India's EV Market Expands Significantly in October 2025, Driven by Passenger and Commercial Vehicles

India's electric vehicle (EV) market experienced significant expansion in October 2025, with retail sales growing across all vehicle categories. Data from the Federation of Automobile Dealers Associations (FADA) indicates varied year-over-year comparisons. The electric passenger vehicle (PV) segment recorded a strong 57.5% increase, selling 18,055 units compared to 11,464 units in October 2023. The electric commercial vehicle (CV) segment posted the highest percentage growth, surging by 105.9% to 1,767 units, up from 858 units a year earlier (implying October 2024). Electric three-wheelers saw a 5.1% year-on-year rise to 70,604 units from 67,173 units in October 2024. The electric two-wheeler (2W) segment logged 143,887 units in October 2025, a 2.6% increase compared to 140,225 units in the same month a year earlier (implying October 2024). While two- and three-wheelers saw incremental gains, passenger and commercial EVs emerged as the key growth engines, reflecting growing adoption and interest in clean mobility, supported by new products and improving charging infrastructure.

Impact: This sustained growth in EV sales is crucial for Indian automotive manufacturers and their supply chains. Companies investing heavily in EV technology and production are likely to see improved revenues and market share. The expansion also signals a shift in consumer preference towards sustainable transport, impacting traditional internal combustion engine vehicle sales in the long run. For investors, it highlights opportunities in companies with strong EV portfolios and charging infrastructure development. Rating: 8/10.

Difficult terms: Retail Sales: The sale of goods directly to consumers, as opposed to wholesale. Year-over-year (YoY): A comparison of a current period's performance against the same period in the previous year. Passenger Vehicle (PV): Typically refers to cars, SUVs, and other vehicles designed to carry a small number of passengers. Commercial Vehicle (CV): Vehicles used for business purposes, such as trucks, buses, and vans. Fleet Electrification: The process of replacing traditional internal combustion engine vehicles in a company's or government's vehicle fleet with electric vehicles. Federation of Automobile Dealers Associations (FADA): An apex body representing automobile dealers in India.