Advertisement

Is 2026 the year of the EV?

A crowded launch calendar and a heavyweight’s debut raise the stakes this year

By Himani Kothari
Last Updated: Jan 23, 2026, 18:00 IST3 min
Prefer us on Google
New
Roughly two-thirds of upcoming EV launches are sport utility vehicles (SUVs), mirroring the trend seen in the internal combustion engine (ICE) market. Photo by: Francis Mascarenhas / Reuters
Roughly two-thirds of upcoming EV launches are sport utility vehicles (SUVs), mirroring the trend seen in the internal combustion engine (ICE) market. Photo by: Francis Mascarenhas / Reuters
Join Us On
FacebookTwitterInstagramLinkedinSpotifyYouTube
Advertisement

India is set for a surge in electric vehicle (EV) launches this year, with about 30 new models expected. This is nearly double the number of EVs introduced last year, according to data from automotive consultancy firm Jato Dynamics. The increase could bring fresh momentum to a segment that has grown rapidly but remains highly concentrated.

In 2025, the top three manufacturers accounted for 87 percent of electric passenger vehicle (PV) sales. Tata Motors led the market with a 39.6 percent share, followed by JSW MG Motor at 29.1 percent and Mahindra & Mahindra at 19 percent.

That dominance is likely to be tested this year. A crowded launch calendar is swelling supply in a market where manufacturers have already begun offering steep discounts to move inventory.

SUV Dominance

Roughly two-thirds of upcoming EV launches are sport utility vehicles (SUVs), mirroring trends in the internal combustion engine market. Indian buyers have steadily shifted toward SUVs, drawn by higher seating positions, perceived road-worthiness and aspirational appeal.

Currently there are two EV hatchbacks in the market: MG Comet and Tata Tiago.

An executive at a major automaker says battery packs, which account for about 40 percent of a vehicle’s cost, continue to make small EVs commercially unviable. That constraint is not unique to India. Globally, entry-level EVs remain loss-making for most manufacturers. Still, projects such as a proposed electric version of the Renault Kwid suggest renewed interest in the lower end of the market.

“High battery costs make sub-₹10 lakh EVs with limited range and charging speeds impractical,” says Ravi Bhatia, president of Jato Dynamics. Carmakers, he adds, are instead focusing on higher-priced electric SUVs with better technology, interiors and convenience features to protect margins.

The China Challenge

BYD India increased sales to 88.3 percent in 2025, becoming the fifth-largest EV player. VinFast entered the Indian market last year and has three launches planned for 2026. In December, it briefly emerged as the fourth-largest EV brand by monthly sales, a sign of early traction.

“Chinese‑origin brands now command about one‑third of India’s EV market, intensifying competition on both pricing and technology,” says Jato’s Bhatia.

That dynamic is forcing incumbents to respond more quickly. “This pressures Tata, Mahindra, Hyundai and Maruti to accelerate product refreshes, localisation and value features to defend share,” Bhatia adds.

Tata Motors has acknowledged the challenge and is targeting price parity with Chinese EV makers soon.

Mahindra has downplayed concerns, saying it welcomes competition as long as the market operates on a level-playing field.

Crowded At The Top

Tata Motors’ grip on the EV market loosened sharply in 2025. Its share fell to 39.6 percent in 2025 from 61.9 percent a year earlier, as MG Motor and Mahindra expanded at a much faster pace. MG’s share rose from 21.8 percent to 29.1 percent, while Mahindra’s nearly tripled—from 7.2 percent to 19 percent.

The most closely watched development in 2026 will be the long-awaited entry of India’s largest carmaker, Maruti Suzuki, with the electric eVitara. Pricing is yet to be announced, but Maruti’s move carries weight given its scale, dealer network and reach into smaller cities.

Explaining its delayed entry, a Maruti executive says the company adopted a deliberate wait-and-watch approach. “Early adopters of EVs had a bad experience,” says Partho Banerjee, senior executive officer for marketing and sales at Maruti Suzuki, citing after-sales issues, unreliable charging infrastructure and range anxiety. Moving slower, he explains, was intentional. “It’s the right way to launch a product.”

EV Launches By Year

Launch YearMakeModelBody type
2024BMWI5sedan
2024BYDEMAX 7mini MPV
2024BYDSEALsedan
2024KIAEV9SUV
2024MAHINDRABE 6SUV
2024MAHINDRAXEV 9ESUV
2024MERCEDESEQASUV
2024MERCEDESEQBSUV
2024MERCEDESEQSSUV
2024MGWINDSORHatchback
2024MINICOUNTRYMANSUV
2024PORSCHEMACANSUV
2024PORSCHETAYCANsedan
2024ROLLS-ROYCESPECTREcoupe
2024TATACURVV EVSUV
2024TATAPUNCH EVSUV
2025BYDSEALION 7SUV
2025HYUNDAICRETA EVSUV
2025KIACARENS EVmini MPV
2025KIAEV6SUV
2025LOTUSEMEYAHatchback
2025MAHINDRAXEV 9SSUV
2025MASERATIGRANCABRIOconv
2025MASERATIGRANTURISMOcoupe
2025MASERATIGRECALESUV
2025MERCEDESG-CLASSSUV
2025MGCYBERSTERconv
2025MGM9MV
2025PORSCHECAYENNESUV
2025TATAHARRIER EVSUV
2025TESLAMODEL YSUV
2025VINFASTVF 6SUV
2025VINFASTVF 7SUV
2025VOLVOEX30SUV
2026AudiE-tron GTSUV
2026AudiA6 E-tronSedan
2026AudiQ6 E-tronSUV
2026BMWiXSUV
2026BYDATTO 2SUV
2026HYUNDAIIONIQ 5SUV
2026KIASYROS EVSUV
2026JAGUARGTcoupe
2026LAND ROVERRANGE ROVER ELECTRICSUV
2026LEAP MOTORSC10Hatchback
2026LEAP MOTORST03Hatchback
2026MARUTI SUZUKIE-VITARASUV
2026MARUTI SUZUKIB-MPV EVMPV
2026MercCLA Eleccoupe
2026MGSTARLIGHT SSUV
2026MiniAcemanHatchback
2026RENAULTKWID EVHatchback
2026SKODAENYAQSUV
2026SKODAELROQSUV
2026TATASIERRA EVSUV
2026TATAAVINYA EVSUV
2026TeslaModel 3Hatchback
2026TOYOTAURBAN CRUISER EVSUV
2026VINFASTLIMO GREENMPV
2026VINFASTVF 3SUV
2026VINFASTVF 8SUV
2026VOLKSWAGENID.4SUV
2026VolvoES90Sedan
2026VolvoEX90SUV
2026MAHINDRAXUV 3XO EVSUV
2026BMW/MiniUnknownUnknown

Source: Jato Dynamics

First Published: Jan 23, 2026, 18:00

Subscribe Now

Latest News

Forbes List Logo
If I was Bolt, I’d also think my records couldn't be broken: Andre de Grasse
ByKathakali Chanda
photo
In Photos: India’s big founder exits
ByNaini Thaker
Want to be a better negotiator? Learn to listen.
ByDarden School of Business
Sanju Rathod: The small-town artist powering Marathi pop's global moment
BySamidha Jain
How Saina Nehwal revolutionised badminton in India
BySamidha Jain
How online gaming companies are pivoting after the ban
BySamar Srivastava
Soham Ganatra: Making machines that learn from mistakes
ByHimani Kothari
photo
Valentino Garavani and the making of the modern red carpet
ByBenu Joshi Routh,Prakash Rasal
Albinder Dhindsa: From ‘distress sale’ to Group CEO of the buyer
ByNaini Thaker
Advertisement
Advertisement

On Everyone’s Radar

Advertisement