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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VinFast Auto India, a subsidiary of the global electric vehicle manufacturer VinFast, has launched the all-new VF MPV 7 specifically for Indian buyers. Priced at INR 2,449,000 ex-showroom, this premium electric seven-seater multi-purpose vehicle is engineered to deliver the space and adaptability that Indian families prioritise. The launch represents VinFast’s third product debut in the country within a single year, highlighting the company’s determination to strengthen its presence in India’s rapidly expanding electric vehicle market.

Understanding that space is the top concern for multi-generational Indian households, the VF MPV 7 features a theatre style seating arrangement that ensures genuine comfort even in the third row. With a wheelbase measuring 2,840 mm, the vehicle comfortably accommodates seven passengers. Storage capacity reaches up to 1,240 litres, allowing ample room for luggage, daily necessities and various family lifestyle needs, making the vehicle practical for both routine commutes and longer journeys.

Powering the VF MPV 7 is a 60.13 kWh lithium-ion battery that delivers an ARAI-certified range of 517 km on a full charge. Fast charging capability can replenish the battery from 10 to 70 percent in just 30 minutes. The front wheel drive system produces 150 kW and 280 Nm of torque, enabling acceleration from zero to 100 kmph in under 10 seconds. The exterior is finished with all-LED lighting, giving the vehicle a genuinely premium look inside and out.

A comprehensive ownership package accompanies the VF MPV 7, featuring three years of free maintenance, a 10-year battery warranty, a 7-year vehicle warranty, a 5-year suspension warranty, a 7-year paint warranty and 7-years of roadside assistance. This package offers best in segment assurance for customers. The VF MPV 7 joins the VF 6 and VF 7 in VinFast India’s expanding lineup. All models are locally assembled at the company’s factory in Thoothukudi, Tamil Nadu, following a production philosophy of building vehicles in India for India.

Tapan Ghosh, CEO, VinFast India, said, “The all-new VF MPV 7 is VinFast’s third product for India and is most suited for customers with large families. It is designed to offer generous space for every member of the family, comfort that makes even the longest journeys feel effortless and intelligent features that elevate every single drive. With the VF MPV 7, we are entering a new segment, but more importantly, we are expanding our commitment to India.”

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Nissan has introduced the all-electric version of its JUKE model during its Vision event held at its global headquarters in Japan, signalling a decisive move forward in the brand’s electrification push across Europe.

This first ever battery-powered JUKE brings the model’s signature agility and bold personality into the zero-emission era, reinterpreting a favourite compact crossover for European roads. Since its original debut in 2010, the JUKE has won over 1.5 million customers in Europe by challenging conventional design norms. The new EV retains that distinctive character while supporting Nissan’s broader commitment to offer an electrified powertrain for every type of buyer.

The all-electric JUKE will join an expanding European EV family that includes the new MICRA, the third generation LEAF, the Ariya crossover, the Townstar light commercial vehicle and a future A segment EV. It will also share with the LEAF the ability to use Vehicle to Grid technology, helping integrate EVs into the wider energy system. Alongside these models, Nissan continues to offer e‑POWER hybrid technology for an EV like driving experience without plugging in, with hybrids such as the Qashqai e‑POWER and JUKE HEV remaining key options for customers.

Production of the all new all electric JUKE will take place at Nissan’s Sunderland plant in UK, reinforcing that site’s importance to the company’s global EV strategy. The first trial production phase for the JUKE will begin in the coming weeks. This effort is backed by Nissan’s design, engineering and development network across UK, Spain and Germany, highlighting long-term investment in Europe as both a manufacturing and innovation hub. The new JUKE EV is scheduled for launch in spring 2027.

Massimiliano Messina, Chairman, Nissan AMIEO, said, “Europe is central to Nissan’s electrification strategy, and we remain firmly committed to a fully electric future. With a rapidly expanding EV line-up, we are bringing greater choice and innovation to every segment, powered by our strong design, engineering and manufacturing footprint in the region. Together, this next generation of vehicles will accelerate our transition to zero-emission mobility.”

Clíodhna Lyons, Region Vice President, Product, Brand & Marketing Strategy, Nissan AMIEO, said, “JUKE has always stood for bold design and a willingness to challenge convention. With this third generation, we are bringing that spirit into the electric age. As our first fully electric JUKE, it will help us reach new customers while expanding choice across our electrified range.”

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Jakson Group, a leading diesel genset manufacturer, has announced an expansion of its energy solutions range following a financial year where revenue exceeded INR 90 billion (GBP 850 million).

The Group has expanded its presence across five new categories – Genset Xtra, Battery Energy Storage Systems (BESS), Solar Kits, Mobile Light Towers and electric three-wheelers. This move is intended to broaden the company's presence across power generation, storage and sustainable transport.

The entry into electric mobility follows a partnership with a Bengaluru-based firm to develop research-backed three-wheelers. This adds a transport component to Jakson’s existing operations in solar power, green molecules and infrastructure engineering, procurement and construction (EPC).

Established in 1947, the group operates six manufacturing facilities and maintains a workforce of 3,500 employees serving approximately 100,000 customers.

Jakson Group is positioning itself as an integrated provider for the energy transition, moving from its origins in diesel generator manufacturing toward a diversified portfolio that includes alternative fuels and civil EPC services. With 12 international offices, the group is looking to align its domestic manufacturing scale with global energy requirements.

Sameer Gupta, Chairman, Jakson, said, “At Jakson, our mission has always been to power progress through innovation. With FY26 revenue of over INR 90 billion, Jakson today has both the scale and the responsibility to shape future-ready energy solutions. This portfolio expansion reflects our commitment to building an integrated energy ecosystem that is reliable, responsible and aligned with the evolving needs of customers in India and global markets.”

Sundeep Gupta, Vice-Chairman, Jakson, added, “The market today is looking for energy solutions that are efficient, dependable and future-ready. With this expanded portfolio, Jakson is strengthening its position as a diversified player serving evolving customer needs across sectors.”

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Lloyds Metals and Energy (LMEL) has completed the diesel-to-electric conversion of a Liebherr R996 excavator, marking the first time a mining machine in this category has been retrofitted for fully electric operations.

The project was executed by the company's internal engineering and technology teams and involved a redesign of the vehicle's power architecture and control systems. The shift to electric power is intended to eliminate carbon dioxide emissions associated with the machine's operation while reducing reliance on diesel fuel.

The engineering process included the development of proprietary digital monitoring and safety solutions to manage the high-power requirements of the heavy-duty excavator. By sourcing and engineering major subsystems within India, the project serves as a demonstration of domestic capability in advanced heavy engineering and sustainable industrial innovation.

LMEL expects the conversion to improve operational performance through the use of real-time diagnostics and predictive maintenance.

Established in 1977, LMEL operates iron ore mines in Maharashtra and is expanding its integrated steel operations. The company currently produces 0.7 MTPA of direct reduced iron (DRI) and has commissioned a 4 MTPA pellet plant, with long-term plans to increase iron ore dispatch capacity to 26 MTPA. Its sustainability strategy includes the deployment of electric vehicle fleets and the construction of slurry pipelines to lower transport-related emissions.

B Prabhakaran, Managing Director, Lloyds Metals and Energy, said, “This landmark achievement, is not just about electrifying a machine – it is about reimagining the future of mining. At LMEL, we believe that responsible mining and sustainability must go hand in hand. This achievement demonstrates India’s capability to deliver world-class, zero-emission solutions in even the most complex and heavy-duty environments. We are proud to contribute to a future where mining is both productive and environmentally responsible.”

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