India’s electric vehicle market is expected to deepen its presence this fiscal year, with EVs projected to account for 10% to 12% of total vehicle sales, according to an Ind-Ra report. That would mark a clear rise from the 8.5% level referenced in the report, pointing to a broader scale-up phase for the sector.
A major part of that expansion is likely to come from electric two-wheelers. The report indicates that lower running costs are helping this segment gain traction, making EVs more attractive for everyday users and supporting wider adoption across the market.
Electric three-wheelers are still expected to remain the most electrified vehicle category in India. The segment continues to benefit from favorable economics, which has helped it maintain a strong position in the country’s EV transition compared with other vehicle classes.
Overall, the outlook suggests India’s EV industry is moving beyond an early adoption stage into more mainstream growth. With two-wheelers driving volumes and three-wheelers retaining a strong base, the sector appears set for another year of rising penetration in total vehicle sales.
