loader2
Login Open ICICI 3-in-1 Account
  • Text Size
  • Text to Speech
  • Color Contrast
  • Pause Animations

Open ICICI
3-in-1 Account

Manage your Savings, Demat and Trading Account conveniently at one place

+91

BLOG

India's electric vehicle (EV) market achieved a record milestone in June 2026

ICICIdirect Research 08 Jul 2026 DISCLAIMER

News: According to media sources, India's electric vehicle (EV) market achieved a record milestone in June 2026, with registrations surging 63% YoY to 3.06 lakh units, the highest ever recorded for a single month, according to FADA. Growth was broad-based across all segments, with electric passenger vehicles (ePVs) rising 108%, electric commercial vehicles (eCVs) 164%, electric two-wheelers (e2Ws) 75%, and electric three-wheelers (e3Ws) 27%. Tata Motors retained its leadership in the electric passenger vehicle segment, while TVS Motor led electric two-wheelers. Overall EV penetration crossed 12% for the first time, reflecting stronger consumer adoption, expanding charging infrastructure, improved affordability, and a wider range of products across segments.

View: The record EV registrations reinforce that India's electrification journey is moving into the mainstream rather than remaining a niche trend. The broad-based growth across passenger, two-wheeler, three-wheeler, and commercial vehicle segments is encouraging for the entire EV value chain, including automakers, battery manufacturers, auto component suppliers, and charging infrastructure providers. Companies with strong EV product portfolios and localisation capabilities, such as Tata Motors, TVS Motor, Uno Minda, Sona BLW, and Exide Industries, are well-positioned to benefit from sustained industry growth. If supportive government policies and charging infrastructure expansion continue, the sector's long-term growth outlook remains highly positive.

Impact: Positve

Download ICICI Direct app

Invest, Track, and Manage your Portfolio Anytime, Anywhere

Download ICICI Direct app

Invest, Track, and Manage your Portfolio Anytime, Anywhere