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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Bengaluru-based electric vehicle manufacturer Oben Electric has commenced deliveries of the Rorr Evo motorcycle with an initial delivery event in Bengaluru.

The company plans to roll out deliveries across its 150 showrooms nationwide in the coming weeks.

The launch follows 25,000 bookings received within 15 days of the motorcycle's launch in May 2026. Oben Electric stated that it is scaling production to meet this demand, supported by a facility with an annual capacity of 100,000 units. The company operates a retail and service network across 90 cities in 18 states.

The Rorr Evo is priced at INR 124,999 (ex-showroom) and features a 9 kW motor, a 3.4 kWh battery and has a claimed top speed of 110 kmph with a range of 180 km. The vehicle includes a 5-inch TFT display, navigation and connectivity features. Oben Electric designs and manufactures its batteries, motors, and software in-house.

Madhumita Agrawal, Founder & CEO, Oben Electric, said, "Building demand is one milestone but consistently delivering on that demand is what builds enduring customer trust. The commencement of Rorr Evo deliveries marks an important milestone for us as strong customer demand now translates into real motorcycles on the road, and we are deeply grateful to the customers who placed their faith in us. India is a motorcycle-first nation, and the next phase of electric mobility will be defined by electric motorcycles that fit seamlessly into everyday riding. As manufacturers, our responsibility is to bridge the gap between aspiration and adoption by building electric motorcycles that deliver uncompromised performance, reliability, safety and ownership confidence. Every delivery is a step towards making electric motorcycles a practical and trusted choice for millions of Indian riders."

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EMotorad, a leading bicycle brand, has signed a Memorandum of Understanding (MoU) with the Andhra Pradesh government to establish a manufacturing facility in Kuppam. The company has been allocated a 7-acre site for the plant, which will be part of the region's Green City Initiative.

The project is a collaboration with the Kuppam Area Development Authority (KADA) and IIT Kanpur. EMotorad expects the facility to produce electric cycles for markets in Andhra Pradesh and across India, while providing employment for the community.

Kunal Gupta, Co-Founder and CEO, EMotorad, said, "Kuppam holds a special place in EMotorad's journey. It's where we set our world record earlier this year, and that moment stayed with us. It made us want to put down roots here, not just pass through. Setting up this facility is just an indication of our intentions for a city that has given us so much. Beyond manufacturing, this is about building something lasting for the people of Kuppam, real jobs, real infrastructure, and a stake in India's clean mobility future. We're deeply thankful to Chief Minister N Chandrababu Naidu Garu for his leadership behind the Green City Initiative and for trusting us to be part of that story."

The Green City Initiative aims to develop Kuppam as a hub for sustainable development. Other organisations involved in the initiative include Mother Dairy, Adidas and Hindalco.

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Bengaluru-based electric vehicle maker Simple Energy has collaborated with IDFC FIRST Bank to provide vehicle financing for customers buying its e-scooters.

The partnership aims to support electric vehicle adoption by providing financing options and approval processes at the point of sale. At present, Simple Energy operates 73 outlets in 39 cities, with plans to expand to centres including Ranchi and Bhubaneshwar.

Shreshth Mishra, Co-Founder, Simple Energy, said, “India's transition to electric mobility will be driven not only by innovation, but also by accessibility. As we continue expanding our retail footprint across the country, it is equally important to make EV ownership more convenient for customers. This partnership with IDFC FIRST Bank will help simplify the purchase journey by enabling easier access to financing, allowing more riders to experience our long-range, high-performance electric scooters and accelerate the adoption of electric mobility."

The company’s current product portfolio includes the Simple OneS Gen 2 priced from INR 159,999, the Simple One Gen 2 from INR 194,999 and the Simple Ultra from INR 234,999.

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New Delhi-based electric vehicle company Komaki has introduced two new e-scooters - the MG Pro V and MG Pro+, priced at INR 73,999 and INR 79,999, respectively, featuring metal-body construction, distinguishing them from the fibre-bodied scooters commonly found in this segment.

The MG Pro V offers a range of 90-100 km, while the MG Pro+ provides a range of over 150 km per charge. Both scooters use BLDC hub motors and LiFePO4 battery technology. Standard features across the models include front disc brakes, telescopic suspension, mobile app connectivity, an anti-theft lock, a parking assist system and a repair switch.

Gunjan Malhotra, Co-Founder, Komaki Electric Vehicles, said, "The electric two-wheeler market has grown rapidly, but affordability should never come at the cost of quality. With the MG Pro V and MG Pro+, we wanted to offer customers features that have traditionally been associated with more expensive vehicles. These include a strong metal body and safe, long-lasting LiFePO4 batteries with a longer lifespan than those found in many electric two-wheelers and ICE vehicles currently available in the market. This combination inspires confidence among customers. It also reflects our commitment to making premium build quality, dependable performance, and modern technology accessible to a much wider audience. We believe customers deserve products that not only look good but are built to withstand everyday Indian road conditions."

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