This is an extract from a recent research brief “Global electric vehicle market monitor for light-duty vehicles in key markets, 2024” by International Council on Clean Transportation which analyses the development of the electric vehicle (EV) market for light-duty vehicles (LDVs). This extract specifically focuses on the auto markets of China and India.
China
In 2024, over 11 million new electric LDVs were sold in China—44% of new LDV sales in the country. Figure 7 shows EV market trends in China at the manufacturer level. The left panel shows the changing EV share of total LDV sales for each manufacturer from 2023 to 2024; the light blue portions of the bars represent 2023 EV sales shares and the darker blue portions represent the increase in sales share from 2023 to 2024. The middle panel illustrates the technology mix of EVs sold by each manufacturer in 2024, with BEVs in green and PHEVs in gray. The right panel reflects each manufacturer’s share of the overall LDV market (all powertrains) in 2024.
Highlights:
» BYD, an all-EV manufacturer, continued to lead light-duty EV sales in China and accounted for approximately one-third of all sales. Geely led among legacy automakers: Nearly 34% of its LDV sales were EVs, a 14-percentage-point increase from 2023.
» Apart from Tesla and BYD, which were both already at 100% EVs in 2023, all 10 major LDV manufacturers headquartered in China increased their EV sales shares between 2023 and 2024; Chery, Geely, Chang’an, and Great Wall grew the fastest, with increases of 12–14 percentage points over 2023.
» Though BEVs remained dominant, making up 60% of EVs sold in 2024, that was a 9-percentage-point decline compared with 2023. All manufacturers except BYD and Great Wall sold more BEVs than PHEVs. BYD, the only all-electric automaker headquartered in China, saw an increase in its PHEV share from 50% in 2023 to 56% in 2024. Great Wall saw a large jump in PHEV sales share, from approximately 59% in 2023 to 79% in 2024; this was after introducing several PHEV SUV/MPV models. Compared with 2023, absolute PHEV sales in China nearly doubled, rising from 2.4 million to 4.5 million in 2024. The share of PHEVs among EVs in China rose from 31% in 2023 to 40% in 2024. The same as in 2023, 26% of PHEVs sold in 2024 were extended-range electric vehicles.
» The adoption of EVs in China is advancing faster than policy targets. The 44% EV market share among LDVs sold in 2024 outpaced the 20% by 2025 EV target set in the New Energy Vehicle Industry Development Plan (2021 to 2035). Indeed, China has almost met the 45% new energy vehicle penetration by 2027 goal announced by the State Council in early 2024.
India
In 2024, approximately 125,000 EVs were sold in India. This represented nearly 3% of the country’s LDV (four-wheeler) sales in 2024. Figure 10 shows EV market trends in India at the manufacturer level. The left panel shows the changing EV share of total LDV sales for each manufacturer from 2023 to 2024; the light blue portions of the bars represent 2023 EV sales shares and the darker blue (or gray) portions represent the increase (or decrease) in sales share from 2023 to 2024. The middle panel illustrates the technology mix of EVs sold by each manufacturer, with BEVs in green and PHEVs in gray. The right panel reflects the overall LDV market share (all power trains) of each manufacturer in 2024.
Highlights:
» MG doubled its EV sales share from 23% in 2023 to 47% in 2024. Stellantis and Tata Motors also increased their EV sales shares, from 15% to 22% and 10% to 11%, respectively. Mahindra’s EV sales share remained unchanged from 2023 at 1%. Major global automakers including Suzuki, Toyota, and Honda did not sell any EVs in India in 2024.
» Tata Motors, India’s second-largest automaker, continued to hold over 60% of India’s light-duty EV sales in 2024, even amid the growing presence of other brands and increased model availability from legacy automakers. Manufacturers categorized under “Others,” including Mercedes-Benz, BMW, Volvo, BYD, and Pravaig, made up approximately 13% of the Indian light-duty EV market in 2024. This is a slight drop from 16% in 2023 and was mainly driven by fewer sales by newcomers and smaller manufacturers.
» As in 2023, BEVs dominated EV sales in India in 2024. While PHEVs were introduced to the Indian EV market in 2024, they accounted for a negligible share, less than 0.1% of EV sales. Most PHEVs sold in 2024 were from luxury brands, including Land Rover, Bentley, and BMW.
» The growth in the electric LDV market in India in 2024 was driven by national and state policies and the development of charging infrastructure. Other economic schemes are also supporting faster EV adoption and promoting EV manufacturing in India. To achieve India’s 30% EV sales target by 2030, adopting strong corporate average fuel economy standards in Phase 3 and Phase 4 and implementing supporting EV policies will be crucial. In addition, policies that prioritize charging infrastructure development will be key, especially as financial incentives like EV subsidies and tax benefits from the states are reduced or phased out.
Access the report here
