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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Chennai-headquartered two-wheeler and three-wheeler major TVS Motor Company has introduced a new variant of its flagship electric scooter the TVS iQube with 3.1 kWh battery that comes with an IDC range of 123 km, hill hold and dual tone design with prices starting INR 103,727 (Delhi). 

Till date, the TVS iQube has gone home to over 600,000 customers and is available across 1,900 touchpoints. With the latest addition, the TVS iQube family now consists of six variants.

The new variant also gets Hill Hold assist for added safety and a refreshed UI/UX interface for a more intuitive riding experience and four attractive colours: Pearl White, Titanium Grey, and two dual-tone options—Starlight Blue with Beige and Copper Bronze with Beige.

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Vida, the electric vehicle business of Hero MotoCorp, the world’s largest two-wheeler manufacturer, has launched the VX2 electric scooter at prices starting INR 59,490 with Battery-as-a-Service (BaaS) model and INR 99,490 (ex-showroom) for outright purchase for the VX2 Go variant.

The higher VX2 Plus variant gets a 3.4 kWh battery and is priced at INR 109,990 (ex-showroom) for outright purchase and INR 64,990 for BaaS model. While the VX2 Go variant comes with a claimed range of 92km with 2.2 kWh battery. Under BaaS, the user will pay approximately INR 0.96 per kilometre of usage. Customers will also get access to over 3,600 charging points and more than 500 sales and service centres.

To provide peace of mind to customers, Vida is offering complimentary battery replacement if the performance falls below 70 percent.

In terms of tech, the VX2 gets seamless smartphone integration for real-time ride statistics, telemetry, and Firmware Over-The-Air (FOTA) updates. The VX2 Plus gets 4.3-inch TFT screen, while VX2 Go gets 4.3-inch LCD both offering turn-by-turn navigation.

The company claims that the e-scooters can be charged to 80 percent in just 60 minutes.

The e-scooters sport 12-inch wheels and 33.2-litre boot space (with removable battery) for VX2 Go variant.

With this, the company aims to make the e-scooters one of the most affordable electric vehicle offerings in the country.

Dr Pawan Munjal, Executive Chairman, Hero MotoCorp

INR 99,490 (ex-showroom price) and 59,490 with BaaS and INR 0.96 per km

Vida VX2 E-Scooter Launched At INR 99,490 And INR 59,490 With BaaS

Dr Pawan Munjal, Executive Chairman, Hero MotoCorp, said, “Vida was born from a vision far greater than building electric vehicles—we set out to spark a movement. A movement that puts people and planet first, that redefines mobility as a force for good, and that gives every individual—not just the few—the opportunity to thrive, grow, and live better. Vida means ‘life’—and that is exactly what we aim to bring: cleaner air, better choices, and smarter journeys. A name that reflects our purpose—to drive meaningful progress and create a positive impact, not just in cities, but across every corner of Bharat and the world. On the birth anniversary of our Founder Chairman, Dr. Brijmohan Lall Munjal, we renew our commitment to build a future that is smart, connected, and conscious. With the Vida VX2 Evooter, we are not simply launching a product—we are delivering an ecosystem that empowers change. This is our promise: to make sustainable mobility widely accessible, to make our products highly affordable, and to always lead with trust, responsibility, and purpose. Backed by Hero MotoCorp’s legacy, Vida will power a better tomorrow – for everyone.”

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Bengaluru-based electric vehicle maker Ather Energy has expanded its Rizta family e-scooter line-up with the introduction of the Rizta S, featuring a 3.7kWh battery pack. The new variant is priced at INR 137,047 (ex-showroom) in Delhi, INR 137,258 (ex-showroom) in Mumbai, INR 137,999 (ex-showroom) in Bangalore and INR 139,312 (ex-showroom) in Chennai.

The Rizta S with the 3.7kWh battery pack offers an IDC range of 159km. Launched in 2024, the Rizta now accounts for over 60 percent of Ather's total sales and has surpassed 100,000 units sold within one year of its release. This new variant expands the Rizta portfolio to four options.

Ravneet S. Phokela, Chief Business Officer, Ather Energy, said, "The Rizta has resonated strongly with families across the country, and the recent milestone of crossing 1 lakh Rizta scooters is a testament to the strong demand that we are seeing. As an ongoing quest to expand our portfolio addressing different consumer needs, we are excited to introduce the Rizta S with a higher range. With the new variant offering 159 km on a single charge, riders can confidently plan their day, making it ideal for commuters with high daily usage.”

The scooter maintains a 34-litre underseat storage, expandable by 22 litres with a Frunk accessory. It features a large seat and practical floorboard design. The 3.7kWh variant includes a 7-inch DeepView Display with Turn-by-Turn Navigation. Additional features for convenience and safety include AutoHold, Fall Safe, Emergency Stop Signal, Tow & Theft Alerts, Find my scooter and Alexa Skills. The scooter supports over-the-air (OTA) updates. Users can access Ather's fast-charging network, Ather Grid, which has over 3,900 charging points.

The Rizta S with the 3.7kWh battery pack is available with the 'Ather Eight70’ warranty programme, providing 8 years or 80,000 km coverage, guaranteeing a minimum of 70 percent battery health.

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Switch Automotive Mobility (Switch India), the electric vehicle business of commercial vehicle major Ashok Leyland, has announced a rejig in its top management.

The company has announced that Mahesh Babu, current CEO of Switch Automotive Mobility, has decided to step down from his position to pursue opportunities outside the Group, effective 31 August 2025.

On the other hand, Ganesh Mani, Chief Operating Officer (COO), Ashok Leyland, will take additional charge as CEO of Switch Automotive Mobility starting 1 September 2025.

The company aims to optimise operational costs by leveraging the strengths of Ashok Leyland and maintain focus on electric buses and light commercial vehicles.

Dheeraj G Hinduja, Chairman, Switch Mobility, said, “We would like to place on record our appreciation to Mahesh for his significant contributions during his tenure with us. Having achieved EBITDA breakeven in FY2025, Switch India is now poised to scale up the business and achieve positive PAT status shortly. Ganesh Mani, with his experience in operational excellence and leading large scale transformation initiatives, will take Switch India to the next phase of profitable growth.”

At present, Switch currently sells the 1.25 tonner IeV3 and 1.75 tonner IeV4 in the electric LCV segment and 12m buses in standard and low floor segments offering range up to 200 kms without a recharge. The EV maker has a strong order pipeline of over 1,500 e-buses, with target to double its top line in FY2026.

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