Crossing 2.5 million annual sales, India’s EV market surges in FY2026, led by two-wheelers, strong state demand, and rising competition across segments.
India’s electric vehicle (EV) market crossed a cumulative 8,681,938 units by the end of FY2026, with annual sales exceeding 2.5 million vehicles during the year, according to an analysis by JMK Research & Analytics covering April 2025 to March 2026.
Registered electric two-wheelers (E2Ws) dominated the market, accounting for 57.8% of total EV sales, followed by passenger electric three-wheelers (E3W-P) with around 29%. The data indicates sustained growth across segments, with E2W volumes rising by approximately 21% year-on-year, while combined passenger and cargo E3W sales increased by about 19% over FY2025.
Geographically, Uttar Pradesh, Maharashtra, Karnataka, Tamil Nadu and Rajasthan together contributed nearly half of cumulative EV sales till FY2026. In the financial year alone, Uttar Pradesh, Maharashtra, Karnataka, Tamil Nadu and Madhya Pradesh accounted for a similar share of annual sales.
Among manufacturers, TVS Motor Company, Bajaj Auto, and Ather Energy led the E2W segment, jointly accounting for approximately 62% of registered sales. In the passenger E3W category, Mahindra Last Mile Mobility, Bajaj Auto, YC Electric, TVS Motor and Saera Electric together accounted for around 36% of the market.
The L5 sub-segment was dominated by Mahindra, Bajaj and TVS with a combined share of about 84%, while YC Electric, Saera Electric and Zeniak Innovation led the L3 category with about 13%.
In cargo three-wheelers, Mahindra Last Mile Mobility, YC Electric, Bajaj Auto, Dilli Electric and J.S. Auto collectively held nearly 24% share. Within this, Mahindra, Bajaj and Omega Seiki captured around 49% of the L5 segment, while J.S. Auto, Dilli Electric and YC Electric together accounted for about 15% in L3.
Electric car sales grew by 86% year-on-year, led by Tata Motors with 39% share, followed by MG Motor India at 27%. Electric bus volumes rose by about 48%, with JBM Auto, Switch Mobility and PMI Electro Mobility together contributing roughly 65% of sales.
In terms of penetration, Tripura led with 17.79%, followed by Assam (15.60%), Delhi (12.64%), Kerala (11.37%) and Goa (10.89%). Manufacturer-level penetration remained highest for Bajaj Auto (10.52%) and TVS Motor (8.52%) in E2Ws, while Mahindra led both passenger (96.42%) and cargo (62.22%) E3W segments. MG Motor India recorded 76.61% penetration in electric cars, compared with Tata Motors at 12.62%.
