According to recent Haitong research, electric vehicle (EV) registrations in October 2024 grew little, boosted by festive season demand. Year-to-date (YTD) EV penetration increased by 100 basis points (bps) year on year (YoY), reaching 7.6 percent, while overall EV registrations increased 26% YoY to 1.1 million units.
The two-wheeler (2W) segment led this growth, while the passenger vehicle (PV) category saw a consistent 8% increase. In October, consecutive penetration rates for electric two-wheelers (E2W) and electric passenger vehicles (EPV) increased by 10 basis points per month, with year-to-date gains of 100 basis points and 10 basis points, respectively. However, the electric three-wheeler (3W) segment had a monthly drop in penetration of about 290 basis points, despite a YTD rise of 250 basis points.
The month also saw record-high PV EV registrations, driven by strong festive demand, although total penetration in this segment remains low. Rural demand increased dramatically, despite a cooling trend in metropolitan regions, creating short-term problems for overall EV penetration. Upcoming model debuts from major original equipment manufacturers (OEMs) such as Tata, Mahindra & Mahindra (M&M), and Maruti Suzuki are likely to accelerate EV adoption.
Total E2W registrations in October reached 139,379 units, representing a phenomenal 118 percent YoY growth. The YTD penetration rate for E2Ws increased by 100 basis points YoY, whereas monthly gains were modest at 10 basis points. Ola Electric maintained its market leadership with a 30% share, growing by 75% year on year and 69% month on month to reach 41,713 units. TVS recaptured second place from Bajaj Auto, with a 21% market share, while Bajaj was close behind at 20%. TVS saw an 82% YoY growth in registrations to 29,964 units, while Bajaj's registrations increased by 212 percent to 28,288 units.
In October, the electric three-wheeler sector achieved 67,172 registrations, representing a 17% YoY and 11% MoM rise, indicating strong demand in this segment. Year-to-date penetration increased by 250 basis points (bps). M&M maintained its market leadership in this category, expanding its YTD market share by 50 basis points to 9.5 percent, while Bajaj Auto also made progress, growing its YTD market share to 6.3 percent, up from a negligible share the previous year.
October was again a great month for the EPV sector, with 10,752 units sold—an all-time high—representing a 70 percent YoY increase, owing primarily to festive demand. YTD penetration in the EPV category increased by 10 basis points year on year. Tata Motors retained the market leader, with a year-to-date market share of 63%, down from 72% the previous year. MG Motors made significant success, raising its YTD market share from 12% to 20% YoY.
These patterns highlight India's EV sector's long-term growth, with leading firms consolidating their positions and new models poised to boost uptake.
