NEW DELHI: 4th April 2025
The electric vehicle (EV) market in India experienced substantial growth in FY2025, as reported by JMK Research Analysis on April 4, 2025. The sector showed a strong upward trend, including high-speed electric two-wheelers (HS E2Ws) and electric buses.
According to a thorough analysis, the Indian government’s commitment to reducing carbon emissions in transportation and promoting sustainable mobility is a major driving force behind the expansion of the EV landscape across multiple categories.
According to the report, HS E2W sales increased by about 71% month over month in March 2025, totaling 130,274 units. For the entire fiscal year 2025, total sales reached 1,197,102 units, representing an 18.6% year-over-year increase from FY2024. In March 2025, the top three manufacturers controlled approximately 68% of the market, demonstrating significant market consolidation. This segment has increased by more than 42 times since FY2020, demonstrating the rapid growth of India’s EV market, the report said
In the electric three-wheeler passenger segment, JMK analysts reported that sales of passenger electric three-wheelers (E3Ws) in March 2025 reached 49,632 units, representing a 12% month-over-month increase and a 1.29% increase over March 2024. Total sales for the fiscal year 2025 totaled 609,627 units, representing an 8.7% increase over the previous year. In March 2025, the top eight manufacturers controlled approximately 41% of the market, with Mahindra Last Mile Mobility (~12%) and Bajaj Auto (~10%) emerging as segment leaders.
In the electric three-wheeler cargo segment, March 2025 sales totaled 9,923 units, representing a 12% month-over-month increase, but a 15% decrease from March 2024. Total sales in FY2025 reached 92,959 units, up 25.9% year on year from 73,798 units in FY2024. In March 2025, the top eight players accounted for approximately 35% of the market, with Mahindra Last Mile Mobility (~7.47%) and Bajaj Auto (~5.43%) playing key roles in India’s growing EV ecosystem.
Sales experienced a decline of approximately 15% when compared to March 2024. Total sales for fiscal year 2025 were 92,959 units, a 25.9% increase over the previous year’s 73,798 unit total.
In March 2025, the top eight market players accounted for roughly 35% of the market, with Mahindra Last Mile Mobility accounting for approximately 7.47% and Bajaj Auto for approximately 5.43%, both of which play important roles in India’s expanding electric vehicle ecosystem.
Sales in the electric car segment increased by roughly 38% month on month in March 2025, reaching 12,266 units, with a 36% year-on-year increase compared to March 2024.
Total electric car sales in fiscal year 2025 reached 109,271 units, up 10.3% from 99,085 in fiscal year 2024. Tata Motors led the market in March 2025, accounting for approximately 38% of the total, and the segment has grown more than 34 times since fiscal year 2020.
According to JMK’s electric bus research, total sales in March 2025 were 280 units, representing a 9% month-on-month decline and a 35% year-on-year decrease from March 2024. Total sales for fiscal year 2025 were 3,570 units, down 3.7% from 3,708 units in fiscal year 2024.
Despite the slower growth seen in fiscal year 2025, the segment has grown more than seven times since fiscal year 2020, with Switch Mobility and Olectra Greentech leading the market with market shares of around 40% and 27%, respectively.
In conclusion, JMK’s research shows that India’s electric vehicle market continues to grow strongly across all segments.
