The adoption of electric vehicles (EV) in India is poised to see a boost in adoption numbers driven by a rapidly expanding charging network, growth in battery swapping models and government policies such as the PM e-drive.
The respective sector demonstrated strong momentum in 2024, with total sales reaching nearly 1.95 million units across segments. Industry experts see this growth trajectory continuing into 2025, supported by expanding charging infrastructure, battery swapping networks and favorable government policies.
Alluding to the performance of the sector in 2024 ICRA Corporate Ratings Senior Vice President Srikumar Krishnamurthy said, “Electric vehicles in India continued to gain traction in 2024 supported by factors like government incentives, changing consumer needs new product launches, technological advancements, etc. Nevertheless, the EV penetration levels remain modest, particularly in cars and trucks, though adoption in two-wheelers and three-wheelers and buses is better. The government’s policy measures remain supportive; the PM e-drive scheme is expected to aid faster EV adoption apart from the development of the EV manufacturing ecosystem. While the transition is gradual, the EV sector holds promise as a cornerstone for sustainable mobility, with significant growth potential in the coming years."
According to data from Vahan Dashboard 19,48,957 EVs were sold between January and December 2024. Electric two-wheelers dominated the market with sales translating to 1.2 million units followed by the three-wheeler segment that sold 6,94,466 units. 
Meanwhile, the electric car segment continued to show steady progress with 99,848 units sold while the electric-bus sales experienced substantial growth increasing by 39% in CY2024, reaching 3,834 units. 
Ola Electric dominated the two-wheeler segment with a 35.42 percent market share followed by TVS (19.49 percent), Bajaj (16.58 percent), Ather (11.08 percent) and Hero (3.78 percent).
In the three-wheeler passenger segment, Mahindra Last Mile Mobility led with approximately 10 percent market share, while Bajaj Auto demonstrated exceptional growth. The three-wheeler cargo segment saw Mahindra LMM maintaining leadership with about 11 percent market share, while Bajaj Auto showed impressive growth to capture 4.7 percent market share. 
In the electric car segment, Tata Motors maintained dominance with roughly 62 percent market share, followed by MG Motor India at 22 percent, Mahindra & Mahindra (7 percent), BYD (2.85 percent), and PCA (2.19 percent), while in the electric bus segment, Tata Motors retained its leadership position with all major players showing significant sales growth.
2025 Outlook
Alluding to the sectoral outlook for 2025, Altigreen Propulsion Labs Chief Executive Officer Amitabh Sharan noted, “The electric vehicle industry in India stands at a transformative crossroads in 2025, with the market projected to reach USD 235 billion by 2030 at a remarkable CAGR of 49 percent. The sector will witness remarkable growth (especially in commercial vehicles) in 2025, driven by a combination of TCO benefits, technological advancements for better quality vehicles and driveability, and changing consumer perception towards EVs. However, the road to widespread EV adoption will need to overcome significant challenges viz-a-viz innovative vehicle financing, urban charging infrastructure, consistency in policy and regulatory framework, supply-chain localisation (for price parity with ICE) and very importantly skill development through industry-academia partnerships.”
Revfin Founder Sameer Aggarwal said, “2024 has been a defining year for India’s automotive sector, marked by accelerated adoption of electric vehicles, advancements in sustainability, and the integration of innovative technologies. Building on this momentum, 2025 is expected to be a year for EV adoption. With an intensified focus on developing robust EV charging infrastructure and scaling up battery-swapping networks, transitioning to electric mobility will become more seamless for consumers. Coupled with innovative financing models and targeted efforts to reach underserved markets, the industry is set to overcome accessibility barriers and make sustainable mobility a reality for all. Collaboration between automakers, policymakers, and technology providers will ensure a cohesive ecosystem, enabling India to lead the way in sustainable and inclusive mobility solutions.”
Godawari Electric Motors Director Hyder Ali Khan noted, “As we look ahead to 2025, we are excited about the robust expansion of our Eblu product portfolio, catering to the evolving needs of our customers. Additionally, we have some promising public and private orders in the pipeline, which will further accelerate our growth trajectory. We remain committed to driving innovation and sustainability in the EV sector and look forward to continued collaboration with our stakeholders to shape a cleaner and greener future for mobility.”
Zypp Electric Chief Executive Officer Akash Gupta revealed plans for 2025 along with the sector outlook and stated, “Looking ahead to 2025, Zypp Electric is committed to deploying 200,000 electric vehicles across the country in the next 12-18 months and we will double down on innovation, fleet expansion and partnerships to meet growing demand. We will focus on bolstering EV charging infrastructure, enhancing intelligent fleet management, and contributing to India's net-zero goals. Together, we aim to revolutionise last-mile logistics and make green mobility the norm for businesses and communities alike.”
On the components front, Automotive Component Manufacturers Association Director General Vinnie Mehta averred, “The Indian auto component industry is poised for robust double-digit growth in FY25, driven by strategic efforts to reduce import dependence and bolster exports. The electric vehicle component segment is witnessing remarkable year-on-year growth, propelled by the surging demand for sustainable mobility solutions. Key drivers include advancements in electric powertrains and battery systems, supported by increased investments in localization, R&D, and progressive government policies. These developments underscore the industry’s commitment to innovation, self-reliance, and establishing India as a prominent global manufacturing hub."
As India furthers its journey towards carbon neutrality within the mobility sector, EV adoption is slated to accelerate even in the luxury car segment. According to a news report citing Federation of Automobile Dealers Associations, the luxury EV market grew by 6.7 percent in 2024 despite decline in sales. 
BMW witnessed the highest sales followed by Mercedes Benz India, Volvo, Audi and Porsche. 

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The Kia EV3 has secured the highest possible ‘Very Good’ grade in Euro NCAP's assisted driving test. The test focused on the model's Highway Driving Assist 2 (HDA 2) system, which combines real-time driver monitoring, adaptive cruise control and lane centring.

In the ‘assistance competence’ and ‘safety backup’ categories, the EV3 received scores of 74 and 88 out of 100, respectively. The vehicle achieved the highest rating with a total score of 162 points, making it the first car from both Kia and the Hyundai Motor Group to receive this grade. By aiding the driver in a variety of real-world situations, such as changing lanes, maintaining lane position at different speeds and stopping if the driver becomes unresponsive, the EV3's HDA 2 strikes a balance between a high degree of vehicle assistance and driver involvement, according to Euro NCAP. In addition to providing exceptional safety backup, the model provides ‘very good’ highway assistance.

With the adaptability and affordability to be the primary vehicle in the home, Kia's EV3 is a high-volume electric vehicle designed specifically for the compact SUV market. The 2025 World Car Awards have crowned the vehicle the 2025 World Car of the Year. In the UK, the car has also received other honours, including ‘UK Car of the Year 2025’ at the UK Car of the Year Awards and ‘Best EV Crossover’ at the TopGear.com Electric Awards 2025.

Pablo Martinez Masip, Vice President Product and Marketing of Kia Europe and COO of Kia Connect Europe, said, “This excellent outcome reflects Kia’s commitment to delivering advanced technologies that enhance driver convenience and passenger safety. The EV3’s performance in the Euro NCAP assisted driving test draws attention to the capabilities of Highway Driving Assist 2 and serves as a milestone for Hyundai Motor Group.”

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On World Environment Day, CHARGE ZONE, India’s largest electric vehicle (EV) charging network, unveiled ‘Shwa’, a groundbreaking public art project that redefines EV Supercharging stations as cultural landmarks. By integrating large-scale murals into charging hubs, Shwa blends sustainability, community engagement and creativity, transforming functional spaces into open-air galleries that inspire climate action.

Each mural, created in partnership with both well-known and up-and-coming Indian artists, offers a distinct perspective on a sustainable India that is firmly anchored in regional aesthetics, local tales and messages of optimism for the environment. The project begins with striking murals painted by renowned artist Rahul Kumawat in Karjan, Gujarat, and Suryapet, Telangana. Meaningful interaction with the art and its underlying environmental issues is made possible by the thoughtful placement of these enormous artworks at CHARGE ZONE's Supercharging stations, where visitors usually spend longer time.

Each artwork has a discrete QR code that connects to the recently built Shwa website (shwa.chargezone.co.in), adding an interactive element. With its high-resolution photos, artist biographies and the backstories of each piece of art, this digital platform functions as a living archive. In order to make the sustainability discussion more widely available, the website also emphasises themes of climate resilience and local history while offering downloadable media materials.

Kartikey Hariyani, Founder & CEO, CHARGE ZONE, said, “EV charging stations are a gateway to the future of mobility and with Shwa, we’re using them to tell stories that matter. We’re starting with just three murals across our Supercharging stations, but in the next six months, we aim to bring this experience to 10–12 more sites. Over the next five to six years, our ambition is to create a few hundred such installations across the country. This is not just about infrastructure, it's about sparking emotional connection and climate consciousness through art that speaks to everyone. I am thankful to our young team of millennials and GenZ for conceptualising and seeding the process from idea to execution.”

Devbrat Hariyani, Project Shwa Head, CHARGE ZONE, said, “Infrastructure should serve more than just function, it should inspire. With Shwa, we’re creating spaces where culture, community and climate intersect. These murals are invitations to slow down, to think and to feel. Over time, as hundreds of these works bloom along our highways, we hope to create an evolving living archive that’s open to everyone.”

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Terra Charge, India’s leading EV charging infrastructure provider, has taken a significant step towards enhancing electric vehicle adoption in Northeast India by inaugurating a new charging station at Maharaja Bir Bikram (MBB) Airport in Agartala. This initiative, launched in collaboration with the Airports Authority of India (AAI), marks a crucial development in Tripura’s evolving EV ecosystem.

The charging station, strategically located near the airport’s VIP car parking area, is equipped with both 7.4 kW and 10 kW chargers, catering to a variety of electric vehicles. EV drivers can easily locate the station via the Terra Charge Mobile App and initiate charging sessions with digital payments, offering a fully contactless and user-friendly experience. The inauguration ceremony saw the presence of key officials, including State Transport Department Secretary C K Jamatia and Airport Director K C Mina, underscoring the government’s support for sustainable mobility solutions.

This project is part of a long-term partnership between Terra Charge and AAI to modernise India’s airports with future-ready EV charging solutions. By leveraging Japanese technology, the station ensures high efficiency and reliability, aligning with India’s broader goal of achieving 30 percent EV penetration by 2030. The move not only supports Tripura’s green mobility ambitions but also sets a precedent for further EV infrastructure expansion across the Northeast.

Go Suzuki, Managing Director, Terra Charge, said, “This launch marks another milestone in our mission to make EV charging accessible, reliable and convenient for all. Airport locations are critical transit hubs, and by enabling EV users to recharge effortlessly here, we are eliminating a key barrier to EV adoption. In addition, our partnership with AAI reflects a shared commitment to accelerating India’s green mobility transition. With this new charging station at MBB Airport, we are one step closer to a future where range anxiety is a thing of the past.”

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Yulu, the Bangalore-based EBITDA-profitable shared electric mobility company, has launched its services in Zirakpur (Punjab), marking its first franchise partner-led foray in North India. The franchise partner, SP NexGen is a venture by mobility entrepreneur Sahil Goyal and will deploy and manage Yulu’s full-stack mobility ecosystem – including its purpose-built DeX goods mobility EVs and technology platform. 
Yulu will fully support SP NexGen in its endeavour that also heralds the expansion of the franchise business model, the Yulu Business Partner (YBP) initiative in the country’s North post a successful rollout over the past year across Central, South, West and East India.
Considered a gateway to Punjab, Zirakpur’s strategic location between Chandigarh, Panchkula and Ambala makes it a high-potential launchpad for future-ready mobility solutions. The new offering will serve Chandigarh Tricity’s growing demand for grocery and food delivery by unlocking sustainable, eco-friendly and cost-effective EVs for brands and gig workers in the region. SP NexGen’s vast market knowledge, combined with Yulu’s IoT-enabled smart hardware, innovative technology and robust support ecosystem, will provide a compelling alternative to existing mobility options across the Tricity.
 Yulu and SP NexGen will initially deploy DeX GR EVs in Zirakpur, followed by Peer Muchalla and Kharar, with plans to maximise the penetration of rental EVs in and around Chandigarh Tricity.
Speaking on the expansion, Amit Gupta, Co-founder & CEO, Yulu, said, “Chandigarh Tricity is a fast-emerging urban centre and an ideal starting point for our expansion in North India. With Sahil Goyal as our partner, we’re confident in our ability to accelerate EV adoption in the region, starting with Zirakpur. The Tricity’s dynamic growth, demand for green logistics, and policy support for EVs align well with Yulu’s mission to build a cleaner, more efficient urban mobility ecosystem.”
“With this launch, Yulu is present in ten cities, including six through our YBP partners. We remain committed to collaborating with entrepreneurs across India to democratise clean, accessible and sustainable mobility alternatives,” he added. 
Yulu’s comprehensive support to its partner includes training on the operations and growth playbook, unit economics, profitability pathways and enterprise collaboration. Ahead of the launch, pilot deployments were conducted in various brands’ dark stores in Zirakpur to validate product-market fit. Yulu has also facilitated direct business linkages with Swiggy, Zomato, Zepto and Blinkit to ensure early-stage success.
Yuma Energy, which is claimed to be India’s leading battery as a service (BaaS) company, will power the fleet with two swapping stations. Additional Yuma Energy stations and alternative energy solutions will be deployed as demand scales.

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