INDIA ELECTRIC VEHICLES : EVolution: e2W penetration fall after pre-buying; others rise

Research evidence excerpt

INDIA ELECTRIC VEHICLES : EVolution: e2W penetration fall after pre-buying; others rise

EQUITIES

AUTOMOTIVE

INDIA ELECTRIC VEHICLES

EVolution: e2W penetration fall after pre-buying; others rise

In this series, we track the evolution of the Indian electric vehicle (EV) industry each month. We11 MAY 2026

Sector Research Report expect value to be redistributed among auto OEMs in this decade. We think tracking the EV market

Production time: 02:26* (London time) evolution is critical to validate our investment thesis on automotive companies. Our report includes

Research Analysts & Publishing Entities detailed analysis of electrification by sub-segments, OEMs and states. We also capture key recent

Kumar Rakesh EV-related policy announcements.

BNP Paribas Securities India Private

Limited EV penetration improved in PVs on concerns about rise in fuel prices

(+91) 22 6196 4350

kumar.rakesh@asia.bnpparibas.com EV registrations declined for 2Ws as sales normalised post pre–buying effect in Mar-26 ahead of

PM e-drive scheme’s expiry. EPV sales increased in mid–single digits m-m aided by availability of

the new launches and concerns about fuel prices. E3W sales were flattish while penetration

improved m-m. CNG mix declined by 70bp m-m while hybrids continue to be rangebound.

E2W: penetration declined post pre–buying in Mar-26

E2W retail penetration declined by c200bp m–m in Apr-26 to 8.2% as sales normalised post the

pre–buying in Mar-26 due to PM e-Drive scheme expiry; however, it got extended till Jul-2026. TVS

remained the market leader, ahead of Bajaj Auto. Ola Electric gained market share at the expense

of Baja Auto and Hero MotoCorp. Ather Energy and TVS Motor market shares were flattish m-m.

EPV: penetration continues to rise