FY2025 Sees Record 2 Million EV Sales in India, Up 15.6% YoY

India is moving towards a cleaner and smarter future on electric wheels. In just a few years, electric vehicles have gone from being a rare sight to a common part of daily life. By the end of FY2025, nearly 6.2 million EVs are now on Indian roads, showing how fast the country is embracing change.

This fiscal year, India crossed an important milestoneโ€”more than 2 million EVs were sold, the highest ever in a single fiscal year. Thatโ€™s a big jump from around 1.75 million sales in FY2024, showing a 15.6% growth in just one year. But the bigger story is how far we’ve come. Since FY2020, EV sales have grown over 11.5 times, thanks to growing public interest, better charging infrastructure, and strong support from the government.

Decoding the segment-wise growth of FY2025 reveals interesting insights

  • Electric two-wheelers led the charge, dominating the market with nearly 60% of the total electric vehicle sales in India, which translates to ~1.2 million units. This segment enjoyed a year-on-year growth of approximately 20%. Since FY2020, the segment has expanded by over 42x times, reflecting the increasing preference for e-scooters and e-bikes among urban commuters seeking cost-effective, eco-friendly alternatives.
  • In a close second, the electric three-wheeler segment, the second largest by volume, has experienced rapid expansion and competitiveness. In FY2025, the E3W passenger sales were at 6,09,762 units, representing a YoY rise of ~9%. The E3W cargo segment experienced a maximum YoY growth of almost 26%, driven by the thriving logistics and e-commerce sectors, as well as favourable cost economics.
  • Meanwhile, the electric car segment, though smaller in comparison, continues to show steady progress. With 1,10,748 units sold with a YoY growth of 12%, making up around 5.5% of total electric vehicle sales in India.
  • Lastly, theย electric-busย sales experienced a slight decline, by 3.8% in FY2025, reaching 3,570 units. Although the growth is expected to accelerate in the coming years, driven by the targets & focused incentives under theย PM E-DRIVE scheme, which are poised to boost the adoption of e-buses across major cities in the country.

Fig 1: Comparison of EV Sales from FY2020 to FY2025

battery car graph

Source: Vahan Dashboard, Telangana State RTO, JMK Research

Decoding the player-wise sales of FY2025

  • Electric Two-Wheelers (E2W): Ola Electric continues to lead the E2W segment with 3,58,132 units sold in FY2025, capturing 29.76% of the market. TVS Motor followed closely with 2,50,696 units and a 20.84% market share, backed by a robust 24.83% YoY growth. Bajaj Auto registered the highest growth among the top players at 110.11%, selling 2,37,356 units and securing 19.73% market share. Ather Energy also posted healthy growth of 17.38%, while Hero MotoCorpโ€™s surge of 167.30% YoY signals strong traction, with over 50,550 units sold. 
  • Electric Three-Wheelers โ€“ Passenger (E3W-P): This segment remains fragmented but shows strong signs of consolidation. Mahindra Last Mile Mobility (MLMM) maintained its leadership with 62,357 units and a 10.23% market share, growing 23.09% YoY. Bajaj Auto experienced extraordinary growth of 383.57%, reaching 47,714 units and climbing to 7.83% market share. In contrast, YC Electric saw flat sales (-0.25% YoY), while Saera Electric and Dilli Electric declined by 10.40% and 13.46%, respectively, indicating increased competition and market realignment.
  • Electric Three-Wheelers โ€“ Cargo (E3W-C): MLMM remains a top player with 7,838 units sold, though it experienced a -28.94% dip in sales. Bajaj Auto emerged as a surprise challenger in this segment with a significant 361.78% YoY growth, clocking 4,978 units. YC Electric and Dilli Electric also posted solid gains of 72.96% and 33.29%, respectively, while Omega Seikiโ€™s decline of -30.11% indicates a potential shift in brand preference and market strategy. MLMM retains the largest share at 8.42%, followed by Bajaj Auto (5.35%).
  • Electric Cars (E-Car): Tata Motors led the segment with 58,810 units, despite a -14.65% YoY decline, commanding a 53.10% market share. MG Motor posted a remarkable 127.52% growth, selling 31,195 units and capturing 28.17% of the market. Mahindra & Mahindra also grew steadily at 24.96%, while BYD and Hyundai grew at 60.53% and 29.41%, respectively. The segment shows increasing competitiveness as more OEMs scale production and expand portfolios.
  • Electric Buses (E-Bus): Tata Motors continues to dominate with 1,058 units sold, with a whopping -40.65% YoY drop. Olectra Greentech showed strong growth of 68.56%, selling 922 units and holding 25.83% market share. PMI Electro Mobility, Switch Mobility, and JBM Auto maintained steady performances. Switch Mobilityโ€™s market share stood at 11.60%, while JBM Auto, despite a -30.67% decline, still held a 10.20% share.

Table 1: Comparison of top EV OEMs Sales in FY2025: FY2024 Vs. FY2025

table battery car

Source: Vahan Dashboard, Telangana Dashboard, JMK Research