Whalesbook
Asal mein hua yeh hai ki January 2026 mein electric vehicles ki sales toh waise badhi hain, lagbhag 26% month-on-month electric two-wheelers (E2W) mein aur 23% electric passenger vehicles (EPV) mein. Lekin, jo petrol/diesel waali gaadiyan hain na, unki sales toh aur bhi tezi se bhaagi hain! E2W mein toh 40% se zyada ki speed pakdi hai, aur passenger vehicles mein 36% ki. Is wajah se EV ka market share kam ho gaya.
Pehle E2W ka penetration 6.6% par aa gaya, jo pehle zyada tha. Yahan TVS Motor sabse aage hai 28.3% market share ke saath, aur Bajaj Auto bhi pakad bana raha hai. Ola Electric ka share 6% se bhi neeche chala gaya. Passenger vehicles mein toh EV penetration 3.8% par pahunch gaya, jabki ICE PV sales mein 36% ki tezi aayi. Tata Motors ab bhi 45% share ke saath lead kar raha hai, aur MG Motor bhi 26% tak pahunch gaya hai.
Electric three-wheelers (E3W) mein bhi situation thodi down hai, sales 14% giri hain aur penetration 59% par aa gaya. Yahan Bajaj Auto ne leadership li hai.
Overall passenger vehicle market dekhoge toh January 2026 mein sales 4,52,589 units pahunchi, jo pichle saal se 12.71% zyada hai. Tata Motors ne 70,222 units bechiin (46.07% YoY growth), aur Mahindra & Mahindra ne 63,510 units (25.37% YoY growth).
Financials dekho toh early 2026 tak Bajaj Auto ka P/E ratio 29.8 hai, TVS Motor ka 67.85, Mahindra & Mahindra ka 31.3, aur Tata Motors ka 20.6 hai. Market cap ki baat karein toh Mahindra & Mahindra sabse upar hai ₹4.45 trillion ke saath, phir Bajaj Auto ₹2.66 trillion, TVS Motor ₹1.78 trillion, aur Tata Motors ₹1.68 trillion.
Yeh koi pehli baar nahi hai. Pichli baar March 2025 mein bhi govt subsidies kam hone se EV penetration thoda neeche gaya tha. Toh aisa hota rehta hai jab ICE vehicles strong comeback karte hain ya policy mein changes aate hain.
BNP Paribas ka kehna hai ki haal filhaal toh EV penetration par pressure rahega ICE ki recovery aur naye models ke karan. Lekin long term mein toh EV ka future achha hi hai. Electrification badhega, naye products aayenge. Ek aur interesting baat yeh hai ki CNG vehicles bhi 47% se zyada jump kar gaye January mein! Toh market mein alag alag options hain. Overall 2026 mein industry mein 6-8% growth ki umeed hai.