From Ola’s Roadster and Honda’s Activa EV in the two-wheeler (E2W) segment to Mahindra’s BE 6, XEV 9E, Tata’s Curvv EV, and MG’s Windsor in the four-wheeler (E4W) category, 2024 saw the launch of several cutting-edge electric vehicle models, with new-age features like ultra-fast charging and AI-assisted driving.

This helped the Indian market keep pace with the surging EV wave globally, even though the pace of EV adoption in 2024 slowed down in comparison to 2023.

With over two million EVs sold across various categories, new schemes like EMPS (worth INR 770 crore) enabling the sale of 5,60,769 vehicles, and the PM E-DRIVE scheme (worth INR 10,900 crore) projected to support the sale of 2.88 Mn vehicles over the next two years, India has showcased its commitment to going green.

This shift is further amplified by a growing charging station network spanning urban and rural areas.

On the infrastructure side, integrating renewable energy into EV charging grids reached new milestones, making EV ownership more sustainable. Venture capital investments further accelerated the momentum, particularly in startups focused on battery technology and recycling, reinforcing India’s potential as a global EV leader.

What’s In Store For EVs In 2025?

As 2024 concludes, the outlook for 2025 is even brighter. Elon Musk has announced Tesla’s plans to manufacture a $25,000 (INR 21 Lakh) electric car in India by 2025. Additionally, BYD is set to launch models like the BYD SEAL and BYD Seagull.

Will affordable EVs dominate, or will premium, tech-laden models capture the market? How will policies, technological innovations, and evolving consumer preferences shape the landscape?

Let’s explore the trends and possibilities set to define India’s EV journey in 2025.

EV IPOs Will Grab The Attention

While Ola Electric successfully debuted on the bourses in 2024, other players are gearing up to go public in 2025. Among them, Ather Energy and Ampere Electric (Greaves Electric Mobility)—two of India’s top five electric two-wheeler manufacturers— are expected to land on the stock exchanges before the rest.

Ather Energy’s IPO will be keenly watched as the company is widely believed to be a pioneer in India’s EV ecosystem. However, the company’s slow sales growth is a major hurdle, as we have written over the past year.

Despite the overall growth in the market, Greaves Electric Mobility (GEM) witnessed a steep decline in market share, dropping from 12% in FY23 to just 3% in FY25 (till December 2024). In comparison, Ather’s market share was 10% in this period, down from 12% in FY24.

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