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. 

Image for representative purpose only

Comments (0)

ADD COMMENT

Link Copied!

Montra Electric, the EV arm of the Murugappa Group, has expanded its electric small commercial vehicle (eSCV) portfolio with the launch of two new variants of the Eviator.

The company stated that by leveraging over 6.5 million kilometres of data from its existing fleet, it is shifting away from product standardisation toward a duty-cycle-led strategy, allowing fleet operators to select battery configurations based on specific operational needs.

The new line-up introduces two distinct performance profiles alongside the existing 40kWh model:

• Eviator 350 (32kWh): Dubbed the ‘Last Mile Champion,’ this variant is designed for high-efficiency urban runs of up to 140 km daily. It offers a more accessible entry price of INR 1.45 million while maintaining the brand's 99 percent uptime benchmark.
• Eviator 350L+ (50kWh): Positioned as the ‘Marathon Runner,’ this variant features a category-leading certified range of claimed over 300 km (200+ km real-world). Priced at INR 1.68 million, it is intended for inter-city logistics and power-intensive applications such as refrigerated transport and municipal services.

This expansion follows the success of the Eviator 350L, which secured a 30 percent market share in the 3.5-tonne segment within 11 months of its 2025 debut. The new variants make the Eviator the only eSCV platform in India to offer three distinct battery configurations (32kWh, 40kWh and 50kWh), enabling precise matching of vehicle energy to specific business use cases.

Jalaj Gupta, Managing Director, Montra Electric, said, “The next phase of EV adoption will not be driven by products alone, but by how intelligently they fit into real-world operations. We have leveraged over 65 lakh kilometers of fleet data to understand how different businesses use their vehicles. This has enabled us to move towards a duty-cycle-driven product strategy, delivering complete business solutions where customers can choose configurations that directly improve uptime, efficiency, and return on investment.”

Saju Nair, CEO, Montra Electric (e-SCV Division), added, “With the introduction of these new variants, we are expanding the platform to address a wider spectrum of logistics needs, from last-mile efficiency to long-haul consistency. This enables fleet operators to deploy EVs with greater precision, unlock new use cases, and improve overall fleet economics.”

Comments (0)

ADD COMMENT

Link Copied!

Greaves Electric Mobility, the electric vehicle business of Greaves Cotton, has introduced an updated version of its Ampere Magnus Neo electric scooter, focusing on improved ergonomics and urban rideability.

The new variant maintains its position in the affordable family scooter segment with an introductory price of INR 86,999 (ex-showroom).

The refreshed Magnus Neo features several design tweaks aimed at enhancing daily use. The e-scooter now has a reduced kerb weight of 103 kg and a low seat height of 777 mm, making it more accessible for a wider range of riders and easier to manoeuvre in heavy traffic.

To improve handling, Greaves has integrated a 10-inch rear tyre and a revised wheel and motor configuration, which the company claims provides smoother acceleration and better balance.

The e-scooter continues to utilise the proven Magnus Neo platform, which holds a national record for the longest journey by a city-speed family electric scooter, covering over 2,300 km from Bengaluru to Delhi.

It is powered by an advanced LFP (Lithium Iron Phosphate) battery. This chemistry, the company said is chosen for its durability, offering up to 10 years of life cycle and the ability to operate safely in temperatures ranging from -40deg C to 60deg C.

The Magnus Neo delivers a top speed of 65 kmph and an IDC range of approximately 118 km, with a practical real-world range between 85–95 km. It can be fully charged in about 6 hours using a standard home charger.

The 2026 update introduces four contemporary colour options: Mystic Mauve, Butter Yellow, Ocean Blue and Matcha Green. The scooter retains its practical ‘family-first’ features, including a 22-litre under-seat storage compartment, a USB charging port and a digital instrument console.

Vikas Singh, Managing Director, Greaves Electric Mobility, said, “Comfort and ease of rideability remain central to our product philosophy. The new Magnus Neo has been developed as a lighter, more comfortable, and easier-to-handle family scooter, designed for Indian road conditions and everyday use. With this launch, we aim to make electric mobility more practical and accessible for a wider set of riders.”

As part of Greaves' broader sustainability commitment, the Magnus Neo is backed by a 5-year/75,000 km battery warranty, the first of its kind in this segment.

Comments (0)

ADD COMMENT

Link Copied!

cellcentric, the joint venture between Daimler Truck and Volvo Group, has officially launched its next-generation fuel cell system, the BZA375. Unveiled at Hannover Messe 2026, the system (previously known as NextGen) is designed as a direct competitor to modern diesel engines in terms of performance, durability and total cost of ownership (TCO).

The BZA375 represents a significant advancement over its predecessor, the BZA150, by moving from a ‘twin-system’ to a powerful single-system design. This evolution has resulted in a 40 percent increase in power density, allowing the unit to fit within engine compartments originally designed for standard 13-litre diesel engines. Despite this compact footprint, the system delivers up to 375 kW of continuous net power – equivalent to more than 500 horsepower – while weighing less than 500 kg. This lightweight construction is critical for heavy-duty operators, as it ensures payload capacities remain comparable to those of traditional diesel-powered trucks.

Efficiency and durability are central to the system's value proposition. The BZA375 achieves a 20 percent reduction in fuel consumption compared to the BZA150, enabling a fully loaded 40-tonne truck to operate on less than 6 kg of hydrogen per 100 kilometres. Engineering refinements have also led to a 40 percent reduction in waste heat (at 300 kW net power) and a 40 percent reduction in overall system complexity by minimising components and interfaces. These improvements do not come at the cost of longevity, as the system is rated for a 25,000-hour service life, matching the 10-year operational expectations of modern diesel engines in long-haul transport.

While the BZA375 is primarily optimised for heavy-duty long-haul trucks, cellcentric is pursuing a ‘one-product strategy’ to apply the system across several demanding sectors to create economies of scale:

• Coaches: Offering long-range zero-emission travel with fast refuelling.
• Stationary Power: Serving as a clean energy source for data centres and industrial sites.
• Rail: Providing an alternative for non-electrified tracks or topographically demanding routes.
• Mining: Delivering high reliability and diesel-equivalent payload capacity for 24x7 operations.

Prototype production has commenced, with units currently available to OEM customers for testing and validation. cellcentric anticipates that larger volumes of mature prototypes will be deployed for initial fleet applications ahead of series production scheduled for the turn of the decade.

Karin Radstrom, President and CEO, Daimler Truck, said, “Two key technologies will lead the way on our path to decarbonise transport: battery-electric and hydrogen. We’ve already taken important steps, and cellcentric’s new fuel cell system is the next major milestone. Building on the success of its predecessor, it represents a new level of efficiency and performance.”

Martin Lundstedt, President and CEO, Volvo Group, said, “With the launch of the BZA375, cellcentric and its partners have created the blueprint for zero-emission long-haul transportation in the heavy-duty segment. This is a game changer for logistics providers and society at large, and it takes us yet another step towards the decarbonization of the industry.”

Comments (0)

ADD COMMENT

Link Copied!

Youdha, an electric mobility brand specialising in the three-wheeler segment, has announced its expansion strategy to establish over 200 outlets across India within the next year.

The aim is to capture a larger share of the L5 passenger electric vehicle (EV) market, focusing on both metropolitan areas and Tier-II and Tier-III cities. The expansion follows the launch of the company’s flagship model, the EPOD.

The electric three-wheeler uses a Lithium Iron Phosphate (LFP) battery, designed for urban commuting and fleet operations with an emphasis on durability and low maintenance costs.

The retail rollout expansion will begin in North and East India, specifically targeting Delhi NCR, Uttar Pradesh, Bihar, Jharkhand and Assam, before extending into the southern and western regions.

Each new outlet will offer integrated services including sales, technical support, and financing options. To support this network, Youdha is increasing production capacity at its manufacturing facility and investing in further localisation of components. The strategy aims to address both business-to-business (B2B) fleet requirements and individual ownership.

Ayush Lohia, CEO, Youdha, said, “Our vision is to make Youdha one of the most trusted and accessible EV brands in India. Expanding to 200 outlets is not just about scale – it is about ensuring that customers have reliable access to products, service, and support wherever they are. As demand grows, building a strong on-ground ecosystem becomes critical. This is not just about selling vehicles – it’s about building a complete ecosystem that supports customers throughout their ownership journey.”

Comments (0)

ADD COMMENT

Link Copied!