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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Energy In Motion, a provider of integrated electric mobility solutions for long-haul freight transportation, has executed an agreement with Hindustan Petroleum Corporation to establish and operate charging and battery swapping infrastructure for heavy commercial vehicles at retail outlets across India.

As per the understanding, Energy In Motion will deploy swap-and-charge hubs on freight corridors including Mumbai–Pune, Delhi–Jaipur and Chennai–Bangalore over the next 18 to 24 months. These stations will support vehicles such as the Ashwa 55-tonne e-tractor, providing battery exchange capability in 7 minutes.

Energy In Motion manages battery inventory and hardware, while Hindustan Petroleum Corporation provides space and utilities across its network of over 25,000 retail outlets.

Narendra Murkumbi, Managing Director, Energy In Motion, said, “Charging infrastructure succeeds or fails on reliability. Working with HPCL allows us to place charging and swapping where drivers already stop – sites with power, space, amenities, safety systems and staff on duty. Combining our battery and fleet expertise with HPCL’s nationwide retail network lets us build dependable swap-and-charge hubs on the corridors that carry India’s freight and to do it at the pace the transition demands.”

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Hero MotoCorp's electric mobility brand, VIDA, has made its international market entry into Nepal through a partnership with CG Motors.

The launch was announced by Kausalya Nandakumar, Chief Business Officer, Emerging Mobility Business Unit, Hero MotoCorp and Nirvana Chaudhary, Managing Director, Chaudhary Group.

The introduction features the VIDA VX2 Evooter range – comprising the VX2 Plus and VX2 Go variants – alongside the VIDA DIRT.E K3 youth off-roader. The VX2 Plus features a 4.4 kWh setup, delivering a 140 km range and a top speed of 90 kmph, while the VX2 Go uses a 2.2 kWh battery with a 75 km range. The DIRT.E K3 is an electric off-roader equipped with a 350W motor and app-based parental controls.

Kausalya Nandakumar said, “This launch marks a proud and defining moment as VIDA goes global. We are thrilled to take the very best of our engineering and design capabilities beyond India, starting with Nepal, a strategically crucial market where riders are quickly adopting smart electric mobility. The VIDA VX2 EVOOTER range and the VIDA DIRT.E K3 are built to redefine the future of mobility, and through our collaboration with CG Motors, we are ensuring that the Nepalese customers have access to premium, reliable, and technologically advanced riding experience.”

Nirvana Chaudhary added, “The entry of VIDA perfectly aligns with Nepal's shift towards sustainable mobility. By offering advanced electric products & solutions tailored for both, everyday commuters and the next generation of riders, this product launch redefines our two-wheeler landscape. CG Motors is proud to strengthen its partnership with Hero MotoCorp and partner with VIDA to drive our nation's green transition forward."

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Pune-headquartered electric commercial vehicle manufacturer EKA Mobility has announced that Dr. Hussein Ali Mwinyi, President of Zanzibar, recently flagged off 15 EKA Mobility electric buses in Zanzibar. The commercial operations for the e-buses is scheduled to begin on 1 August 2026.

The deployment forms part of an initial order of 35 e-buses, with the fleet expected to expand to 150 units by the end of the year.

EKA Mobility is collaborating with Global Rapid Transport and the Zanzibar Social Security Fund to train local personnel in vehicle operations, maintenance and safety systems.

Vijay Yelne, President – Export Marketing & SCM, EKA Mobility, said, "The launch of Zanzibar's first electric bus fleet is a strong validation of EKA's technology and our ability to deliver world-class electric mobility solutions beyond India. It demonstrates that products designed and manufactured in India can successfully meet the evolving mobility needs of international markets. This is another step in taking Indian engineering to the world, and we see Africa as a key growth market in EKA's global expansion journey."

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Kia India has launched the Syros EV, it’s first mass-market electric vehicle offering at prices starting INR 1.34 million (ex-showroom) for the 42 kW variant and INR 1.69 million (ex-showroom) for the 51.4 kW Extended Range variant. The EV goes on sale at dealerships nationwide starting 30 July 2026.

The Syros EV is offered with two battery options: a 51.4 kWh battery delivering an ARAI-certified range of 526 km and a 42 kWh battery offering 443 km of range. It features DC fast charging from 10 to 80 percent in a claimed 39 minutes.

Ownership programmes include an Assured Buyback programme offering up to 80 percent resale value after three years, a Battery-as-a-Service programme starting at INR 799,000 with battery EMIs starting at INR 3.3 per kilometre and a lifetime high-voltage battery warranty of 15 years with unlimited kilometres.

Gwanggu Lee, Managing Director and CEO, Kia India, said, "At Kia, every product begins with one question, how can we create greater value for our customers? The Syros EV answers that by making electric mobility more accessible, without compromise. Beyond an attractive price point, we've built one of the industry's most confident ownership propositions with an Assured Buyback programme offering up to 80 percent resale-value, the best in India today, alongside BaaS enabling one of the most accessible entry points into EV ownership; and a Lifetime Battery Warranty delivering long-term battery confidence, addressing the key concerns that continue to influence EV adoption. Combined with segment-leading range of 526 km and 171 PS performance, advanced technology and Kia's growing EV ecosystem, the Syros EV represents our commitment to accelerating India's transition towards sustainable mobility while keeping customer needs at the heart of every decision."

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