Delhi leads EV adoption in India, Kerala ranks second: FICCI-Yes Bank Report

As the government urges automakers to cater to carbon neutrality and net zero emissions, Delhi is currently leading EV adoption in India, according to FICCI-Yes Bank report, released earlier this week. 
 
Titled “Driving ZEV Transition – From Center to State,” the report states that EV penetration in Delhi stood at 11.5% in FY24, followed by Kerala, where EV penetration stood at 11.1%. In the states of Assam, Karnataka, and Uttar Pradesh, the EV penetration stood at 10%, 9.9% and 9.2%, respectively.
 
“Sales in UP–market leader in EV volumes—has been driven by electric three-wheelers (~80% share of total EV sales in the state) while electric two-wheelers sales has driven sales in Maharashtra, Karnataka, and Tamil Nadu states-next states in EV volume,” says the report, adding Delhi has achieved high aggregate EV penetration driven by multiple segments. 
 
In terms of electric two-wheelers, the top five states, i.e. Maharshtra, Karnataka, Tamil Nadu, Gujarat, and Kerala, contributed to 60% of total electric two-wheeler sales. Kerala led the electric two-wheeler penetration by 13.5%. 
 
In terms of electric three-wheelers, Chhattisgarh led the EV penetration at 89.5%, followed by Delhi, Assam, Uttar Pradesh, and Punjab at 82.8%, 82.5%, 82.4%, and 81.8%, respectively. 

In terms of electric passenger vehicles penetration, Kerala leads at 5.4%, followed by Karnataka, Delhi, Chhattisgarh, and Maharashtra at 3.7%, 3%, 2.9%, and 2.9%, respectively. 
 
As per the report, India needs zero penetration to grow at ~380 basis points annually to meet the national EV target of 30% by 2030. 
 
“While ZEV penetration has grown by ~200 basis points (bps) annually between FY21-24, the report highlights that this growth rate must nearly double to ~380 bps annually to achieve India’s ambitious EV30@30 target—30% EV penetration by 2030,” emphasises the FICCI-Yes Bank Report.