Indian EV market accelerates in October 2025 with strong PV and CV demand

The Indian electric vehicle market maintained its gradual uptick in October 2025, with retail volumes rising across all segments; the real acceleration, however, came from electric passenger and commercial vehicles. According to the latest data from the Federation of Automobile Dealers Associations (FADA), the EV ecosystem has started maturing, with the trend of adoption going beyond early adopters and fleet operators, while product depth has finally shown its weight.

Passenger EVs drive the narrative

The electric passenger vehicle segment posted one of its strongest monthly expansions ever, rising 57.5 per cent year-on-year to 18,055 units from 11,464 units in October 2023. Tata Motors Passenger Vehicles Ltd continued to maintain its lead with 7,239 units on the strength of a strong portfolio of EVs and an extensive network of charging. JSW MG Motor India came second with 4,549 units, maintaining sustained momentum after achieving volume stability throughout the current year. Mahindra & Mahindra Ltd notched up 3,911 units to keep its upward momentum going with the XUV400 and newer electric variants finding greater traction.

This was powered by sharp year-on-year gains from Hyundai Motor India, Kia India, BYD India and BMW India. The newest entrant to the market, Vietnamese EV maker VinFast entered the retail market for the first time during the period and notched sales of 131 units, underscoring increasing brand diversity in the sector.

Commercial EVs deliver explosive growth

If passenger EVs set the tone, commercial EVs delivered the punch. The electric commercial vehicle segment saw a remarkable 105.9 per cent jump over the previous year, registering 1,767 units, up from 858 units in October 2023. Tata Motors Ltd was on top again with 603 units, indicating heightened uptake from fleet customers and more municipal electrification. Mahindra Group came in second with 306 units, while Switch Mobility Automotive Ltd (152 units) and Euler Motors Pvt Ltd (151 units) also delivered strong national performances.

Olectra Greentech and PMI Electro Mobility Solutions also added to the total, as state transport undertakings continued to test and explore new-age electric bus deployments.

Three-wheelers stay steady, driven by strong rural mobility

Electric three-wheeler sales posted a modest growth of 5.1 per cent to 70,604 units as against 67,173 units in October 2024. This category performed consistently when considering its high base and reliance on demand for mobility in semi-urban and rural areas. Mahindra Group secured the first position with 11,860 units, followed by Bajaj Auto Ltd (8,033 units), YC Electric Vehicle (3,500 units), TVS Motor Company Ltd (2,862 units) and Saera Electric Auto Pvt Ltd (2,264 units).

Other mass-market manufacturers such as Dilli Electric Auto, Piaggio Vehicles and Mini Metro also contributed to the segment's overall stability.

Two-wheelers show marginal growth, mostly base-driven

The electric two-wheeler category, which historically drives the bulk of EV volumes, reported 143,887 units, compared with 140,225 units last October, reflecting a modest 2.6 per cent growth. The segment’s incremental rise is largely attributed to its already high penetration in major urban pockets.

Bajaj Auto Ltd had the lead with 31,246 units, followed closely by TVS Motor Company Ltd at 29,515 units and Ather Energy Ltd at 28,101 units. Ola Electric Technologies Pvt Ltd managed to clock 16,036 units amid a recalibration phase in view of the new incentives and product revisions. The other contributors were Hero MotoCorp, Greaves Electric Mobility, BGauss Auto, River Mobility, and PUR Energy.

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