Highlights
1,06,966 mass-market battery EVs were sold in 2024, posting 19% growth over 2023
BEV sales constituted 2.5% of total passenger vehicles sold in India
BEV sales growth was driven by new products introduced in 2024 – Tata Punch EV, Tata Curvv EV & MG Windsor
Tata continues to dominate the Indian BEV market with a 62% share, followed by MG with a 27% share
Tata Punch EV emerged as the best-selling BEV product, followed by Tata Tiago EV
EV Market Development
In 2024, India’s mass-market battery EV (BEV) segment witnessed 19% growth over 2023, with 1,06,966 units sold. BEVs accounted for 2.5% of total passenger vehicle sales. This growth was primarily driven by new model launches, including the Tata Punch EV, Tata Curvv EV, and MG Windsor. Many existing models were sold at discounts to maintain sales momentum. The average car sales price for BEVs remains ₹ 14.1 lakhs.
Brand analysis
Tata Motors retained its leading position in the BEV market with a 62% share, though it lost 12% market share to MG
MG Motors expanded its market share by 13%, fueled by the aggressive pricing of the MG Windsor, launched in Q3 2024
Mahindra’s EV sales increased due to higher discounts on its sole BEV model to meet CAFE targets
Body style analysis
Entry of new crossovers has strengthened its position in BEV segment share
Hatchbacks are losing again in the BEV segment too
Product Analysis
The Tata Punch EV was the best-selling BEV in 2024
MG Windsor based on a skateboard platform made strong inroads due to aggressive pricing that undercuts the newly launched Tata Curvv EV by a huge margin
Other BEV models saw limited sales traction, requiring higher discounts to drive demand
Both Tata and Mahindra sent their EVs voluntarily for the Bharat NCAP crash test program, and each of them scored 5 stars in Adult Occupant Protection (AOP) tests
In fact, the Mahindra XEV 9E, based on an all-new skateboard platform branded as INGLO, achieved the maximum possible score of 32 in the BNCAP AOP test
However, in the Global NCAP test - Citroen eC3 scored a zero star in 2024. At Auto Punditz, we strongly advocate for all automakers in India to prioritize high crash test ratings, despite BNCAP testing being voluntary. We believe that subscribing to rigorous crash test evaluations is essential for significantly enhancing occupant safety in the event of fatal accidents.
By supporting and promoting high safety standards, automakers can contribute to a safer driving environment and reduce the risk of severe injuries, ultimately saving lives and improving overall road safety.
2025 Way Forward
At the 2025 Auto Expo, mass-market carmakers showcased many EVs based on different platform concepts (skateboard or modified ICE platform) that will go on sale in 2025. Most of them embody SUV silhouettes and will be positioned in the ₹ 15 lakh-plus price range.
This will potentially enhance the penetration level of EVs in 2025, based on how well these products perform individually, the availability of incentive programs from state governments in the form of road tax waiver, and the expansion of India's charging infrastructure, which remains a critical factor in driving EV adoption.