India’s electric vehicle (EV) sector continues its growth trajectory, with **12,210 electric cars sold in May 2024**. While this reflects a robust **53% year-on-year increase**, monthly sales dipped slightly by **6% compared to April**. Here’s a breakdown of the top 10 automakers and key market trends:
••Top 10 EV Manufacturers: Rankings & Performance
••(Ranked lowest to highest by sales volume)••
1. °°Kia India (10th)°°
- May Sales: 26 units (↓21% MoM)
- Market Share: 0.2% (stable)
2. °°Volvo India (9th)°°
- May Sales: 33 units (↓19% MoM)
- Market Share: 0.2% (stable)
3. °°Mercedes Benz (8th)°°
- May Sales: 88 units (↑2.3% MoM)
- Market Share: 0.7% (↑ from April)
4. °°PCA Automobiles (7th)°°
- May Sales: 123 units (↑141% MoM)
- Market Share: 1% (↑ from April)
5. °°BMW India (6th)°°
- May Sales: 172 units (↑21% MoM)
- Market Share: 1.4% (↑ from April)
6. °°BYD India (5th)°°
- May Sales: 493 units (↑31% MoM)
- Market Share: 4% (↑ from April)
7. °°Hyundai Motors (4th)°°
- May Sales: 601 units (↓18% MoM)
- Market Share: 4.9% (↓ from April)
8. °°Mahindra (3rd)°°
- May Sales: 2,605 units (↓18% MoM)
- Market Share: 21% (↓ from April)
9. °°MG Motor (2nd)°°
- May Sales: 3,737 units (↑0.8% MoM)
- Market Share: 30% (↑ from April)
10. °°Tata Motors (1st)°°
- May Sales: 4,326 units (↓8% MoM)
- Market Share: 35% (↓ from April)
Key Market Insights
-°°Tata vs. MG vs. Mahindra°°:
These three dominate 86% of India’s EV market. Despite a MoM decline, Tata retains its leadership (35% share), while MG Motor edged ahead with slight growth.
- °°Emerging Competition°°:
BYD India’s impressive 141% MoM surge signals rising competition in the mid-tier segment.
- °°Premium Segment Stability°°:
Luxury brands (BMW, Mercedes, Volvo) held steady but contributed minimally to overall volume (combined share: ≤2.3%).
•• Looking Ahead
The next six months promise intensified rivalry as Tata, MG, and Mahindra vie for dominance. New model launches and pricing strategies could reshape market standings. While May saw overall sales soften slightly, the strong YoY growth underscores sustained consumer interest in EVs.
••Note: Automobile sales data may vary slightly due to reporting delays. Figures represent retail sales.*
---
*Data Source: Industry Sales Reports (May 2024)*