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2,75,833 electric vehicles were registered in the State in FY25
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NIRMAL HARINDRAN
Uttar Pradesh has the highest adoption rate of electric vehicles in the country, with 2,75,833 electric vehicles registered in the State in FY25.
According to Vahan, which tracks vehicle registrations, 11,67,720 electric vehicles were registered between April 1, 2024 and March 31, 2025.
As per the data, Maharashtra ranked second with 1,00,801 electric vehicles registered, followed by Karnataka with 88,060, Tamil Nadu with 76,359 vehicles, and 59,358 electric vehicles registered in Assam.
“In 2023, the global electric vehicle market was valued at US$ 255.54 billion. It is forecasted to reach approximately US$ 2,108.80 billion by 2033, growing at a significant CAGR of 23.42 per cent from 2024 to 2033. Sales of electric vehicles (EVS) in India saw a notable increase in January 2025, with a 19.4 per cent month-on-month and 17.1 per cent Year-on-Year growth, reaching 1,69,931 units,” according to Indian Brand Equity Foundation.
Increase in penetration in FY26
The electric vehicle penetration is expected to increase further in FY26 with new four-wheeler launches.
Competition will drive growth in the electric two-wheeler segment with industry volume growth at 25 per cent in FY26 after crossing one million units in fiscal 2025, backed by a wider distribution network and availability of new models.
“The intensifying competition and focus on capturing market share is seen stretching the break-even period of electric two-wheeler players. Some players may take 2-3 years to reach EBITDA breakeven at the current industry growth rate. We estimate the average EBITDA loss per vehicle of pure electric two-wheeler makers to be at ₹20,000-30,000 in fiscal 2025. While the industry’s operating losses have reduced over the years, achieving economies of scale remains critical for driving profitability,” said Anand Kulkarni, Director, Crisil Ratings Ltd.
Further, the increase in penetration of the electric two-wheeler industry in FY26 will come from Original Equipment Manufacturers (OEMS) launching affordable models with small battery packs, with the upfront cost differential with ICE vehicles narrowed to 5 to 10 per cent.
“Electric vehicle (EV) penetration across the automotive segment is expected to increase exponentially over the next five years, spurred by Government support, enhanced awareness and increasing product launches,” said rating agency ICRA.
Published on April 21, 2025
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