October sees record EV registrations, surging 26 pc YoY to reach 1.1 million units: Report
- EV penetration year-to-date has improved by a 100 basis points (BPS), with total EV registrations rising 26 per cent YoY to 1.1 million units
Electric vehicle (EV) registrations saw modest growth in October 2024, primarily driven by a festive season demand boost, leading to a robust year-to-date (YTD) growth in EV penetration across all segments, according to the Haitong report.
YTD EV penetration improved by 100 basis points (bps) year-over-year (YoY) to reach 7.6 per cent, with total EV registrations rising 26 per cent YoY to 1.1 million units.
This growth was led predominantly by the two-wheeler (2W) segment, while the passenger vehicle (PV) segment posted a modest 8 per cent increase.
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In October, the sequential penetration rate for electric two-wheelers (E2W) and electric passenger vehicles (EPV) increased by 10 bps, with a YTD rise of 100 bps and 10 bps, respectively.
Although the electric three-wheeler (3W) segment experienced a monthly dip in penetration by approximately 290 bps, it maintained a YTD penetration gain of 250 bps.
October saw the highest number of PV EV registrations yet, spurred by strong festive demand, although penetration in this segment remains relatively low.
The recent uptick in rural demand contrasted with a slowdown in urban areas, creating short-term pressures on overall EV penetration. However, the upcoming launches of new EV models by major PV original equipment manufacturers (OEMs) like Tata, Mahindra & Mahindra (M&M), and Maruti Suzuki are anticipated to boost adoption rates.
Total E2W registrations in October reached 139,379 units, marking an impressive 118 per cent YoY increase. While YTD penetration for E2Ws expanded by 100 bps YoY, October saw a modest 10 bps monthly gain.
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Ola Electric retained its market leadership with a 30 per cent share, recovering some of the ground it had lost the previous month. Ola's registrations grew 75 per cent YoY and 69 per cent month-over-month (MoM), totaling 41,713 units.
TVS reclaimed its second position from Bajaj Auto with a 21 per cent market share, while Bajaj followed closely at 20 per cent. TVS experienced 82 per cent YoY growth to reach 29,964 registrations, while Bajaj's registrations surged by 212 per cent to 28,288 units.
Electric three-wheeler registrations in October reached 67,172 units, up 17 per cent YoY and 11 per cent MoM, reflecting a solid increase in demand. YTD penetration in this segment expanded by 250 bps YoY.
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Mahindra & Mahindra (M&M) strengthened its position as the market leader, with a YTD market share gain of 50 bps to reach 9.5 per cent in October.
Bajaj Auto also made significant strides, increasing its YTD market share to 6.3 per cent, up from a negligible share the previous year.
The EPV segment achieved record monthly registrations in October with 10,752 units, a 70 per cent YoY increase fueled by the festive season. YTD penetration in the EPV category rose marginally by 10 bps YoY.
Tata Motors retained its position as the market leader with a YTD market share of 63 per cent, though this was a decrease from 72 per cent in the previous year. MG Motors showed considerable progress, increasing its YTD market share to 20 per cent, up from 12 per cent YoY.
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