December 2024 was marked by a turning point for electric four-wheelers (E4W) market in India by indicating a series of challenges amidst the opportunities still facing the nascent industry.
| Makers | Dec’24 | Nov’24 | MoM Change % | Market Share |
| Tata Motors | 4,037 | 4,374 | -7.7% | 46% |
| MG Motors | 3,627 | 3,288 | 10.3% | 41.3% |
| Mahindra | 384 | 575 | -33% | 4% |
| BYD | 284 | 349 | -19% | 3.2% |
| BMW | 140 | 104 | 34.6% | 1.6% |
| Mercedes | 96 | 104 | -7.7% | 1.1% |
| KIA | 77 | 72 | 6.9% | 1% |
| PCA Automobiles | 77 | 82 | -6.1% | 0.9% |
| Hyundai | 19 | 21 | -9.5% | 0.2% |
| Volvo | 17 | 32 | -46.9% | 0.2% |
| Others | 23 | 5 | 360% | 0.3% |
| Total | 8,781 | 9,006 | -2.5% | 100% |
In total, a cumulative sale figure of 8,781 units saw E4Ws decrease by close to 2.5 percent month-on-month with November delivering sales of 9,006 units. On a yearlong perspective, E4W had its share of ebbs and flows.
E4W: Leading Players and Performance
Tata Motors
- Tata Motors remained the undisputed leader in the E4W segment, holding a market share of 47.36%. However, the sales of the company witnessed a downfall in the month with sales of 4,037 units in December, against 4,374 units in November, registering a fall of 7.7%. Nevertheless, Tata Motors has been able to pass the 500,000 mark in three consecutive years. Such consumers will find strong support in favor of the company’s portfolio-the Nexon EV and Tigor EV models are examples.
MG Motors
- MG Motors came in second with 3,421 units sold in December. The company managed to hold onto the second position while selling 3,421 units in December, down from 3,627 units in November. It is a month-over-month decline of 5.68% and a market share of 39.68%. It was observed that MG Motors had promising growth earlier in the month.
Mahindra & Mahindra
- Mahindra & Mahindra grabbed the third position with a sale of 383 units in December. The sale was down by a record 33.39% during the month of November from 575 units. The utility vehicles, including the XUV400, have really generated attention. The intense competition in the market might be causing a setback for this automobile company.
Other Players
- Other leaders in terms of sales numbers included BYD India, which marketed 221, and BMW, with 110 units. Here again, a look at both market shares BYD maintained as well as at the share achieved by BMW indicate declines of both compared to former months at 2.03 percent and 1.27 percent, respectively.
E4W: Market Trends and Performance
The Indian electric vehicle market overall registered mixed performance during December 2024 in all segments. Even though E4W sales witnessed a marginal decrease, e-rickshaw and e-cart saw a slight uptick. December saw 142,282 units register as against the previous month’s total of 192,681 units.
- Consumer Sentiment: With the consumers getting increasingly fussy about what they buy, the cost, range anxiety, and charging infrastructure will become important determinants of consumer choices.
- Government Policies: Incentives and subsidies have always tended to influence buyer’s behavior in addition to its previous policies as changed recently with uncertainties for intending buyers.
- Market Saturation: With numerous players entering the EV space, competition is intensifying. Established brands must innovate continuously to retain their market positions.
Future Outlook
The key players will watch the development of these trends into 2025. The companies are going to come out with new models and technologies targeting improved consumer attraction and the elimination of current concerns on range and charging infrastructure.
ELCTRIK Speaks
Although December 2024 E4W sales reveal that major manufacturers have to struggle with more fluctuations in consumer interest and competition. It also paves the way for more significant opportunities to grow. As the Indian electric vehicle market continues to mature, adaptability and innovation will be the driving drivers in this rapidly shifting landscape.
