January signalling a thriving year ahead, India’s EV sales grew 19% MoM and YoY with 169,826 units, driven by high-speed two-wheelers, electric buses, and government incentives.
India’s electric vehicle (EV) market witnessed impressive growth in January 2025, where 169,826 units were sold, marking a 19.37% month-on-month (MoM) rise from 142,282 units in December 2024, and an 18.61% year-on-year (YoY) increase.
According to a report by JMK Research and Analytics, this growth was fuelled by rising consumer demand and robust market dynamics. From high-speed electric two-wheelers (HS E2Ws) to electric buses, the sector’s upward trajectory was also supported by initiatives like the PM E-DRIVE Scheme and encouraging state government incentives.
Among the segments, high-speed electric two-wheeler (HS E2W) sales jumped by 33% MoM in January, reaching 97,677 units. The top three industry players, Ola Electric, TVS, and Bajaj Auto, dominated the market, collectively accounting for 71% of total registrations.
In contrast, the sales of electric passenger three-wheelers (E3Ws) saw a modest 0.45% MoM rise in January 2025, reaching 51,709 units. Compared to January 2024, however, the segment enjoyed a solid 9% growth. The market remained fragmented, with the top seven players holding 39% of total sales. Mahindra Last Mile Mobility led with an 11% market share, closely followed by Bajaj Auto at 9.4%.
Electric cargo three-wheelers (E3Ws) made significant strides, with January sales reaching 8250 units. This marked a 3.8% MoM increase and a remarkable 39% growth YoY. The segment’s top seven players held 33% of the market, with Bajaj Auto leading at 5.82%, just ahead of Mahindra Last Mile Mobility at 5.62%.
Electric car sales soared to 11,194 units in January 2025, reflecting a 27% MoM and YoY growth. Tata Motors maintained its dominant position in the market, securing a commanding 45% share.
Notably, the electric bus sector saw extraordinary growth, with sales jumping by nearly 100% MoM to reach 372 units. This segment grew by 26% YoY, though. Switch Mobility led the charge, holding a 34% market share, while PMI Electro trailed at 18%.
Looking ahead, the report expressed confidence in the continued growth of all the segments of India’s EV market, thanks to rising adoption and competitive market forces. As the sector expands, government initiatives and key players drive the momentum, signalling a promising year ahead for electric mobility.
