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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Keeway India has launched the Hypevolt-R, an electric scooter priced at INR 199,000 (ex-showroom) with bookings starting at INR 5,000.

The Hypevolt-R features a 5 kWh dual-battery architecture with a claimed range of 180 km and an in-vehicle charging system that reaches 80 percent charge in approximately 3 hours. It utilises a mid-mounted motor producing 12 kW of power, enabling acceleration from zero to 40 kmph in 2.3 seconds and a top speed of 115 kmph.

Vikas Jhabakh, Managing Director, Keeway India, said, “The Hypevolt-R represents a significant milestone in Keeway's journey in India. Today's electric mobility customer is no longer looking only for efficiency; they seek performance, technology, design and everyday practicality in one complete package. With the Hypevolt-R, we have created a premium electric scooter that delivers thrilling acceleration, intelligent rider technologies and exceptional usability without compromise. We believe it will redefine expectations from performance electric scooters in India.”

The Hypevolt-R comes with Traction Control, Dual-Channel ABS, Blind Spot Detection, a Rear Reverse Camera and Hill Hold and Hill Descent Control. It features 14-inch alloy wheels, 130 mm of ground clearance, a 770 mm seat height and 27 litres of under-seat storage.

The e-scooter is equipped with a 5-inch TFT display, Bluetooth connectivity and USB charging ports.  The Hypevolt-R can be had in Crystal White and Platinum Grey colour options.

The company says the e-scooter is designed for urban commuting and weekend use, offering three riding modes: Eco, Normal and Sport.

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Hyundai Motor India (HMIL), one of the leading passenger vehicle manufacturers, has launched a Battery-as-a-Service (BaaS) ownership model for the Creta Electric. Under the BaaS model, the Creta Electric is available at a starting price of INR 1.09 million (ex-showroom), with battery repayments starting from INR 3.9 per kilometre.

Alongside the BaaS model, the company has updated the Creta Electric with an integrated side foot step. Additionally, Home Charger (HC) variants now include a 7.4 kW wall box charger to assist with home charging requirements.

The Creta Electric SUV is available with two battery options: 51.4 kWh and 42 kWh. It offers a range of up to 510 km (ARAI certified) and supports DC fast charging, allowing a 10–80 percent charge in 39 minutes. Other features include Vehicle-to-Load (V2L) technology, SmartSense Level 2 ADAS, i-Pedal for single-pedal driving, a digital key, and active air flaps. The battery is covered by a warranty of 8 years or 160,000 km.

Tarun Garg, MD & CEO, Hyundai Motor India, said, “At HMIL, we believe the future of mobility must be accessible, intelligent and customer centric. The introduction of Battery-as-a-Service for the Hyundai Creta Electric is a transformational step towards democratising electric mobility in India. By significantly reducing the initial acquisition cost and offering flexible battery rental plans, we are enabling more customers to confidently transition to EVs while enjoying Hyundai’s trusted technology, safety and innovation.”

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Bengaluru-headquartered electric vehicle company Ather Energy has introduced the 450X Overtones Series, featuring a tone-on-tone treatment across three colourways: Still White, Space Grey and Lunar Grey.

Over the years, the company’s e-scooter lineup has received multiple hardware and software updates, including features such as AutoHold, Magic Twist and Multi Mode Traction Control. Ather has also implemented Infinite Cruise, which facilitates speed management across varied terrains.

Ather Energy’s recent rollout of Atherstack 7 includes new safety features such as CrashAlert that detects accidents and notifies emergency contacts. ParkSafe for providing warnings regarding parking zones and LockSafe, which enables motor immobilisation via the app.

Additionally, the company is introducing a 900W charger, which decreases 450 charging times by 30 percent.

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Bengaluru-based electric vehicle maker Ola Electric has announced that it registered 16,144 electric two-wheelers in June 2026, as compared to 20,697 units for the same period last year.

For Q1 FY2027, the retail sales came to 43,719 units, as compared to 22,252 units sold in Q4 FY2026.

“Q1 FY27 marks a significant milestone in our growth journey, with registrations doubling sequentially and June registering 16,144 vehicles - our strongest monthly performance in recent quarters. The sustained momentum reflects the success of our operational improvements, strong product portfolio and continued customer preference for Ola Electric. We remain focused on accelerating EV adoption through technology leadership, manufacturing scale and delivering a differentiated ownership experience," the company said in a statement.

Ola Electric attributes its performance to improvements in retail execution and product availability.

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