Festive season in India means driving green: EV registration all-time high in October

India’s electric vehicle (EV) market saw record sales in October, helped by strong festive season demand.

Total EV registrations across all segments soared to a monthly high of approximately 2.34 lakh units, marking a 27% sequential jump.

Most notably, the electric two-wheeler (E2W) segment has already crossed the one-million-unit sales milestone for the current calendar year, with two months still remaining.

The electric two-wheeler market was the primary engine of this growth, reporting its highest-ever monthly volume with 1.44 lakh units sold.

This strong performance came even though there were worries about issues like limited magnet supply and a recent tax cut on petrol and diesel vehicles that made them closer in price to EVs.

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The electric two-wheeler market saw tough competition, with Bajaj Auto on top, followed by TVS Motor and Ather. Despite some production issues, companies like Hero MotoCorp and Greaves Electric Mobility achieved their best monthly sales of the year, showing steady demand from buyers.

The electric passenger vehicle (e-car and e-SUV) segment also registered a significant uptick, with total registrations reaching 17,874 units.

Market leader Tata Motors retained its dominance, followed by strong showings from JSW MG Motor and the Mahindra Group. New entrants, such as Vietnamese firm VinFast, also started to make their presence felt.

Meanwhile, the electric three-wheeler segment (excluding e-rickshaws) also experienced healthy growth, registering 70,604 units for the month.

Record EV sales in October show that the industry is growing fast and is on track to reach its target of 10 million units a year by 2030, helped by better infrastructure and strong customer interest.