Summary
The market of electric vehicles in India surged in early 2025, driven by growing consumer adoption and competitive market dynamics. From high-speed electric two-wheelers (HS E2Ws) to e-buses, the sector maintained its upward momentum, supported by the PM E-DRIVE Scheme and supportive state government incentives.
- E2W: Overall high-speed electric two-wheeler (HS E2Ws) sales in India increased by 33% m-o-m in January 2025, reaching 97,677 units. The top 3 players in the industry accounted for approximately 71% of the total registrations in January 2025.
- E3W- Passenger: The sales in January 2025 reached 51,709 units, marking a modest 0.45% month-on-month (m-o-m) increase but a solid 9% growth compared to January 2024. The market remained fragmented, with the top seven players collectively holding 39% of total sales. Mahindra Last Mile Mobility led the charge with an 11% market share, closely followed by Bajaj Auto at 9.4% share this month.
- E3W- Cargo: Thecargo electric three-wheeler (E3W) sales reached 8,250 units in January 2025, registering a 3.8% month-on-month (m-o-m) increase and an impressive 39% growth compared to January 2024. The top seven players in this segment collectively accounted for 33% of total sales, with Bajaj Auto leading at 5.82% market share, followed closely by Mahindra Last Mile Mobility at 5.62%, highlighting their dominance in the electric cargo mobility space.
- E-Cars: The E-car sales in January 2025 surged to 11,194 units, marking a robust 27% month-on-month (m-o-m) increase and a significant 27% rise compared to January 2024. Tata Motors maintained its market leadership, securing an impressive 45% share for the month.
- E-Buses: The E-Bus sales in January 2025 soared to 372 units, registering an impressive ~100% month-on-month (m-o-m) growth and a 26% increase compared to January 2024. Switch Mobility led the segment with a 34% market share, followed by PMI Electro at 18% share this month.
In short, the electric vehicles in India market continued to demonstrate strong growth across all segments. A comprehensive analysis of market shares, top-selling states, and key players for CY2024 (Jan–Dec 2024) can be found in JMK’s Annual Report Card CY2024.