2024 has been a pivotal milestone in India’s EV evolution, setting the stage for transformative growth. Between April and November alone, India achieved an impressive 13.06 lakh EV registrations reflecting a 25.64 percent growth compared to the previous year. This momentum has been fuelled by the rise of indigenous manufacturers delivering groundbreaking innovations, supportive government policies, and a growing shift toward eco-conscious consumerism.
The expansion of ‘Make in India’ manufacturing has strengthened the nation’s EV sector, while initiatives like PM E-DRIVE, FAME II, and reduced import duties have fuelled adoption. Key milestones this year included March, when subsidy-driven sales peaked at 213,064 units, and October, which saw festive-led sales reach 219,322 units. India’s charging infrastructure has also witnessed a transformative leap. From around 12,000 public charging stations previously, the country now boasts over 25,202 such facilities, thanks to initiatives like PM E-Drive, which allocated INR 10,900 crore, including INR 2,000 crore exclusively for charging infrastructure
Looking ahead to 2025, resolving the inverted GST structure in the two-wheeler segment is crucial. While the lower 5 percent GST on EVs encourages adoption, the 18-28 percent GST on raw materials creates high working capital demands, increasing costs unnecessarily. Addressing this taxation disparity and refining policies will create a stronger foundation for the sector’s efficiency and competitiveness, providing a much-needed boost for sustainable growth.
As we look to 2025, India stands at the cusp of becoming a global EV leader. Enhanced affordability, improved range, robust charging networks, and rural penetration are set to define the next phase of growth. Indigenous manufacturers are set to raise the bar with groundbreaking offerings, while the government’s continued investment will fuel adoption across urban and rural markets alike. At Oben Electric, we are proud to lead this revolution with high-performance, innovative, and affordable electric two-wheelers, redefining mobility for Indian consumers.