EV retail gathers pace in 2025: PVs lead, 2-wheelers cross 1.2 million mark

Electric passenger vehicle retail rose to 176,817 units in CY25, up from 99,875 units in CY24, translating into growth of 77.04 per cent, according to FADA data

Electric vehicle (EV) retail in India posted a strong performance in calendar year 2025 (CY25), with both passenger vehicles and

 

two-wheelers recording healthy growth, although the underlying trends reveal sharp shifts in market leadership and competitive intensity across segments.

 

Electric passenger vehicle retail rose to 176,817 units in CY25, up from 99,875 units in CY24, translating into a growth of 77.04 per cent, according to FADA data. The market, however, is becoming more crowded, with traditional leaders facing aggressive competition from newer and resurgent players.

 

Tata Motors Passenger Vehicles retained the top position, selling 70,004 electric cars, up 13.28 per cent on-year. Its market share, however, moderated to 39.6 per cent in CY25 from over 61 per cent a year ago, reflecting intensifying competition.

 

JSW MG Motor India emerged as a key gainer, more than doubling volumes to 51,387 units, lifting its market share to 29.1 per cent from 21.8 per cent.

 

Mahindra and Mahindra (M&M) recorded the sharpest acceleration among large players, with EV retail jumping to 33,513 units from 7,139 units, an almost 5-fold jump, aided by strong demand for new launches.

 

Hyundai, BYD, BMW and Kia also posted triple-digit growth, albeit on a smaller base, while Stellantis and Volvo saw volume declines, indicating pressure at the lower end of the premium EV space.

 

Analysts expect a slight change in the pecking order in 2026, with mass market players like Maruti Suzuki India entering the fray.

 

Anurag Singh, advisor, Primus Partners told Business Standard that with more options coming in the sub-₹15 lakh segment, the EV demand has grown significantly in 2025.

 

“With players like Maruti entering the game with a 5-year game plan for charging infra etc, there may be more traction in the market. Even Hyundai is doing well and the Creta has clicked. Moreover, Tata and Mahindra too have good line-ups. So while things are quite dynamic, one can expect to see some changes in the pecking order in 2026,” Singh said.

 

In contrast, electric two-wheelers continued to anchor EV growth, with retail volumes rising to 1,279,951 units in CY25 from 1,149,416 units in CY24, marking an increase of 11.36 per cent.

 

The segment, however, witnessed a major redistribution of market share.

 

TVS Motor Company consolidated its leadership with 298,881 units, capturing 23.35 per cent market share, up from 19.21 per cent. Bajaj Auto followed with 269,847 units, while Ather Energy strengthened its position, growing sales by 58.91 per cent to 200,797 units.

 

The biggest loser was Ola Electric, whose volumes fell sharply to 199,318 units from 407,700 units, causing its market share to halve to 15.57 per cent from 35.47 per cent.

 

Legacy OEMs such as Hero MotoCorp, Greaves Electric Mobility, and emerging players including River Mobility and Pur Energy recorded strong growth, indicating renewed momentum beyond the early EV disruptors.

 

Overall, while EV penetration continues to rise, CY25 underlined a strong shift in market share dynamics.