Justdial Report: EV Market Sees 91% Growth in FY23-24, EV Sales Surge to 90,996 Units

The electric vehicle (EV) market in India has witnessed a remarkable surge in recent years, driven by a combination of government incentives, increasing awareness, and advancements in EV technology. Sales data for the past three years reflects this trend, with a consistent upward trajectory. According to the Federation of Automobile Dealers Association (FADA), the year-on-year market share of electric passenger vehicles doubled to 2.6% in March 2023, up from 1.3% in March 2022. Overall sales of electric passenger vehicles surged to 90,996 units in 2023-24, registering a 91% increase compared to the 47,551 units sold in FY23. Five months into FY2025, EV retail sales have already reached 733,000 units, accounting for 43% of the previous fiscal year’s total of 1.68 million units. This consistent growth underscores the increasing consumer interest in cleaner mobility solutions across India.

To gain insights into this growing consumer interest, Justdial, India's leading local search engine, analysed search data for EV-related categories. The data reveals a significant uptick in searches from January 2022 to August 2024, mirroring the surge in EV sales.

From January-August 2022 to the same period in 2023, the platform saw a nationwide increase of 220% in searches related to electric vehicles. In metro cities, the growth was even more pronounced, reaching 233%, while in non-metro areas, it was at 187%. Metro cities like Hyderabad led the surge, with searches growing to 8 times their previous levels, while in Ahmedabad, Bangalore, and Jaipur, searches increased to 3, 2, and 2 times, respectively. (January-August 2022 vs. January-August 2023). Mumbai, Delhi, and Kolkata also showed substantial increases of 179%, 166%, and 117%, respectively. Non-metro cities were not far behind, with Coimbatore experiencing a 178% rise in searches.

However, from January 2023 to August 2024, the trend reversed, with non-metro cities experiencing a more significant increase of 141% compared to metro cities’ 71% growth. Indore topped the chart with a staggering 379% rise, followed by Patna (230%) and Surat (143%). Metro cities like Chennai (368%) and Kolkata (114%) also saw considerable growth, though the overall spike in metro regions was more tempered at 71%.

Among EV categories, electric bikes on rent experienced the most dramatic spike, with Hyderabad's search volume increasing to an impressive 18 times its previous level. This was followed by Ahmedabad and Bangalore, where searches rose to 5 times and 4 times their previous levels, respectively. Electric vehicle dealers also experienced a substantial jump of 203%, while electric car dealers saw a more moderate 55% rise. (January-August 2022 vs. January-August 2023)

For the comparison years January-August 2023 vs. January-August 2024, electric vehicle dealers recorded a 151% growth nationwide, with Delhi leading at 146%, while electric bus manufacturers grew by 142%. Searches for electric bikes on rent grew by 97%, with Kolkata seeing a 167% rise, followed by Pune (123%), and Mumbai (91%).

These year-on-year trends underscore the growing demand for electric vehicles across India, with both metro and non-metro regions showing heightened interest. As EV adoption continues to grow, it is evident that consumer curiosity and awareness are expanding rapidly, further fuelling the market for electric vehicles and related services.

APPENDIX

Comparison Period: January 2022 - August 2022 vs. January 2023 - August 2023

Pan India: 220%

Metro vs. Non-Metro: 233% vs. 187%

Metro Cities:

• Hyderabad: 740%
• Ahmedabad: 272%
• Bangalore: 244%
• Jaipur: 225%
• Mumbai: 179%
• Delhi: 166%
• Kolkata: 117%
• Pune: 74%

Non-Metro:

• Coimbatore: 178%

Category-wise:

• Electric bikes on rent: 342%
• Hyderabad: 1606%
• Ahmedabad: 362%
• Bangalore: 300%
• Mumbai: 281%
• Delhi: 198%
• Electric vehicle dealers: 203%
• Electric car dealers: 55%

Comparison Period: January 2023 - August 2023 vs. January 2024 - August 2024

Pan India: 91%

Metro vs. Non-Metro: 71% vs. 141%

Metro Cities:

• Chennai: 368%
• Kolkata: 114%
• Mumbai: 90%
• Pune: 71%
• Jaipur and Hyderabad: 68%
• Delhi: 61%
• Ahmedabad & Bangalore: 53%

Non-Metro:

• Indore: 379%
• Patna: 230%
• Surat: 143%

Category-wise:

• Electric vehicle dealers: 151%
• Delhi: 146%
• Bangalore: 23%
• Electric Bus manufacturers: 142%
• Electric vehicle battery dealers: 137%
• Electric bikes on rent: 97%
• Kolkata: 167%
• Pune: 123%
• Mumbai: 91%
• Jaipur: 83%
• Hyderabad: 66%
• Delhi: 62%
• Bangalore: 56%
• Ahmedabad: 35%
• Electric car dealers: 12%