |
| 4 | 🇩🇪 Germany | 0.65 | 23% | 2.5 | VW, BMW, Mercedes |
| 5 | 🇬🇧 UK | 0.45 | 25% | 1.2 | Tesla, BMW, Audi |
| 6 | 🇫🇷 France | 0.42 | 25% | 1.8 | Renault, Peugeot |
| 7 | 🇳🇴 Norway | 0.15 | 92% 🏆 | 0.8 | Tesla, VW, Toyota |
| 8 | 🇰🇷 S. Korea | 0.25 | 15% | 0.7 | Hyundai, Kia |
| 9 | 🇸🇪 Sweden | 0.18 | 57% | 0.5 | Volvo, Tesla |
| 10 | 🇮🇳 India* | 1.5 | 6.5% | 3.5 | Tata, Ola, Ather |
| 11 | 🇯🇵 Japan | 0.18 | 5% | 0.4 | Nissan, Toyota, BYD |
| 12 | 🇨🇦 Canada | 0.20 | 12% | 0.5 | Tesla, Hyundai |
| 13 | 🇳🇱 Netherlands | 0.12 | 32% | 0.7 | Tesla, VW, Skoda |
| 14 | 🇦🇺 Australia | 0.12 | 10% | 0.2 | Tesla, BYD, MG |
| 15 | 🇹🇭 Thailand | 0.15 | 15% | 0.2 | BYD, MG, Tesla |
*India includes all EVs (2W, 3W, 4W, buses). 4-wheeler only: ~150,000
India's unique EV ecosystem: 71% two-wheelers, 23% three-wheelers, just 4% cars — and the fastest-growing market globally
| Segment | FY22 Sales | FY23 Sales | FY24 Sales | FY24 YoY |
|---|---|---|---|---|
| 🛵 2-Wheelers | 231,000 | 850,000 | 950,000 | +12% |
| 🛺 3-Wheelers | 93,000 | 225,000 | 380,000 | +69% |
| 🚗 Cars/SUVs | 18,000 | 52,000 | 95,000 | +83% |
| 🚐 Commercial | 1,200 | 2,800 | 5,500 | +96% |
| 🚌 Buses | 350 | 1,800 | 3,200 | +78% |
| TOTAL | 343,550 | 1,131,600 | 1,433,700 | +27% |
Tata dominates cars at 76%, Ola leads 2-wheelers at 29%, Mahindra Treo owns the e-auto segment
From ₹62,500 Crore in FY24 to ₹4.15 Lakh Crore by FY30 — a 35-40% CAGR journey
| Year | Market Size (USD) | Market Size (INR) | Growth |
|---|---|---|---|
| FY22 | $3.2 Billion | ₹25,000 Crore | — |
| FY23 | $5.1 Billion | ₹42,000 Crore | +60% |
| FY24 | $7.5 Billion | ₹62,500 Crore | +47% |
| FY25E | $10 Billion | ₹83,000 Crore | +33% |
| FY27P | $20 Billion | ₹1.67 Lakh Cr | 3x from FY24 |
| FY30P | $50 Billion | ₹4.15 Lakh Cr | 7x from FY24 |
While global EV growth is slowing to ~20%, India is accelerating at 35-40% CAGR. 3-wheeler EV penetration has already hit 42.2% — the highest of any segment. 2-wheelers at 5.1% are set to hit 30% by 2030. Cars at just 2.3% have massive runway to grow. With 30M EVs projected by 2030, India will be the world's 3rd largest EV market — behind only China and Europe.