India’s electric passenger vehicle market continued its rapid growth in July 2026, with registrations rising 73% year-on-year to 31,138 units, according to a Nuvama report. Tata Motors maintained its leadership position with 12,896 registrations and a 41.4% market share, while Mahindra & Mahindra strengthened its position as the second-largest EV manufacturer after recording 145% year-on-year growth. Despite the surge in registrations, electric vehicles maintained a 7.7% share of the overall passenger vehicle market, highlighting continued room for expansion as competition intensifies among established and new manufacturers.
Key Overview
- India’s electric passenger vehicle registrations increased 73% year-on-year to 31,138 units in July 2026.
- Tata Motors remained the market leader with 12,896 registrations and a 41.4% market share.
- Mahindra & Mahindra recorded 145% year-on-year growth, strengthening its position as India’s second-largest EV manufacturer.
- Electric passenger vehicle penetration remained unchanged at 7.7% of the overall passenger vehicle market.
- Tata Motors and Mahindra together accounted for more than 65% of India’s electric passenger vehicle registrations in July.
India’s EV Market Maintains Strong Growth
India’s electric passenger vehicle (EV) market continued its strong growth trajectory in July 2026, with registrations rising 73% year-on-year to 31,138 units, despite moderating slightly from the previous month. According to a Nuvama report, the continued expansion reflects rising consumer acceptance of electric vehicles, supported by a broader selection of models across different price segments.
During the first four months of FY27, electric passenger vehicle (E-PV) registrations nearly doubled, increasing 90% year-on-year to 119,343 units, compared with 62,808 units during the corresponding period last year.
Despite the sharp increase in registrations, EV penetration in the passenger vehicle market remained unchanged at 7.7% in July, the same level recorded in June.
Tata Motors Extends Market Leadership
Tata Motors further strengthened its leadership in India’s electric passenger vehicle market during July.
The company registered 12,896 electric passenger vehicles, representing 92% from a year ago, while increasing its market share to 41.4%, compared with 37.4% a year earlier. Tata was also among the few major manufacturers to post month-on-month growth, with registrations rising 1% over June and market share improving by 321 basis points.
The latest performance reinforces Tata Motors’ position as India’s leading electric passenger vehicle manufacturer despite intensifying competition across the segment.
Mahindra Continues Strong Growth
Mahindra & Mahindra retained its position as the country’s second-largest EV manufacturer while delivering one of the strongest growth rates among major automakers.
The company registered 7,400 electric passenger vehicles during July, representing a 145% jump year-on-year. Its market share rose to 23.8% from 16.8% during the same month last year.
Although Mahindra’s registrations declined 9% compared with June, the company added nearly seven percentage points of market share year-on-year, reflecting continued momentum from its expanding electric vehicle portfolio.
Competition Broadens Across the Market
MG Motor maintained third position with 5,430 registrations. However, unlike Tata Motors and Mahindra, the company experienced weaker performance during the month.
Registrations declined 8% year-on-year and 12% sequentially, while market share fell sharply to 17.4%, down from 32.8% a year earlier.
Maruti Suzuki continued expanding its electric vehicle presence, registering 1,503 units to become the country’s fourth-largest EV manufacturer. Although volumes declined 25% from June, the company accounted for 4.8% of the July market and 5.5% on a year-to-date basis.
Vietnamese automaker VinFast completed the top five with 1,448 registrations, maintaining stable month-on-month volumes while increasing its market share slightly to 4.7%.
Among other manufacturers, BYD registered 713 units, rising 41% year-on-year but declining 23% compared with June. Hyundai recorded 538 units, down 25% year-on-year but recovering 44% sequentially.
Kia posted the strongest annual growth among the established brands, with registrations increasing nearly six-fold to 445 units, although July volumes declined 17% from the previous month.
In the luxury EV segment, BMW registered 344 units, down 33% sequentially, while Mercedes-Benz recorded 157 units, representing a 35% month-on-month decline.
Meanwhile, Tesla emerged as the strongest sequential performer, with registrations increasing 145% month-on-month to 107 units, while PCA Automobiles recorded a 75% increase to 49 units.
EV Adoption Continues to Strengthen
According to Nuvama, India’s long-term electric passenger vehicle growth story remains intact as consumer acceptance continues to improve.
The brokerage said EV adoption is benefiting from higher aspirational value and the availability of a wider range of models across different price points.
The report also highlighted that the market is becoming increasingly concentrated around the two largest manufacturers. Together, Tata Motors and Mahindra accounted for over 65% of all electric passenger vehicle registrations in July, underlining their dominant position within India’s rapidly expanding EV market.
Nuvama believes the structural growth outlook remains positive, stating that “EV acceptance is improving due to higher aspirational value and the availability of more model options.”
Outlook
India’s electric passenger vehicle market continues to demonstrate strong long-term growth despite month-to-month fluctuations among individual manufacturers. Tata Motors remains the market leader, while Mahindra continues to strengthen its competitive position through rapid expansion of its EV portfolio. At the same time, manufacturers including MG Motor, Maruti Suzuki, VinFast, BYD, Hyundai and Kia continue broadening consumer choice across multiple price segments. With registrations maintaining strong year-on-year growth and competition intensifying across both mass-market and premium categories, India’s electric passenger vehicle market is expected to remain one of the country’s fastest-growing automotive segments.
FAQs
1. How many electric passenger vehicles were registered in India during July 2026?
According to the Nuvama report, India recorded 31,138 electric passenger vehicle registrations in July 2026, representing 73% year-on-year growth.
2. Which company led India’s electric passenger vehicle market in July 2026?
Tata Motors remained the market leader with 12,896 registrations and a 41.4% market share.
3. Which automaker recorded the fastest growth?
Among the major manufacturers, Mahindra & Mahindra posted the strongest year-on-year growth, with registrations increasing 145%.
4. What was electric vehicle penetration in India’s passenger vehicle market?
Electric passenger vehicles accounted for 7.7% of India’s passenger vehicle market in July 2026, unchanged from June.
5. What is Nuvama’s outlook for India’s EV market?
Nuvama said the long-term outlook remains positive, noting that “EV acceptance is improving due to higher aspirational value and the availability of more model options.”
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