The adoption of electric vehicles (EV) in India is poised to see a boost in adoption numbers driven by a rapidly expanding charging network, growth in battery swapping models and government policies such as the PM e-drive.
The respective sector demonstrated strong momentum in 2024, with total sales reaching nearly 1.95 million units across segments. Industry experts see this growth trajectory continuing into 2025, supported by expanding charging infrastructure, battery swapping networks and favorable government policies.
Alluding to the performance of the sector in 2024 ICRA Corporate Ratings Senior Vice President Srikumar Krishnamurthy said, “Electric vehicles in India continued to gain traction in 2024 supported by factors like government incentives, changing consumer needs new product launches, technological advancements, etc. Nevertheless, the EV penetration levels remain modest, particularly in cars and trucks, though adoption in two-wheelers and three-wheelers and buses is better. The government’s policy measures remain supportive; the PM e-drive scheme is expected to aid faster EV adoption apart from the development of the EV manufacturing ecosystem. While the transition is gradual, the EV sector holds promise as a cornerstone for sustainable mobility, with significant growth potential in the coming years."
According to data from Vahan Dashboard 19,48,957 EVs were sold between January and December 2024. Electric two-wheelers dominated the market with sales translating to 1.2 million units followed by the three-wheeler segment that sold 6,94,466 units. 
Meanwhile, the electric car segment continued to show steady progress with 99,848 units sold while the electric-bus sales experienced substantial growth increasing by 39% in CY2024, reaching 3,834 units. 
Ola Electric dominated the two-wheeler segment with a 35.42 percent market share followed by TVS (19.49 percent), Bajaj (16.58 percent), Ather (11.08 percent) and Hero (3.78 percent).
In the three-wheeler passenger segment, Mahindra Last Mile Mobility led with approximately 10 percent market share, while Bajaj Auto demonstrated exceptional growth. The three-wheeler cargo segment saw Mahindra LMM maintaining leadership with about 11 percent market share, while Bajaj Auto showed impressive growth to capture 4.7 percent market share. 
In the electric car segment, Tata Motors maintained dominance with roughly 62 percent market share, followed by MG Motor India at 22 percent, Mahindra & Mahindra (7 percent), BYD (2.85 percent), and PCA (2.19 percent), while in the electric bus segment, Tata Motors retained its leadership position with all major players showing significant sales growth.
2025 Outlook
Alluding to the sectoral outlook for 2025, Altigreen Propulsion Labs Chief Executive Officer Amitabh Sharan noted, “The electric vehicle industry in India stands at a transformative crossroads in 2025, with the market projected to reach USD 235 billion by 2030 at a remarkable CAGR of 49 percent. The sector will witness remarkable growth (especially in commercial vehicles) in 2025, driven by a combination of TCO benefits, technological advancements for better quality vehicles and driveability, and changing consumer perception towards EVs. However, the road to widespread EV adoption will need to overcome significant challenges viz-a-viz innovative vehicle financing, urban charging infrastructure, consistency in policy and regulatory framework, supply-chain localisation (for price parity with ICE) and very importantly skill development through industry-academia partnerships.”
Revfin Founder Sameer Aggarwal said, “2024 has been a defining year for India’s automotive sector, marked by accelerated adoption of electric vehicles, advancements in sustainability, and the integration of innovative technologies. Building on this momentum, 2025 is expected to be a year for EV adoption. With an intensified focus on developing robust EV charging infrastructure and scaling up battery-swapping networks, transitioning to electric mobility will become more seamless for consumers. Coupled with innovative financing models and targeted efforts to reach underserved markets, the industry is set to overcome accessibility barriers and make sustainable mobility a reality for all. Collaboration between automakers, policymakers, and technology providers will ensure a cohesive ecosystem, enabling India to lead the way in sustainable and inclusive mobility solutions.”
Godawari Electric Motors Director Hyder Ali Khan noted, “As we look ahead to 2025, we are excited about the robust expansion of our Eblu product portfolio, catering to the evolving needs of our customers. Additionally, we have some promising public and private orders in the pipeline, which will further accelerate our growth trajectory. We remain committed to driving innovation and sustainability in the EV sector and look forward to continued collaboration with our stakeholders to shape a cleaner and greener future for mobility.”
Zypp Electric Chief Executive Officer Akash Gupta revealed plans for 2025 along with the sector outlook and stated, “Looking ahead to 2025, Zypp Electric is committed to deploying 200,000 electric vehicles across the country in the next 12-18 months and we will double down on innovation, fleet expansion and partnerships to meet growing demand. We will focus on bolstering EV charging infrastructure, enhancing intelligent fleet management, and contributing to India's net-zero goals. Together, we aim to revolutionise last-mile logistics and make green mobility the norm for businesses and communities alike.”
On the components front, Automotive Component Manufacturers Association Director General Vinnie Mehta averred, “The Indian auto component industry is poised for robust double-digit growth in FY25, driven by strategic efforts to reduce import dependence and bolster exports. The electric vehicle component segment is witnessing remarkable year-on-year growth, propelled by the surging demand for sustainable mobility solutions. Key drivers include advancements in electric powertrains and battery systems, supported by increased investments in localization, R&D, and progressive government policies. These developments underscore the industry’s commitment to innovation, self-reliance, and establishing India as a prominent global manufacturing hub."
As India furthers its journey towards carbon neutrality within the mobility sector, EV adoption is slated to accelerate even in the luxury car segment. According to a news report citing Federation of Automobile Dealers Associations, the luxury EV market grew by 6.7 percent in 2024 despite decline in sales. 
BMW witnessed the highest sales followed by Mercedes Benz India, Volvo, Audi and Porsche. 

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Montra Electric, the clean mobility division of the Murugappa Group, has opened two new dealerships in the National Capital Region (NCR). The expansion includes an electric small commercial vehicle (e-SCV) outlet in Libaspur, North Delhi and an electric three-wheeler (e-3W) facility in Surajpur, Greater Noida.

The Greater Noida dealership, operated by Vigsons Automobiles, will retail the Super Auto and Super Cargo models. This facility is equipped with service infrastructure and technicians to support owner-operators and fleet customers in the passenger and cargo segments. The North Delhi site, operated by Action Volt Wheels, is intended for businesses involved in e-commerce distribution and FMCG logistics, providing workshop and after-sales support for mid-mile operations.

Arun Murugappan, Chairman, Montra Electric, said, “The transition to electric commercial mobility is an institutional shift, not merely a product change. As adoption expands across India, its success will depend on the strength and reliability of the supporting ecosystem. Building this foundation, anchored in quality, service, and long-term ownership confidence, is essential for clean mobility to scale in a sustainable manner.”

Jalaj Gupta, Managing Director, Montra Electric, added, “Delhi-NCR is one of the most structurally important markets for electric commercial vehicles, where scale is being driven by real operating use-cases rather than experimentation. Our focus is to build a network that is capable of supporting this scale, through dependable retail partners, strong service infrastructure, and consistent customer engagement. The new dealerships in Greater Noida and North Delhi are a step towards ensuring that customers experience electric mobility as a reliable business solution, not just a sustainable alternative.”

The company stated that the NCR is a primary market due to the demand for urban logistics and shared mobility. The new facilities are designed to transition electric vehicles from pilot projects to regular commercial use by focusing on vehicle uptime and service responsiveness.

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Toyota Kirloskar Motor (TKM) participated in the Advantage Maharashtra Expo 2026 to showcase its technology and manufacturing initiatives. The company focused on Flex-fuel Strong Hybrid Electric Vehicle (FFV SHEV) technology and its ongoing expansion within the state of Maharashtra.

At the Technology Pavilion, the automaker displayed the HyCross FFV SHEV, a vehicle designed to operate on ethanol-blended fuels while utilising a hybrid electric powertrain. This technology is part of Toyota's ‘multi-pathway’ strategy intended to reach carbon neutrality by utilising various energy sources. The expo, organised by the Marathwada Association of Small-Scale Industries and Agriculture (MASSIA) and the Government of Maharashtra, serves as a platform for industry and technology exchange in the Marathwada region.

Sudeep Dalvi, Chief Communication Officer, Senior Vice President and Director, Toyota Kirloskar Motor, said, “Toyota Kirloskar Motor extends its sincere gratitude to the Government of Maharashtra for its continued support toward our greenfield manufacturing project in the state. Our upcoming facility will further enhance TKM’s operational footprint in the state with localization as a key focus while creating expanded opportunities for local development. Participation in the Advantage Maharashtra Expo underscores our ongoing collaborative initiatives across the region, reflecting our commitment to fostering sustainable growth, innovation, and community empowerment in Maharashtra. TKM has consistently focused on building core capabilities and strengthening the educational ecosystem in Maharashtra through its structured skilling & CSR programs. Complementing these efforts, we continue to advance technology initiatives that support cleaner mobility and more efficient powertrain systems.”

Beyond vehicle displays, Toyota Kirloskar Motor held sessions on manufacturing culture and skill development for industry representatives and educational institutions. The company recently signed a Memorandum of Understanding (MoU) with the state government to develop a skilling ecosystem focused on Industrial Training Institutes (ITIs).

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Suzuki Motorcycle India (SMIPL), one of the leading two-wheeler manufacturers in the country, has announced the commencement of bookings for the e-Access, its first electric scooter. This launch marks Suzuki’s global entry into the electric two-wheeler segment, with India serving as the debut market for the model.

Priced at INR 188,490 (ex-showroom, Delhi), the e-Access can be reserved at authorised dealerships across India. The company has also confirmed that the scooter will be available for purchase through the e-commerce platform Flipkart once retail sales begin.

The e-Access is equipped with a lithium-ion battery designed for durability, which the company states will retain over 80 percent of its capacity after eight years of use. Technical features include a swingarm-mounted motor and a regenerative braking system that assists in energy recovery during deceleration. The scooter also includes a Type 2 charging port for compatibility with public charging infrastructure and a 5-inch TFT instrument cluster with smartphone connectivity.

Kenichi Umeda, Managing Director, Suzuki Motorcycle India, said, “The Suzuki e-Access represents Suzuki’s first global strategic battery electric vehicle. It offers long-life battery, agile handling, seamless acceleration and high quality fit & finish. With every element designed thoughtfully to make ownership easy, enjoyable, and worry-free, we remain committed to Suzuki’s global vision of sustainable mobility. We believe the Suzuki e-Access will be the choice for riders looking for a reliable, everyday electric scooter that fits into their lifestyle.”

The vehicle is available in four dual-tone colour options, including the new Metallic Mat Stellar Blue/Metallic Mat Fibroin Gray. To support the rollout, SMIPL has introduced financial products including interest rates starting at 5.99 percent and rental options ranging from 24 hours to 3 years.

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Swedish luxury carmaker Volvo Cars has introduced the EX60, an all-electric SUV featuring a claimed range of 810 kilometres on a single charge in an all-wheel drive configuration.

The EV is the first to be underpinned by SPA3, the company’s new electric architecture designed to increase efficiency and match the range of petrol engines.

The EX60 utilises cell-to-body technology, integrating the battery directly into the car's structure. This approach, combined with e-motors developed in-house and the use of mega casting to replace multiple components with single castings, reduces vehicle weight to improve energy efficiency.

Equipped with an 800-volt electrical system, the EX60 can add 340km of range in ten minutes when using a 400kW fast charger. The charging process is managed by software developed in-house and algorithms from Breathe Battery Technologies, which adjust power intake to maintain the battery in an ideal operating zone regardless of weather conditions.

Anders Bell, Chief Technology Officer, Volvo Cars, said, “The EX60 is designed to be a gamechanger. With our new electric vehicle architecture, we directly address the main worries that customers have when considering a switch to a fully electric car. The result is class-leading range and fast charging speeds, marking the end of range anxiety.”

Volvo Cars is offering a 10-year warranty on the EX60 battery. The use of mega casting in the manufacturing process marks a shift in Volvo’s production methods, aimed at simplifying assembly and reducing mass to further extend driving distance.

The EX60 represents the longest-range electric vehicle created by the manufacturer to date, focusing on real-life driving conditions and thermal management to maintain charging speeds.

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