Battery power: India’s EV segment surges to nearly 2 million registrations in FY25

Total electric vehicle (EV) registrations surged close to the two-million mark in FY25, driven by a positive increase across key segments such as electric two-wheelers, three-wheelers and passenger vehicles. This growth comes despite a challenging first quarter following the expiration of FAME subsidies and other challenges.

As of March 31, 2024 (until 6 pm on the Vahan portal), total EV registrations reached 1.95 million units — an impressive 16 per cent jump from 1.68 million units in FY24. In contrast, FY23 had recorded 1.18 million EV registrations, highlighting the sector’s rapid growth trajectory.

The electric two-wheeler (e2W) segment, after a temporary dip post-subsidy withdrawal, made a strong comeback. Accounting for 58 per cent of all EV registrations in FY25, the segment’s resilience was fuelled by heightened consumer confidence, aggressive expansion by established players and a wave of new high-performance models at competitive price-points.

Total e2W registrations climbed to 1.14 million units in FY25 (0.95 million units). “The eE2W market remains at the forefront of India’s EV revolution, underpinned by affordability, sustainability and growing awareness. With more brands entering the fray, the momentum is expected to continue,” said Suraj Ghosh, an independent automotive market analyst.

Ola Electric successfully defended its top spot in the e2W space despite experiencing some sales pressure in the latter half of FY25. The company registered 3.43 lakh units (3.3 lakh units). TVS Motors held onto second place, selling 2.34 lakh units (1.83 lakh units), while Bajaj Auto secured the third position with 2.26 lakh units (1.07 lakh units). Ather Energy followed with 1.3 lakh units (1.09 lakh units), while Hero MotoCorp posted sales of over 47,200 electric two-wheelers (17,720 units). Meanwhile, Greaves (including Ampere) saw a dip, selling close to 40,500 units (down from 55,048 units). Wardwizard Innovations & Mobility, a listed EV manufacturer, clocked close to 9,400 units (9,120 units). The e2W market was served by more than 500 players in FY25.

e3W market

The electric three-wheeler (e3W) market also maintained its growth trajectory, reporting a 10 per cent rise in registrations — hitting 6.97 lakh units in FY25 (6.33 lakh units). This was largely supported by new launches and aggressive network expansion by key players.

In the e3W segment, Mahindra Last Mobility retained its leadership position, with over 68,650 units sold in FY25 (60,618 units). Bajaj Auto saw a remarkable surge, clocking more than 50,500 units (10,890 units). YC Electric followed with over 44,500 units, while Piaggio recorded 18,400 registrations (24,917 units). Omega Seiki and TI Clean Mobility both crossed the 6,000-unit mark in FY25 (5,533 units and 2,847 units, respectively).

ePV growth

Electric passenger vehicles (EVs, including electric cars and SUVs) also saw steady growth, with total registrations hitting 1.06 lakh units in FY25 (0.91 lakh units). This surge was fuelled by the entry of new brands and expansion by established players. Tata Motors maintained its dominance with 56,600 units (56,139 units), while JSW MG Motor nearly tripled its sales, reaching close to 30,000 units (11,680 units). Mahindra & Mahindra followed with approximately 6,500 units (6,115 units).

“Electric cars are gaining traction, with more models launched focusing on affordability, range and charging convenience. However, adoption remains gradual compared to two-wheelers, with fleet and shared mobility leading growth,” said Ghosh.

In March 2024, total EV registrations stood at 1.87 lakh units (2.13 lakh units), a period of pre-buying before subsidy revisions. Total registrations in February this year stood at 1.4 lakh units.