The new year has begun on a strong footing for India’s electric vehicle (EV) industry, with total battery-electric vehicle registrations crossing the 2 lakh mark in January. Notably, registrations have remained above this level for the fourth consecutive month, underscoring sustained demand despite reduced GST rates on internal combustion engine (ICE) vehicles since October 2025. Total registrations of battery-powered vehicles across all segments stood at 2.18 lakh units in January, marking a significant increase over 1.71 lakh units recorded in January 2025 and higher than the 2.03 lakh units registered in December 2025. Improved availability of key components such as magnets, along with better production stability, supported higher volumes during the month. The electric two-wheeler (E2W) segment was a major contributor to overall growth, with registrations reaching approximately 1.22 lakh units in January. This represented the second-highest monthly tally in the past 12 months, compared with about 98,000 units in December 2025 and 98,426 units in January 2025. The segment saw strong momentum, with the leading player widening its lead over competitors, while several other manufacturers also posted healthy volumes. Electric passenger vehicle (PV) registrations, including electric cars and SUVs, continued to expand steadily. Total registrations in this segment reached 18,101 units in January 2026, up from 15,685 units in December 2025 and 11,895 units in January 2025. The segment leader maintained a clear advantage, while the second- and third-largest players reported solid growth. Other manufacturers remained in the sub-1,000-unit range, indicating that market concentration remains high, though participation is gradually broadening. The electric three-wheeler segment also showed year-on-year improvement, with registrations rising to 75,764 units in January, compared with 59,930 units in January 2025. However, volumes moderated on a month-on-month basis, falling from 88,277 units recorded in December 2025, reflecting some seasonal softening after the year-end peak. Overall, the January performance highlights continued resilience in India’s EV market, supported by improving supply conditions, stable policy support, and growing consumer acceptance across vehicle segments, even amid increased competitive pressure from conventional ICE vehicles.

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