India’s electric vehicle (EV) market experienced significant growth in FY2025, with March emerging as a particularly strong month due to rising consumer interest, competitive dynamics, and favorable government support. According to JMK Research & Analytics’ Annual Report Card CY2024, this surge was largely driven by policies such as the PM E-DRIVE Scheme and various state-level incentives, which played a pivotal role in advancing the country’s transition to clean mobility.
High-speed electric two-wheelers (HS E2Ws) led the surge, with sales climbing nearly 71% month-on-month in March 2025 to 1,30,274 units. For FY2025, total sales reached 11,97,102 units—an 18.6% increase over FY2024. The segment, now 42 times larger than in FY2020, is dominated by the top three players who captured around 68% of the March market.
Passenger electric three-wheelers (E3Ws) also maintained momentum, with March sales hitting 49,632 units—a 12% month-on-month rise. FY2025 sales totaled 6,09,627 units, up 8.7% year-on-year. Mahindra Last Mile Mobility and Bajaj Auto emerged as market leaders.
Electric cargo three-wheelers posted 9,923 units in March, up 12% month-on-month, though slightly down compared to March 2024. Still, the segment saw a 25.9% increase over FY2024. Mahindra and Bajaj remained key players here as well.
Electric car sales rose sharply by 38% month-on-month in March 2025, totaling 12,266 units. For the full fiscal year, sales reached 1,09,271 units—up 10.3% from FY2024—with Tata Motors commanding a 38% share.
Though electric bus sales fell slightly, the segment has grown sevenfold since FY2020, led by Switch Mobility and Olectra Greentech.
The upward trend in EV adoption signals a pivotal shift in India’s transport priorities. Continued policy support and industry innovation will be critical to sustaining this momentum in the years ahead.
