Annual India EV Report Card: FY2025
Summary
This India electric vehicle report analyzes the market share movements across top vehicle categories, key vehicle-selling states, and leading players from April 2024 to March 2025 (FY2025) in the Indian electric vehicle (EV) sector.
Sales Trends:
- Vehicle Category-wise EV Sales: Cumulative India electric vehicle sales reached 61,65,964 units by the end of FY2025. Annual EV sales surpassed 20 lakh units during the year, with registered electric two-wheelers (E2Ws) accounting for over 50% of the share, followed by passenger electric three-wheelers (E3W-P), which held approximately 36% of the India electric vehicle market.
- State-wise EV Sales: Uttar Pradesh, Maharashtra, Karnataka, Tamil Nadu, and Delhi were the top five EV-selling states until March 2025, collectively accounting for around 50% of the market share. For FY2025 specifically, the top five states by sales were Uttar Pradesh, Maharashtra, Karnataka, Tamil Nadu, and Bihar.
Annual Market Shares:
- Electric Two-Wheelers (E2Ws): The E2W segment saw a ~19% year-on-year growth in FY2025 compared to FY2024. Ola Electric, TVS Motors, and Bajaj were the top three players, capturing over ~70% market share in the registered E2W category.
- Electric Three-Wheelers (E3Ws): Combined sales of registered passenger and cargo E3Ws grew by approximately 11% year-on-year in FY2025. In the passenger segment, Mahindra Last Mile Mobility, Bajaj Auto, and YC Electric led the India electric vehicle space, collectively holding a 25% share. The same players led in the cargo segment with a combined share of around 19%.
- Electric Cars (E-Cars): E-Car sales recorded a ~11% increase in FY2025 over FY2024 sales. Tata Motors was the market leader, accounting for ~ 53%, followed by MG Motor with ~28% of the total market share.
- Electric Buses (E-Buses): E-Bus sales witnessed a 3% decline in FY2025 compared to FY2024. Tata Motors, Olectra Greentech, and PMI Electro were the leading players in the India electric vehicle bus segment, collectively contributing around 69% of total sales during the year.