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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GreenLine Mobility Solutions, an Essar Group venture, has entered into a partnership with Kirloskar Ferrous Industries to deploy electric trucks for the manufacturer's logistics operations.

The initiative began with the flag-off of electric trucks at Kirloskar Ferrous' facility in Taloja, Navi Mumbai, integrating electric transport into the company's goods movement.

At present, GreenLine operates a fleet of more than 1,200 liquefied natural gas and electric trucks across freight corridors in India, serving sectors including steel, cement, mining, fast-moving consumer goods and chemicals. The fleet has recorded over 100 million kilometres of operations, reducing carbon dioxide emissions by more than 30,000 tonnes for its clients.

Madhur Taneja, CEO, GreenLine Mobility Solutions, said, “At GreenLine, we are focused on advancing lower-emission freight transportation through solutions suited to different logistics requirements. LNG continues to play an important role in our approach to decarbonising long-haul transportation, while electric trucks offer opportunities in applications suited to electric mobility. Our partnership with Kirloskar Ferrous marks a further step in expanding our electric truck deployments and working with businesses to integrate cleaner transportation solutions into their supply chains.”

“Electrifying inter-plant logistics is where sustainability meets operational excellence, driving higher efficiency, lower costs and a cleaner future” said the Kirloskar Ferrous Industries leadership team.

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Noida-headquartered fuel-tech startup Nawgati has been selected among the top 10 finalists from over 11,000 applicants for the UAE-India Startup Series 2.0, organised by the UAE-India CEPA Council. The selection qualifies the company to present at the Final Pitch Event in Bengaluru on 17 and 18 November 2026.

Founded in 2019 by Vaibhav Kaushik, Aalaap Nair and Aryan Sisodia, Nawgati operates an artificial intelligence (AI) and Internet of Things (IoT) platform for fuel retail and gas companies, dealers and government agencies.

Its on-site controllers connect fuel dispensers, cameras and billing systems to detect safety risks, procedure breaches and non-compliant vehicles, enabling operators to intervene in operations across stations in India.

Vaibhav Kaushik, Co-Founder and CEO, Nawgati, said, “We are honoured to be selected among the top 10 from over 11,000 applicants for the UAE-India Startup Series 2.0, and we thank the UAE-India CEPA Council for this recognition. We have built Nawgati for the person in the driver’s seat. When a station runs smoothly, drivers spend less time stuck in queues, find fuel more reliably, and get clear, real-time information before they even reach the pump. Seeing that difference across India is what motivates us most. We look forward to taking this experience to more drivers and more stations.”

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Chennai-headquartered electric two-wheeler manufacturer Raptee.HV has opened a new three-storey Experience Centre on Old Mahabalipuram Road in Chennai.

The facility was virtually inaugurated by the Chief Minister of Tamil Nadu, C. Joseph Vijay, marking an expansion of the electric motorcycle manufacturer's retail network in its home market.

The facility replaces the company's previous factory outlet, providing space for customers to view the electric motorcycle, inspect its 240-volt high-voltage architecture, engage with technical staff and conduct test rides.

Raptee.HV's operations are supported by an INR 250 million investment from the Tamil Nadu Industrial Development Corporation (TIDCO). Following initial retail footprint additions in Bengaluru and Chennai, the company plans to expand to Coimbatore, Kochi, and Hyderabad, while evaluating export opportunities in Sri Lanka, Brazil and Turkey.

"Chennai is where our journey began, and bringing Raptee.HV closer to our customers here is special to us. We have always believed that listening to our customers is as important as engineering the motorcycle itself. We are proud to be the No. 1 electric motorcycle manufacturer in Chennai, our home market, and look forward to building on this leadership. Our new flagship store is an important step in that direction, allowing us to strengthen our connection with customers while offering them the premium experience they deserve. We hope to continue growing alongside the city that has been at the heart of our journey," said Dinesh Arjun, CEO and Co-Founder, Raptee.HV.

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Hyderabad-headquartered electric commercial vehicle company Olectra Greentech has announced its financial results for Q2 of FY2027, recording revenue of INR 6.87 billion, a 5 percent increase compared to INR 6.56 billion a year ago.

The company reported an 18 percent increase in EBITDA to INR 1.09 billion, up from INR 930 million in Q2 FY2026. Profit Before Tax stood at INR 720 million compared to INR 684 million, while Profit After Tax reached INR 521.2 million, up 5 percent from INR 494.3 million.

In Q2 FY2027, the company delivered a total of 401 units, taking total first-half deliveries to 759 e-vehicles and cumulative deliveries past 4,750 units across 55 cities. The company said its electric buses have now cumulatively covered over 750 million kilometres. Furthermore, Olectra Greentech maintains an order pipeline of over 8,000 electric buses.

Mahesh Babu, Managing Director, Olectra Greentech, said, "Our Q2 FY2027 results reflect the continued strength of our business, with positive growth in revenue, vehicle deliveries and profitability. The 18 percent growth in EBITDA is particularly encouraging, reflecting our focus on operational efficiency and building a stronger foundation for the future. Building on this momentum, we are preparing to introduce our new generation Olectra electric buses, developed with a strong focus on localisation and designed for both domestic and international markets. Scheduled for launch in Q4 of this financial year, these buses represent an important step in our product innovation and expansion journey. Our progress is also reflected in the numerous awards we have received across various areas of our business, highlighting our achievements in innovation, sustainability and organisational excellence. These recognitions reflect the dedication of our teams and our commitment to continuously raising standards. As we move forward, our focus remains on driving innovation, expanding our capabilities and creating long term value while contributing to the future of sustainable mobility."

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