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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Chinese technology company Xiaomi EV has introduced the Sky Nomad, a series of reconfigurable SUVs designed to focus on cabin utility and occupant comfort.

While the company’s existing SU7 and YU7 series are designed for the driver, the Sky Nomad series is developed as a living space intended to adapt to different uses throughout the day, such as commuting, working from a parked vehicle or family travel.

The vehicle series is built on Xiaomi’s Kunlun Architecture, which supports a flat floor and a seating system that allows the interior to transition between driving, work and lounge configurations. The design integrates artificial intelligence and Xiaomi’s device ecosystem.

Lei Jun, Founder, Chairman and CEO, Xiaomi, said, "Our answer was to let intelligence define the space, to build a living interior that moves with you."

The Sky Nomad series is aimed at users who require a vehicle for a combination of daily commuting, family transport and work. The series was developed over three and a half years and is scheduled for launch in the Chinese mainland.

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Pune-headquartered alternative energy commercial vehicle manufacturer EKA Mobility has unveiled the EKA 9M Electric School Bus at Prawaas 5.0.

The e-bus is built on a monocoque platform and features a steel structure, with a capacity to seat 43 passengers and complies with AIS 052 standards.

EKA 9M school bus features an electronic braking system, electronic stability control and air suspension. It is available with 100 kWh or 200 kWh lithium iron phosphate (LFP) battery packs, offering a range of 180 km. The bus supports CCS2 fast charging, with a recharge time of under 1 hour and 45 minutes.

Dr Sudhir Mehta, Founder & Chairman, EKA Mobility, said, "The launch of our EKA 9M Electric School Bus reflects EKA Mobility's commitment to developing purpose-built electric mobility solutions that address the evolving needs of India's transportation ecosystem. As educational institutions increasingly embrace sustainable mobility, we are proud to introduce a next-generation school bus that combines safety, efficiency and innovation. This addition further strengthens our comprehensive commercial EV portfolio and reinforces our vision of enabling a cleaner, smarter and self-reliant future for mobility in India."

In addition to the school bus, EKA Mobility is exhibiting its EKA Coach, 12M low-entry electric bus and 3S & 6S models at Prawaas 5.0.

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Chennai-headquartered two-wheeler and three-wheeler major TVS Motor Company has announced a partnership with Indian Oil Corporation (IndianOil) to support LPG cylinder distribution using the TVS King Kargo HD vehicle range.

The initiative aims to provide commercial mobility solutions for IndianOil's network of over 13,000 LPG distributors across India. The partnership intends to improve the efficiency of last-mile deliveries while supporting the transition to sustainable mobility. By using the TVS King Kargo HD, distributors are expected to reduce operating costs and carbon emissions.

Rajat Gupta, Business Head of Commercial Mobility at TVS Motor Company, said, "At TVS Motor Company, we are focused on building mobility solutions that make everyday business more efficient and sustainable. Our partnership with IndianOil Corporation Limited brings together the strength of two trusted organisations to transform last-mile LPG cylinder distribution across the country. Through the TVS King Kargo range, we are enabling distributors with reliable, high-performance vehicles that help reduce operating costs, improve productivity, and support cleaner operations. This collaboration is another step towards making sustainable mobility practical, accessible, and impactful for businesses across India.”

V C Asokan, ED, SR & SH-TNSO, Indian Oil Corporation, said, "Indian Oil has consistently been at the forefront of delivering energy solutions that power the nation's growth while embracing sustainability. This initiative represents an important step towards modernising our LPG distribution ecosystem through sustainable mobility solutions. The induction of electric cargo vehicles will help improve fleet productivity, lower operating costs for our distributors, and contribute towards reducing carbon emissions. We believe this engagement will demonstrate how strategic industry partnerships can accelerate India's transition towards greener and more sustainable logistics."

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Fiat has introduced the Topolino to the United States market, marking the entry of Stellantis into the country's micromobility segment. The EV is available in two body styles, the Topolino and the Topolino Dolcevita, through select dealers with a manufacturer’s suggested retail price of USD 13,995, excluding destination fees.

The Topolino is a low-speed electric vehicle with a 5.4-kWh battery and a range of up to 46 miles (75 km). It has a speed of 19 mph (30.5 kmph), though owners can install a conversion kit by the end of summer 2026 to increase the speed to 25 mph (40 kmph), making it a street-legal low-speed vehicle (LSV) for roads with speed limits of 35 mph (56 kmph) or less.

Olivier Francois, CEO, Fiat, said, "Topolino represents a new chapter for the brand in the U.S. – defined not just by size, but by purpose. With Topolino, we bring a feeling, a lifestyle, a reminder that mobility can be joyful, expressive and beautifully simple. FIAT continues to stand apart by embracing its legacy in small cars, redefining mobility, and anticipating evolving customer needs. With the introduction of Topolino, FIAT brings its unmistakable Italian design and iconic character into this fast-growing segment, offering a fresh, stylish alternative that reimagines urban and neighborhood mobility."

The vehicle is part of the Stellantis FaSTLAne 2030 strategy, which focuses on providing mobility options. Fiat has also collaborated with Motori & Customs to offer customisation services for the Topolino.

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