India’s electric passenger vehicle (EV) market maintained its strong growth momentum in July 2026, with registrations surging 73% year-on-year (YoY) to 31,138 units, according to a report by Nuvama. While registrations eased marginally compared to June, the report highlights continued consumer adoption of electric cars, driven by an expanding portfolio of models across multiple price segments.
During the first four months of FY2026-27, electric passenger vehicle (E-PV) registrations nearly doubled, rising 90% YoY to 119,343 units, compared with 62,808 units during the same period last year. Despite the sharp increase in volumes, EV penetration remained steady at 7.7% of the passenger vehicle market, unchanged from June.
Tata Motors Extends Market Leadership
Tata Motors further consolidated its position as India’s leading electric passenger vehicle manufacturer by registering 12,896 units in July, representing a 92% YoY increase. The automaker expanded its market share to 41.4%, up from 37.4% in July 2025. Tata also recorded a modest 1% month-on-month (MoM) increase in registrations, making it one of the few major manufacturers to post sequential growth.
Mahindra Continues Rapid Growth
Mahindra & Mahindra retained its position as the second-largest EV manufacturer, recording 7,400 registrations, a remarkable 145% YoY increase. Its market share climbed to 23.8%, compared with 16.8% a year earlier. Although monthly registrations declined 9% compared with June, Mahindra significantly strengthened its position in the rapidly expanding EV market.
MG Motor Faces Declining Market Share
MG Motor India remained the third-largest electric passenger vehicle brand, registering 5,430 units during July. However, the company experienced an 8% YoY decline in registrations and a 12% MoM drop, while its market share contracted sharply from 32.8% last year to 17.4%, marking the steepest decline among major EV manufacturers.
Maruti Suzuki and VinFast Expand Presence
Maruti Suzuki ranked fourth with 1,503 EV registrations, accounting for 4.8% of the market despite a 25% sequential decline in volumes. The company’s year-to-date market share stood at 5.5% as it continues to build its electric vehicle presence.
Vietnamese automaker VinFast completed the top five with 1,448 registrations, maintaining stable month-on-month volumes while marginally increasing its market share to 4.7%.
Other Automakers Show Mixed Performance
Among other manufacturers, BYD registered 713 units, posting 41% YoY growth despite a 23% sequential decline. Hyundai Motor India reported 538 registrations, down 25% YoY but recovering 44% over June.
Kia India delivered the strongest annual growth among established brands, with registrations increasing nearly six-fold to 445 units, although volumes slipped 17% compared with the previous month.
In the premium EV segment, BMW recorded 344 registrations, down 33% month-on-month, while Mercedes-Benz registered 157 units, declining 35% sequentially.
Meanwhile, Tesla emerged as the strongest month-on-month performer, with registrations jumping 145% to 107 units, while PCA Automobiles posted a 75% increase to 49 units.
Tata and Mahindra Dominate India’s EV Market
According to Nuvama, Tata Motors and Mahindra & Mahindra together accounted for more than 65% of India’s electric passenger vehicle registrations in July, underscoring the increasing concentration of the market around the two leading manufacturers.
The brokerage believes the long-term outlook for India’s EV industry remains highly positive, citing improving consumer acceptance, increasing aspirational value, and a wider choice of electric vehicles across different price segments as key growth drivers.
