Despite a two-wheeler dip, India’s EV market powers ahead with record April sales of 167,629 units, signalling a high-voltage start to FY2026.
India’s electric vehicle (EV) market achieved its strongest April performance to date with total retail sales of 167,465 units, marking almost 45% year-on-year (YoY) increase from April 2024’s 112,396 units.
This milestone, according to the monthly data by JMK Research & Analytics, during what is typically a subdued month at the start of the financial year, signals continued strength in EV adoption across the country. The surge, driven by growing demand across passenger and commercial segments, comes from India EV Inc closing FY2025 with a record 1.96 million unit sales.
However, the high-speed electric two-wheeler (HS E2W) segment, which has historically led EV volumes, saw a notable correction in April 2025.
Registrations fell by approximately 30% month-on-month (MoM), totalling 91,791 units. Despite the sharp decline, the segment remains under tight control of the top three players, who collectively accounted for about 64% of the month’s sales. Industry observers attribute the fall to a typical post-March slump following end-of-year buying and suggest that the dip does not reflect a weakening in long-term demand fundamentals.
In contrast, passenger electric three-wheelers (E3Ws) registered steady gains, with 52,650 units sold in April 2025—a 6% increase from the previous month and a striking 49% rise compared to the same period last year.
The segment continues to expand due to rising demand for shared mobility solutions in urban centres. Bajaj Auto led the segment with a market share of approximately 9.7%, closely followed by Mahindra Last Mile Mobility at around 9.5%. Collectively, the top eight OEMs held 36% of the total passenger E3W market, indicating increasing concentration within the category.
Electric cargo three-wheelers remained relatively flat in April 2025 with 9,881 units sold, reflecting a marginal 0.4% MoM decline. However, the segment displayed strong YoY growth of 68%, driven by last-mile delivery demand from e-commerce and logistics firms.
Mahindra Last Mile Mobility topped the cargo E3W segment with a market share of 6%, trailed by J.S. Auto at 4.9%. The top eight players together captured 34% of the cargo E3W market, suggesting a broader distribution of competition compared to passenger E3Ws.
Electric car sales reached 12,226 units during the month, down slightly by 0.3% from March but up a substantial 81% YoY. Tata Motors retained its dominant position in the market with a 36% share, supported by continued interest in its expanding electric portfolio.
Analysts point to the sustained growth as a sign of increasing consumer confidence in EV technology, as well as improvements in charging infrastructure and model availability.
Electric buses, though a smaller volume category, posted 284 units in April 2025—registering a modest 1% MoM increase and a 26% rise over April 2024. PMI Electro held a commanding 66% market share, while JBM Auto followed with 16%.
The segment, largely driven by state transport undertakings and fleet orders, continues to play a crucial role in decarbonising public transport.
The industry predicts that if the strength of April 2025 is any indication, FY2026 could outpace all previous records. According to Autocar Professional, the market optimism is supported by a favourable monsoon forecast from the India Meteorological Department, improving macroeconomic conditions, and a pipeline of new product launches, especially in the two-wheeler and passenger vehicle categories.
While challenges such as charging infrastructure and supply chain constraints remain, the outlook for India’s EV market remains decidedly positive, bolstered by policy support and a rising tide of consumer acceptance.
