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: In February 2025, high-speed electric two-wheeler (HS E2Ws) sales in India dropped by ~22% m-o-m, totaling 75,995 units. The top 3 players dominated the market, accounting for approximately 68% of total registrations in February 2025.
- E3W- Passenger: The registered sales of passenger E3Ws in February 2025 stood at 44,267 units, reflecting a ~14% m-o-m decrease. On a y-o-y basis, sales grew by ~2% compared to February 2024. The top 7 players in the electric three-wheeler (E3W) passenger market collectively captured a ~39% market share. Among them, Mahindra Last Mile Mobility led with a ~12% share, followed by Bajaj Auto with ~9.4% share.
- E3W- Cargo: The registered sales of cargo-type E3Ws in February 2025 stood at 8,848 units, reflecting a 7.25% m-o-m increase. On a y-o-y basis, sales grew by ~25% compared to February 2024. The top 7 players in the electric three-wheeler cargo segment collectively captured ~35% of the market. Mahindra Last Mile Mobility led with a 7.10% market share, followed by Bajaj Auto with 6.05% share.
- E-Cars: The total sales of E-Cars in February 2025 stood at 8,871 units, reflecting a ~21% m-o-m decrease. On a y-o-y basis, sales grew by ~25% compared to February 2024. Tata Motors maintained its dominance in the E-Car market this month, securing a ~43% market share.
- E-Buses: In February 2025, total E-bus sales amounted to 307 units, reflecting a m-o-m decline of ~17%. On a y-o-y basis, sales dropped by ~10% compared to February 2024. Switch Mobility led the market with a ~29% share, followed by Olectra Greentech with ~22%.
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.