- EV penetration improved by 100 basis points (bps) year-on-year, with total EV registrations growing 26 percent year-on-year to 1.1 million units.
According to Haitong report, electric vehicle (EV) registrations witnessed a modest growth in October 2024, mainly due to increased festive season demand, leading to strong year-on-year (YTD) growth in EV penetration across all regions. increased.
YTD EV penetration improved 100 basis points (bps) year-on-year (YoY) to 7.6 percent, with total EV registrations increasing 26 percent to 1.1 million units.
This growth was mainly led by the two-wheeler (2W) segment, while the passenger vehicle (PV) segment recorded a marginal growth of 8 per cent.
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In October, sequential penetration rates for electric two-wheelers (E2W) and electric passenger vehicles (EPV) increased by 10 bps with YTD growth of 100 bps and 10 bps respectively.
Although the electric three-wheeler (3W) segment saw a monthly decline of around 290 bps in penetration, it maintained a YTD penetration gain of 250 bps.
Strong festive demand led to the highest number of PV EV registrations ever in October, even though penetration in the segment remains relatively low.
The recent surge in rural demand in contrast to the slowdown in urban areas has created short-term pressure on overall EV penetration. However, the upcoming launch of new EV models by major PV original equipment manufacturers (OEMs) such as Tata, Mahindra & Mahindra (M&M) and Maruti Suzuki is expected to increase the adoption rate.
Total E2W registrations in October reached 139,379 units, representing an impressive growth of 118 percent year-on-year. While YTD penetration for E2Ws grew 100 bps YoY, October saw a modest 10 bps monthly gain.
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Ola Electric maintained its market leadership with 30 per cent share and regained some of its lost ground last month. Ola registrations grew by 75 per cent year-on-year and 69 per cent month-on-month (MoM), totaling 41,713 units.
TVS regained its second position from Bajaj Auto with 21 percent market share, while Bajaj stood second with 20 percent. TVS experienced a growth of 82 per cent year-on-year reaching 29,964 registrations, while Bajaj's registrations increased 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 solid growth in demand. YTD penetration in this segment grew by 250 bps year-on-year.
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Mahindra & Mahindra (M&M) strengthened its position as the market leader with YTD market share up 50 bps to 9.5 per cent in October.
Bajaj Auto also made significant progress, increasing its YTD market share to 6.3 percent from a negligible share last year.
The EPV segment achieved record monthly registrations in October with 10,752 units, a growth of 70 per cent year-on-year due to the festive season. YTD penetration in the EPV category grew marginally by 10 bps YoY.
Tata Motors retained its position as the market leader with a YTD market share of 63 percent, though this was down from 72 percent last year. MG Motors showed considerable progress and increased its YTD market share from 12 per cent to 20 per cent year-on-year.
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First publication date: 13 November 2024, 09:49 am IST