India’s EV Industry Shows Steady Growth Across Segments, showing robust growth of the Indian Automotive Industry from January 24 to September 2025. However, in August 2025, the Electric Vehicle Industry registered a 3.3% degrowth compared to August 2025. The GST cut on ICE vehicles was one of the reasons behind this trend.
ACG expects that the EV market in India will continue to grow strongly because of the expansion of charging infrastructure, affordable pricing, better range, Customer trust, and policy support from the state and central governments.
The EV dealership business model must still be re-innovated to make it feasible.
Indian Registrations of two-wheeled electric Scooters are leading the EV volume because this segment has a better product-market fit. New Startups are trying to decode or win the Electric Motorcycle segment. Ola, Ather, TVS, and Bajaj are the leading players in the Two-Wheeler Electric Scooter segment. Ather plans to launch a couple of new products in the coming years.
The electric three-wheeler vehicle Segment registration volume increased 3X from May 2024 to September 2025. Pricing is a challenge or barrier to increasing Electric 3W. Many 3W vehicles come with a lead-acid battery. E Rickshaw has different market dynamics since it is limited to running a certain number of kilometers and specific areas of operation. 3W EVs are dominated by passenger carrier vehicles, and Goods 3W carrier sales are stagnant.
Electric Cars are the most attractive segment, and their sales grew by 2X in the last 20 months. This shows strong commitment by OEMs and interest by buyers.
Electric Trucks and Electric Buses volumes are small but expected to grow exponentially by 2030.
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