In calendar year(CY) 2024, the electric car segment continued to show steady progress. As much as 99,848 units were sold with a year-on-year (YoY) growth of 6.9 per cent, making up around 5 per cent of total electric vehicles (EV) sales in India the year. The EV market in India, particularly in Tier-II and Tier-III cities, is on the cusp of significant expansion. These regions offer unique opportunities that can be leveraged by understanding evolving consumer behaviours, market dynamics and shifting perceptions of EV ownership. India's large and midsize second-tier cities are poised to become the growth centers for the country's EV sales, outpacing wealthier and more populous metropolises that are the current hubs of EV demand. Cities such as Jaipur, Lucknow, Thiruvananthapuram, Surat, Coimbatore, are not only embracing four-wheel EVs but also showing a strong preference for other electric vehicles.
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THE BOOKWORM
SASHANK RISHYASRINGA, CO-FOUNDER AND MANAGING DIRECTOR, AXIO (FORMERLY CAPITAL FLOAT)
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