Annual India EV Report Card: FY2026

Annual India EV Report Card: FY2026

Summary

This EV report analyses shifts in market share across leading vehicle categories, key EV-selling states, and major industry players during the April 2025–March 2026 period (FY2026) in India’s electric vehicle (EV) market.

Sales Trends

• Vehicle Category-wise EV Sales: The cumulative EV sales in India reached 8,681,938 units by the end of FY2026. The annual EV sales surpassed 25 lakh vehicles in FY2026, with registered electric two-wheelers (E2W) accounting for 57.8% of total EV sales, followed by passenger electric three-wheelers (E3W-P) which held an approximate 29% market share.
• State-wise EV Sales: Uttar Pradesh, Maharashtra, Karnataka, Tamil Nadu, and Rajasthan were the leading EV markets till FY2026, collectively accounting for nearly 50% of cumulative EV sales. In FY2026 alone, Uttar Pradesh, Maharashtra, Karnataka, Tamil Nadu, and Madhya Pradesh emerged as the top-performing states, together contributing close to 50% of the total EV sales for the year.

Annual Market Shares

Electric Two-Wheelers (E2Ws): On an annual basis, the electric two-wheeler (E2W) segment grew by approximately 21% in FY2026 compared to FY2025. TVS Motor Company, Bajaj Auto, and Ather Energy were the top three E2W players in FY2026, collectively accounting for nearly 62% of registered vehicle sales in this segment.

Electric Three-Wheelers (E3Ws): On a year-on-year basis, total registered sales of passenger and cargo E3Ws increased by approximately 19% in FY2026 compared to FY2025.

• In the E3W Passenger segment, Mahindra Last Mile Mobility, Bajaj Auto, YC Electric, TVS Motor, and Saera Electric emerged as the top five players in FY2026, collectively accounting for around 36% of the market. Within this passenger E3W segment, the L5 category was dominated by Mahindra, Bajaj, and TVS, which together held a combined market share of approximately 84%. In contrast, the L3 passenger E3W segment was led by YC Electric, Saera Electric, and Zeniak Innovation, with a combined share of about 13%.
• In the E3W Cargo segment, Mahindra Last Mile Mobility, YC Electric, Bajaj Auto, Dilli Electric, and J.S. Auto were the top five players in FY2026, collectively capturing nearly 24% of the market. Within the cargo category, Mahindra, Bajaj, and Omega Seiki led the L5 E3W Cargo category, with a combined market share of approximately 49%. Meanwhile, in the L3 E3W Cargo segment, J.S. Auto, Dilli Electric, and YC Electric emerged as the top three players, jointly accounting for around 15% of the market.

Electric Cars (E-Cars): On a year-on-year basis, electric car sales grew by approximately 86% in FY2026 compared to FY2025. Tata Motors led the market with an estimated 39% share, followed by MG Motor, which accounted for around 27% of the market.

Electric Buses (E-Buses): On a year-on-year basis, electric bus (E-Bus) sales grew by approximately 48% in FY2026 compared to FY2025. JBM Auto, Switch Mobility, and PMI Electro Mobility were the top three players, collectively accounting for around 65% of total E-Bus sales in FY2026.

EV Penetration Trends

State-wise EV Penetration: In FY2026, Tripura recorded the highest EV penetration at 17.79%, followed by Assam (15.60%), Delhi (12.64%), Kerala (11.37%), and Goa (10.89%), making them the top five states by EV penetration.

Player-wise EV Penetration: 

• E2W segment: Bajaj Auto recorded the highest EV penetration at 10.52%, followed by TVS Motor (8.52%). Among other legacy OEMs, Hero MotoCorp recorded an EV penetration of 2.40% in FY2026.
• E3W – Passenger segment: Mahindra registered the highest EV penetration at 96.42%, followed by TVS Motor (49.65%).
• E3W – Cargo segment: Mahindra again led with an EV penetration of 62.22%, followed by Atul Auto (19.88%).
• E-car segment: MG Motor India recorded the highest EV penetration at 76.61%, followed by Tata Motors (12.62%).

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