Ind-Ra: India's EVs reach 10-12% of new-vehicle sales by FY2027
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India's electric vehicle scene is picking up speed, with EVs expected to make up 10-12% of all new vehicle sales by FY2027 (up from 8.5% in FY2026 (FY26)), says Ind-Ra.
The push comes from cheaper running costs and more choices, especially in two-wheelers, which are a favorite for many.
India's 3-wheelers to hit 62-65% penetration
Electric three-wheelers are set to hit 62-65% penetration in FY2027 (FY27), thanks to low costs and government incentives.
Two-wheeler EVs should reach up to 10%, while passenger cars and busses may see slower but steady gains as new models roll out and charging infrastructure improves.
Long-distance EVs still face hurdles like high upfront prices and fewer charging spots, but things are moving forward.