India EV penetration could reach 10-12% of vehicle sales in FY27: Ind-Ra
India Ratings and Research expects EVs to account for 10-12% of total vehicle sales in FY27, up from 8.5% last year. Growth is expected to be led by electric two- and three-wheelers, while passenger EVs and e-buses gain from new launches, procurement and charging expansion.
Ind-Ra forecasts India EV penetration will reach 10-12% of vehicle sales in FY27, led by electric two- and three-wheelers. Passenger EV and e-bus adoption is also expected to rise, supported by new models, procurement and charging expansion.
Why this matters
Ind-Ra's FY27 outlook echoes its recent signals projecting EVs at 10–12% of India vehicle sales, reinforcing a consistent view that electric mobility adoption is accelerating.
Retail-company signals are accelerating, up 1,076,900% QoQ.