EV retail sales expand in January, with gains across PVs and two-wheelers

India's EV retail market expanded in January 2026, with passenger vehicles and two-wheelers posting strong year-on-year growth amid rising demand, FADA data showed

India’s electric vehicle (EV) markets expanded gains in January as two-wheeler and passenger vehicle sales triggered a shuffle in the competitive landscape, data from an automobile dealers’ association showed.

 

January’s performance proves EV adoption is now market-led, with organic demand and product economics replacing subsidies as the primary growth drivers, said the Federation of Automobile Dealers Associations (FADA).

 

As many as 18,470 electric passenger vehicles (PV) were sold in January, up almost 55 per cent from 11,935 units sold in the same month last year.

 

Electric passenger vehicle (PV) sales surged 54.75 per cent year-on-year to 18,470 units in January — up from 11,935 in 2025 — pushing market penetration to 3.6 per cent from 2.5 per cent.

 

Mahindra & Mahindra recorded a sharp rise in electric PV volumes, with sales surging to 3,668 units in January 2026 from 740 units in January 2025, resulting in an upward shift in its ranking within the segment.

 

Kia India and BMW India reported higher electric PV sales as well, while Hyundai Motor India’s volumes were largely unchanged. BYD India reported lower year-on-year retail volumes. VinFast Auto India recorded early retail volumes, marking its presence in the Indian EV passenger vehicle market.

 

Electric two-wheelers

 

Electric two-wheeler sales climbed almost 25 per cent year-on-year to 1,22,812 units in January. While market penetration rose slightly to 6.6 per cent from last year’s 6.4 per cent, it remains below the 7.4 per cent peak seen in December.

 

TVS Motor Company emerged as the largest electric two-wheeler retailer, selling 34,558 units, up 43.8 per cent from 24,028 units in January 2025. Bajaj Auto ranked second with retail volumes of 25,598 units, marking a 19.2 per cent increase over 21,470 units sold the year before.

 

Ather Energy moved up to the third position, with sales rising 68 per cent year-on-year to 21,999 units in January 2026 from 13,097 units a year ago. Hero MotoCorp recorded one of the sharpest increases in the segment, with electric two-wheeler retails surging to 13,302 units from 1,626 units in January 2025, placing it among the leading players.

 

In contrast, Ola Electric’s retail volumes declined 69.2 per cent year-on-year to 7,516 units in January 2026 from 24,413 units a year earlier, resulting in a sharp drop in both ranking and market share.

 

Smaller original equipment manufacturers (OEMs), including Greaves Electric Mobility, River Mobility, BGauss Auto and E-Sprinto, reported higher retail volumes compared with January 2025, contributing to a wider distribution of volumes across manufacturers.

 

“India’s EV ecosystem continues to expand in a structurally positive manner, with January ’26 reaffirming that the transition is firmly demand-led rather than subsidy-dependent. Across segments it shows that customers are steadily embracing electric mobility where product–market fit, economics and availability are aligning,” said C S Vigneshwar, FADA’s president.

 

With an expanding charging infrastructure and a deepening OEM lineup, India is entering a “multi-year phase” of EV adoption. Growth is expected to be driven by economics, ecosystem maturity and customer trust, he said.