India EV penetration may reach 10–12% of vehicle sales in FY27: Ind-Ra
India Ratings and Research forecasts EV penetration will rise from 8.5% in FY26 to 10–12% in FY27, led by electric two- and three-wheelers. Passenger EV and e-bus adoption is also expected to gain on new launches, procurement and improving ownership economics.
Ind-Ra forecasts India EV penetration will rise to 10-12% of vehicle sales in FY27, led by electric two- and three-wheelers. Passenger EV and e-bus adoption is also expected to increase, supported by new launches, government procurement and improving ownership economics.
Why this matters
The forecast reinforces Ind-Ra’s recent signal that EVs could reach 10–12% of India vehicle sales by FY27, with two- and three-wheelers driving adoption and passenger EVs and e-buses gaining momentum.
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