EV Sales Digest – March 2025
Summary
The electric vehicle (EV) market in India surged significantly in FY2025, particularly in March 2025, driven by growing consumer adoption, competitive market dynamics, and supportive government policies. From high-speed electric two-wheelers (HS E2Ws) to e-buses, the sector maintained strong growth momentum. This expansion was underpinned by the PM E-DRIVE Scheme and various state-level incentives promoting clean mobility. The evolving e vehicle India landscape reflects the government’s commitment to decarbonising transport and accelerating the transition to sustainable mobility.
- E2W: Sales of high-speed electric two-wheelers (HS E2W) surged by ~71% m-o-m in March 2025, reaching 1,30,274 units. For FY2025, total sales stood at 11,97,102 units, reflecting an 18.6% y-o-y increase from FY2024. In March 2025, the top 3 players held ~68% of the market, showcasing strong market consolidation. Since FY2020, the segment has expanded by over 42 times, showcasing the robust evolution of the e vehicle India market.
- E3W-Passenger: Sales of passenger E3Ws in March 2025 reached 49,632 units, marking a ~12% m-o-m increase and a 1.29% growth compared to March 2024. For the entire FY2025, total sales stood at 6,09,627 units, reflecting an 8.7% y-o-y growth from FY2024. In March 2025, the top 8 players held ~41% of the market, with Mahindra Last Mile Mobility (~12%) and Bajaj Auto (~10%) leading the segment.
- E3W-Cargo: In March 2025, cargo E3W sales accounted to 9,923 units, reflecting a 12% m-o-m increase. However, sales declined by ~15% compared to March 2024. For FY2025, total sales reached 92,959 units, marking a 25.9% y-o-y increase from 73,798 units in FY2024. In March 2025, the top 8 players controlled ~35% of the market, with Mahindra Last Mile Mobility (~7.47%) and Bajaj Auto (~5.43%) emerging as key contributors to the growing e vehicle India ecosystem.
- E-Cars: In March 2025, sales rose by ~38% m-o-m to 12,266 units, and sales increased by ~36% compared to March 2024. For FY2025, total E-Car sales reached 1,09,271 units, reflecting a 10.3% y-o-y growth from 99,085 units in FY2024. In March 2025, Tata Motors led the market with ~38% share, and since FY2020, the segment has expanded by over 34 times.
- E-Buses: Total sales in March 2025 stood at 280 units, showing a 9% m-o-m decline and a ~35% drop compared to March 2024. For FY2025, total sales reached 3,570 units, reflecting a 3.7% y-o-y decrease from 3,708 units in FY2024. Despite slower growth in FY2025, the segment has expanded by over 7 times since FY2020. Switch Mobility (~40%) and Olectra Greentech (~27%) dominated the market.
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.