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 startup Oben Electric has raised an additional INR 500 million in May 2025 through an extended Series A funding round led by existing investors Helios Holdings, Sharda family office, Kay family and other new and existing investors.

With this, the company has raised INR 1 billion in Series A and overall INR 2 billion in funding. The funding will be used towards expanding the company’s dealership presence to over 150 showrooms in more than 50 cities this fiscal, accelerating development of its 'O100' affordable e-motorcycle platform and scaling up its manufacturing operations.

Sandesh from Sharda family office, said, “Oben Electric had the right technology, product market fit and growth indicators. They are operating in an untapped large market opportunity with multi-fold revenue growth QoQ, the feedback of the electric motorcycle was great and their vertical integration of critical EV components, including LFP battery, motor and vehicle control unit is a key differentiator. We were also impressed by the maturity of the founders which is required to build such a large & complex business and believe that they would be successful in building the first global electric motorcycle brand from India.”

At present, Oben Electric already has 37 retail outlets across 26 cities in 13 states, entering key markets like Punjab, Gujarat, Madhya Pradesh, Telangana, Uttar Pradesh, Chhattisgarh and Odisha.

Madhumita Agrawal, Founder & CEO, Oben Electric, said, “The extended Series A funding is a strong vote of confidence from our investors and comes at a time when our momentum is accelerating nationwide. We’re expanding not just our retail footprint but also our innovation roadmap with platforms like O100 that aim to democratise electric motorcycles for the mass market. Backed by full vertical integration and a resilient supply chain, this funding prepares us for a new phase of scale, impact, and growth opportunities.”

The EV start-up claims to be an R&D-led, vertically integrated company, designing and manufacturing not just e-motorcycles but also all critical components, including batteries, motors, vehicle control units and home fast chargers. It currently has over 500 member team, 100,000-units-per-year manufacturing facility in Jigani, Bengaluru, over 150 vendors. It tests its e-motorcycles over 200 performance parameters and is supported by more than 68,000 public charging stations and over 10 ecosystem partners for insurance, financing and roadside assistance.

The Oben Rorr e-motorcycle line-up starts at INR 99,999 for the Oben Rorr EZ, which can go from zero to 40 kmph in 3.3 seconds, top speed of 95 kmph and a range of up to 175 km (IDC) across three battery variant. On the other hand, the Oben Rorr, its flagship product is designed for high performance. Both EVs are powered by high performance LFP (Lithium Iron Phosphate) battery technology.

Going forward, the EV maker aims to further raise USD 30 million in Series B in CY2025 to expand its presence globally.

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Bajaj Auto, the world's leading two and three-wheeler manufacturer, today announced the launch of the Chetak 3001, an advanced iteration of its popular Chetak 2903 electric scooter at INR 99,990. Built on the same cutting-edge EV platform as the highly successful Chetak 35 Series, the new Chetak 3001 boasts floorboard-mounted 3.0 kWh batteries, promising an enhanced riding experience with improved stability, increased storage and extended range.

Designed for Real Life: Key Innovations

The Chetak 3001 introduces several significant upgrades aimed at the everyday Indian rider:

• New Floorboard Battery Architecture: This design offers superior stability, more foot room and a lower centre of gravity for a more comfortable and mature ride.
• Class-Leading 127 KM Range: Certified for extensive distances, making it ideal for daily commutes and weekend excursions.
• Massive 35L Boot Space: Ample storage for essentials, from helmets to shopping bags.
• Rapid Charging: A 750W charger enables zero to 80 percent charge in just 3 hours 50 minutes, positioning it among the fastest in its category.

The Chetak 3001 integrates optional TecPac Features for a smarter ride, including call accept/reject, music control, Guide Me Home lights, Hill Hold Assist, reverse light and auto-flashing stop lamp.

True to Bajaj's legacy, the Chetak 3001 is engineered for durability and the diverse Indian conditions:

• Solid Steel Metal Body: The only metal-bodied EV in its class, ensuring robustness.
• IP67 Rated Water Resistance: Providing protection against monsoon rains and splashes.
• Trusted Heritage: Manufactured by Bajaj Auto, backed by a legacy of quality and a vast network of over 3,800 service centres across India.

Eric Vas, President, Urbanite Business Unit, Bajaj Auto, said, "Chetak 3001 sets the benchmark for mass adoption of electric scooters. Built on the next-generation platform, it delivers the range and performance that Indian scooter riders demand – distraction-free riding with the peace of mind of assured reliability and service. The Chetak 3001 is the everyday electric scooter to make petrol scooters redundant; its bigger, stronger and fully Lifeproof at an ex-showroom price of INR 99,990."

Riding on a wave of innovation, Bajaj's Chetak series concluded Q4 FY2025 Q4 as India's top-selling electric scooter. The 35 Series, spearheaded by models like the 3501 and 3502, has already redefined the EV landscape. The Chetak 3001 is set to continue this momentum, embodying a blend of advanced technology and the brand's enduring heritage.

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Bengaluru-based electric vehicle manufacturer Ultraviolette Automotive has made a striking statement today with the European launch of its flagship performance motorcycles, the F77 Mach 2 and F77 SuperStreet, at a special event held in front of the Eiffel Tower. This move into the French market, following a successful debut in Germany, underscores Ultraviolette's ambitious drive to become a significant global player in the electric vehicle segment. With this the EV maker has established its presence in 10 European countries such as Germany, France, UK, Ireland, Austria, Italy, Switzerland, Belgium, Netherlands and Luxembourg.

The F77 Mach 2 boasts a race-bred design, promising a dynamic and aggressive ride, while the F77 SuperStreet offers a more upright posture and refined ergonomics, prioritizing rider comfort without sacrificing performance.

Narayan Subramaniam, CEO & Co-Founder, Ultraviolette, said, “The launch of the F77 in Germany, France, the UK and other European countries is a defining moment for Ultraviolette and a landmark achievement for India’s automobile landscape. This launch signifies Ultraviolette’s entry into Europe’s most influential two-wheeler markets and underlines our intent to be a global force in the electric mobility revolution. As an Indian company, we are proud to bring futuristic design and cutting-edge technology to the world. This is a moment of global recognition for the talent and capability within India’s engineering and manufacturing ecosystem. Through our strategic distributor partnerships, we are not only expanding into Europe but also delivering a world-class ownership experience that reflects the best of what India has to offer.”

Both F77 models are capable of accelerating from 0 to 60 kmph in a mere 2.8 seconds. Powered by a 10.3 kWh battery pack, they deliver a peak power output of 30 kW and a staggering 100 Nm of torque, enabling swift acceleration and agile handling with a top speed of 155 km/h. These advanced motorcycles are equipped with Ultraviolette’s proprietary artificial intelligence system, Violette A.I., and industry-leading switchable Dual-Channel ABS developed by Bosch. Further enhancing the riding experience are features like 10 levels of Regenerative Braking, 4 levels of Traction Control and Dynamic Stability Control.

Niraj Rajmohan, CTO & Co-founder of Ultraviolette, added “This isn’t just the introduction of motorcycles into new markets, it’s the global unveiling of years of relentless research, engineering, and innovation, born in India. We set out with a bold ambition to build the most advanced electric motorcycle in the world. Today, we are delivering that vision to international customers. The F77 is the result of deep in-house R&D, rigorous testing, and an unwavering commitment to pushing the boundaries of performance, innovation, safety, and design. For India, this milestone represents not just our ability to participate in the global EV transition, but to lead it with technology that competes at the highest level."

To celebrate the European launch, Ultraviolette is offering a special introductory price for all pre-bookings made up to 31 July 31 2025. The F77 Mach 2 will be available starting at EUR 8,990 (regular price: EUR 9,990), and the F77 SuperStreet will be priced from EUR 9,290 (regular price: EUR 10,390).

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Jupiter Electric Mobility (JEM), the electric commercial vehicle arm of Jupiter Wagons, has opened its first showroom in Jayanagar, Bengaluru, marking the regional debut of its flagship electric light commercial vehicle (eLCV), the JEM Tez.

Strategically positioned in one of India’s leading urban logistics hubs, the new facility is designed as a comprehensive experience centre offering sales consultations, test drives, service support and financing options. JEM also operates a dedicated service hub in Devanahalli to support its growing customer base in the region.

The JEM Tez is built to meet the demands of last-mile delivery and intra-city freight movement. It features a certified range of over 190 km, an 80 kW peak motor, 23 percent gradeability and a 1.05-ton payload capacity.

The showroom was inaugurated by Shivanand Kalakeri, IRS, Commissioner of Income Tax (DR), with key members of JEM's leadership present, including Gaurav Jalota, CEO, and Kartik Hajela, CEO of the Battery Division.

Vivek Lohia, Managing Director, Jupiter Group, said, “The inauguration of our first showroom in Bengaluru is a key step in our national rollout strategy. Bengaluru’s thriving logistics ecosystem and growing EV adoption make it the ideal launchpad for the JEM Tez.”

JEM is also actively investing in a full-scale EV ecosystem, partnering with firms such as Porter, Pulse Energy and Automovill to build infrastructure for charging, financing and aftersales support. Through its JEM Udaan programme, the company offers business support to JEM Tez owners.

The launch follows the recent commissioning of JEM’s 2.5-acre manufacturing plant in Pithampur, Indore, which has a capacity of 8,000–10,000 e-LCVs annually, with plans for expansion.

As part of its nationwide growth plan, JEM aims to expand into key EV markets, including Delhi, Hyderabad, Mumbai, Ahmedabad, Kolkata and Chennai, further expanding its share in India’s last-mile electric mobility sector.

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