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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Mumbai-based startup ACS Energy has successfully secured INR 11 million in a pre-seed funding round. The investment was spearheaded by Inflection Point Ventures (IPV). This financial boost will enable the company to deploy over 5,000 new UPI-enabled EV charging stations across the key states of Maharashtra and Gujarat, enhancing accessibility for residential and commercial users alike.

ACS Energy (Ayka Control Systems Pvt. Ltd.) is tackling a critical gap in India's electric vehicle ecosystem by focusing on complex urban settings. The company specialises in developing charging solutions for high-rise buildings and large residential townships, an often underserved segment despite increasing regulatory mandates for EV infrastructure in new real estate projects.

Since its establishment in 2022, the startup has been a pioneer, introducing India's first UPI-based payment system for EV charging. This innovation eliminates the need for multiple mobile applications or subscriptions, creating a seamless, digital-first experience for users. Their product line includes universally compatible smart AC chargers for various vehicle types, supported by the proprietary ACS pay platform. The technology leverages artificial intelligence to effectively manage power loads and ensure swift, transparent transactions.

The founding team, Jash Sheth and Mihir Bhanushali, brings a strong blend of technical and engineering expertise to the venture. Sheth's background includes experience in India's nuclear power sector and involvement with other successful startup founding teams. Together, they are driving a vision to make sustainable mobility more practical and less cumbersome through intelligent infrastructure.

Beyond expanding its physical charging network, a portion of the new capital will be dedicated to advancing energy management systems. These systems are designed to bring smarter power distribution and sophisticated load balancing to urban buildings, promoting greater overall energy efficiency. Currently operating in cities such as Mumbai, Pune and Ahmedabad, ACS Energy is rapidly scaling its operations to build a robust network that connects city dwellers and emerging EV hubs.

Mitesh Shah, Co-Founder, IPV, said, “India’s EV revolution is incomplete without a strong support system fuelling its growth. The transition from fuel-based energy to green energy has to be more accessible and seamless. ACS Energy offers more than just a charger – it is a full hardware and software package that makes charging quick, transparent and hassle-free. Their UPI-based system means anyone can pay instantly, which makes EV charging as seamless as buying groceries.”

Jash Sheth, Founder & CEO, ACS Energy, said, “At a petrol pump, you don’t think twice – you just pay and move. EV charging should be just as simple. With India’s first UPI-enabled charging network, we’re bringing that same ease to the EV ecosystem. Alongside, we’re launching our AI-driven Energy Management Systems to help buildings and DISCOMs manage load intelligently. This fundraise will power our mission to simplify charging and optimise energy use across India.”

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Tata.ev, India's largest four-wheeler EV manufacturer, has partnered with charging operator Voltran to inaugurate 14 new high-speed Tata.ev MegaChargers across the states of Andhra Pradesh and Telangana, creating what the company calls the nation's first fully manned public EV charging stations.

The new charging hubs are strategically located on major intercity routes, including the Hyderabad–Bengaluru, Hyderabad–Vijayawada and Vijayawada–Chennai corridors, significantly boosting seamless long-distance electric vehicle travel in South India.

Each MegaCharger station is staffed 24x7 by trained marshals to ensure a 'fuel refuelling experience' for customers, offering reliability and service assurance. Crucially, the stations allow for payment via cash, card, or UPI post-charging, removing the need for an app for the transaction. They also feature air-conditioned lounges, clean washrooms, and multiple food options.

This latest rollout increases the Tata.ev MegaCharger network to over 70 operational sites nationwide, part of the company's 'Open Collaboration 2.0' framework to accelerate charging infrastructure. Tata.ev aims to introduce over 500 MegaChargers by 2027.

Balaje Rajan, Chief Strategy Officer, Tata Passenger Electric Mobility and Tata Motors Passenger Vehicles, said, "As the EV revolution continues its strong momentum, the demand for accessible, widespread, and reliable charging infrastructure has become increasingly critical. In partnership with Voltran, we’re proud to inaugurate 14 Tata.ev MegaChargers across Andhra Pradesh and Telangana — the first of their kind EV charging stations manned 24/7 by trained marshals. These fast-charging hubs connect major cities, enabling seamless EV travel across key locations in these states. With over 70 Tata.ev MegaChargers now nationwide, this milestone reinforces our commitment to fast, reliable, and fuel station-like charging experiences, driving effortless mobility across India.”

Raja Sekhar Upputuri, CEO, Voltran, said, "We are excited to partner with Tata.ev to launch our co-branded Tata.ev x Voltran MegaCharger Stations across all major highways in Andhra Pradesh and Telangana. These hubs are manned 24x7 and customers don't need an app to charge as they can pay with cash, card or UPI post charging. On top of that, all these hubs are equipped with air-conditioned lounges, clean washrooms and multiple food options. Together with Tata.ev, we reimagined the future of EV charging in India - fast, reliable & super convenient. We look forward to building upon this momentum and expanding it to more locations in the days to come.”

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Tesla held its first-ever public pop-up showcase in India at Ambience Mall in Gurugram, attracting thousands of visitors interested in the automaker’s electric vehicles and sustainability credentials.

Ambience Mall, which has become a platform for premium and international consumer brands, was selected for its modern infrastructure, high footfall and affluent customer base, according to the venue. Visitors were given a close look at the Tesla Model Y, marking the company’s initial public display in the city.

The mall authorties said the event reinforces its position as a preferred launch venue for global names entering or expanding in India with a history of hosting world-class brand showcases and firsts.

Hosting Tesla’s first-ever pop-up in India reaffirms our position as the preferred venue for premium international brands,” said Arjun Gehlot, Director of Ambience Malls. “Our space celebrates technology, design and sustainability, reflecting the aspirations of today’s consumers.”

Ambience Mall authorties said the showcase represents another milestone as it focuses on experiences at the intersection of retail, technology and lifestyle, catering to a growing Indian audience seeking innovative mobility solutions.

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Bengaluru-based electric vehicle maker Ola Electric has announced the commencement of deliveries for the S1 Pro+ (5.2kWh) powered by the company's 4680 Bharat Cell battery pack.

With this, the S1 Pro+ becomes the company’s first product to use its indigenously manufactured 4680 Bharat Cell. With its own battery packs in the vehicles, Ola Electric is now India's first company to fully own the battery pack and cell manufacturing process in-house.

The company recently secured ARAI certification under the latest AIS-156 Amendment 4 standards from the Ministry of Road Transport and Highways for its 4680 Bharat Cell battery packs in the 5.2 kWh configuration.

The S1 Pro+ (5.2kWh) is powered by a 13 kW motor and offers acceleration of 0-40 kmph in 2.1 seconds. It comes with a range of 320km (IDC with DIY mode). The S1 Pro+ has four riding modes: Hyper, Sports, Normal & Eco and includes dual ABS and disk brakes in the front and rear.

“With deliveries of 4680 Bharat Cell powered vehicles underway, we are taking a giant leap towards achieving true energy independence. This milestone is not just about the 4680 Bharat Cell, it’s about India owning the future of energy and mobility. Our in-house cell technology enables us to build products with greater range, performance, and safety - all designed and made right here in India. The 4680 Bharat Cell is a symbol of India’s capability to lead the world in EV innovation, and this is just the beginning,” an Ola Electric spokesperson stated.

Ola Electric offers a portfolio of S1 scooters and Roadster X motorcycles, including the S1 Pro+ in 5.2kWh and 4kWh configurations and the S1 Pro in 4kWh and 3kWh configurations. Mass market offerings include Gen 3 S1 X+ (4kWh) and Gen 3 S1 X (2kWh, 3kWh, and 4kWh). The company also offers the S1 Pro Sport and the Roadster X motorcycle portfolio.              

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