TL;DR
India's electric passenger vehicle market grew by 87.4% in FY26, largely driven by mid-range EVs, while the entry-level segment declined due to affordability issues.
India's electric passenger vehicle market experienced a sharp acceleration in FY26, with total volumes increasing by 87.4% year-on-year to 233,246 units. However, this growth was predominantly driven by higher price brackets. Data from Jato Dynamics indicates that the share of EVs priced between ₹20-30 lakh surged to 35.7% in FY26, a significant jump from 24% in FY25.
Conversely, the entry-level segment of sub-₹10 lakh EVs saw its share shrink to 6% of total sales in FY26, down from 7.2% in the previous year. This trend highlights a weakening adoption at the entry level, primarily due to affordability issues and limited product offerings. Ravi Bhatia, president and director at JATO Dynamics, noted that electrification in India is currently a "middle-income phenomenon," where the ₹15-30 lakh range aligns better with consumer expectations for affordability, range, and features.
