The electric four-wheeler segment has been growing rapidly this year. In 2024, the electric car market is more competitive than ever, with several companies offering innovative models that combine style, performance, and efficiency.
These vehicles offer a combination of sustainability, advanced features,, and cost-effective solutions. In this article, we will explore the top 10 best-selling electric car companies in India by market share, that are driving and shaping the future of sustainable mobility.
Let’s take a closer look at the Top 10 electric car companies in India by Market Share.
| Companies | 2023 | 2024 | YoY Growth (%) | Market Share (%) |
| Tata.EV | 60,007 | 61,435 | 2.38 | 62.26 |
| JSW MG Motor India | 9,523 | 21,464 | 125.39 | 21.75 |
| Mahindra Electric Origin SUVs | 4,269 | 7,104 | 66.42 | 7.2 |
| BYD India | 2,012 | 2,819 | 40.05 | 2.86 |
| PCA India (Citroen) | 1,949 | 1,873 | -3.9 | 1.9 |
| BMW India | 1,308 | 1,210 | -7.49 | 1.23 |
| Hyundai Motor India | 1,608 | 920 | -42.79 | 0.93 |
| Mercedes-Benz | 516 | 940 | 82.17 | 0.95 |
| Volvo Cars India | 570 | 442 | -22.46 | 0.45 |
| Kia India | 438 | 468 | 6.85 | 0.47 |
The company reported a slight increase in retail sales this year, with sales figures rising to 61,435 units in 2024 compared to 60,007 units in the previous year. This increase resulted in a YoY growth rate of 2.38% and a substantial market share of 62.26%.
Tata Motors made their foray into the segment with the launch of the Tigor EV in the year 2021. It quickly established itself as a market leader shortly after the introduction of the Tigor EV.
At present, Tata Motors holds a considerable portion of the market, all thanks to its dedication and innovation which helped it rocket up to the top. With a diverse range of electric vehicles to meet every customer’s need, it has consistently backed India’s transition to electric mobility.
Here is a list of all the models by Tata Electric:
| Sr No | Name of the Model | Price |
| 1 | Tata Tiago.ev | Starts at ₹7.99 lakh |
| 2 | Tata Punch.ev | Starts at ₹9.99 lakh |
| 3 | Tata Tigor.ev | Starts at ₹12.49 lakh |
| 4 | Tata Nexon.ev | Starts at ₹12,49 lakh |
| 5 | Tata Curvv.ev | Starts at ₹17,49 lakh |
Tata has an ambitious EV expansion plan and is preparing to introduce several electric vehicles, such as the Avinya, Harrier EV, Sierra EV, Safari EV, Altroz EV, etc in 2025.
The company sold 21,464 electric four-wheelers in 2024, a substantial increase from the 9,523 units sold in PY 2023. Its YoY growth currently stands at 125.39%, with a market share of 21.75%.
MG Motors made its foray into the segment with the launch of the MG ZS EV in the year 2020. The company has significantly grown since the launch of the ZS EV and has managed to solidify its position in the market leaderboard.
At the moment, MG has been actively expanding its electric vehicle portfolio in India, aiming to offer a diverse range of options to cater to varying consumer needs
MG Motors has teased upcoming EVs like the MG Cyberster, MG Cloud EV, and MG 4 EV and also plans to introduce a luxury car brand named ‘MG Select’ to cater to the premium car segment with models that push the boundaries of performance and design.
| Serial No. | Name of the Car | Price (₹) |
|---|
| 1 | MG Comet EV | Starts from 6,99,000 |
| 2 | MG Windsor EV | Starts from 14,49,800 |
| 3 | MG ZS EV | Starts from 18,98,000 |
The company reported an increase in retail sales, with an annual sales figure of 7,104 units in 2024 compared to 4,269 units in the previous year. This results in a YoY growth of 66.42% with a market shareholding of 7.2%.
Mahindra’s official EV journey began in 2010 when it acquired the startup that launched India’s first electric car, the Reva.
Following that, Mahindra rebranded the Reva Electric Car Company as Mahindra Electric Mobility Limited, which helped develop the company’s EV plan.
This acquisition helped Mahindra establish itself as a pioneer in innovation as well as gain a competitive edge in a new segment, at a time when electric mobility was not yet widely known.
Mahindra Electric, since then has been developing a diverse range of electric vehicles to enhance electric mobility in the country. It has also taken extra efforts by producing as well as investing to create a complete EV ecosystem in the country.
Mahindra Electric’s current EV portfolio is centered around the XUV400 EV. However, the company plans to significantly expand its EV portfolio over the next two years, with exciting additions to its XEV and BE series, like the XUV 9e, BE 6, Electric Thar, Mahindra EKUV 100, etc.
The company sold 2,819 electric four-wheelers in 2024, a slight increase from the 2,012 units sold in 2023. Its year-on-year growth stands at 40.05%, with a market share of 2.86%.
It started its automotive operations in India in 2016, first supplying batteries and then bus chassis. The company then also started assembling electric passenger vehicles through a semi-knockdown arrangement at its facility in Sriperumbudur, Tamil Nadu in 2022.
BYD’s focus on modern technology, safety, and sustainability makes it an emerging player in India’s growing EV landscape.
BYD continues to enhance its market share in India by offering a wide variety of electric vehicles such as the BYD e6, Atto 3, Seal, and eMAX 7, that are suited to meet the changing needs of the consumers.
BYD has an ambitious EV expansion plan and is preparing to introduce several electric vehicles in 2025. It intends to launch various models, like the Seagull, the Sealion, the Seal U, etc by the end of this year.
| Sr No | Name of the Model | Price |
| 1 | BYD Atto 3 | Starts at 24.99 lakh |
| 2 | BYD Seal | Starts at 41 lakh |
Citroën’s electric vehicle portfolio in India is currently focused around the eC3 only, an all-electric hatchback unveiled in January 2023.
The Citroen eC3 has established itself as a popular as well as an affordable electric car option in the country, drawing in consumers looking out for a convenient way to EV ownership on a tight budget.
The eC3 is currently available in different variant options, the base version is available with a starting price of Rs. 12.76 lakh which goes up to Rs. 13.41 lakh.
In addition to domestic sales, Citroen has been actively selling the eC3 in foreign markets. It achieved a huge milestone in April 2024, when it officially began exporting the eC3 to Indonesia, becoming the first company to export EVs from India.
Citroen intends to launch the Basalt EV around November 2025, with an anticipated price of Rs 14 lakh that ranges up to 17 lakh based on the variant.
Citroen is gearing up to strengthen its presence in the Indian EV market with the upcoming launch of the Basalt EV. With its extensive feature list and much more affordable pricing, the Basalt EV might help Citroen establish itself and gain a sizable share in India’s growing EV market.
BMW is also one of the leading EV manufacturers in India, renowned for its high-performance, advanced tech, and innovative design. BMW started off making premium vehicles before expanding into more affordable ones. Over the years, it has acquired many automotive brands, including Mini and Rolls-Royce.
BMW made its debut in the Indian EV Car Market in 2013, with the introduction of its fully electric model, the BMW i3.
BMW India has been significantly growing its EV portfolio to meet to the growing demand for premium EVs in the country. It includes the BMW iX, BMW iX1, BMW i4, BMW iX5 and the BMW iX7.
In addition to these models, BMW’s subsidiary MINI, offers the EV Countryman Electric and Mini SE, further expanding the group’s EV offerings in the country.
BMW plans to expand its electric portfolio to over a dozen models including two-wheelers, in the upcoming years. Additionally, it plans to introduce an all-electric neue klasse, BMW X3, and BMW 2 series as well.
| Sr No | Models | Price |
|---|
| 1 | BMW iX1 xDrive30 | Starts from ₹ 66.90 Lakh |
| 2 | BMW i4 | Starts from ₹ 72,50,000 |
| 3 | BMW i5 M60 xDrive | Starts from ₹ 1,19,50,000 |
| 4 | BMW iX xDrive50 | Starts from ₹ 1,39,50,000 |
| 5 | BMW i7 | Starts from ₹ 2,03,00,000 |
| 6 | BMW i7 M70 xDrive | Starts from ₹ 2,50,00,000 |
In conclusion, the brand is gearing up to strengthen its presence in the Indian EV market with these upcoming launches.
It sold 920 electric four-wheelers in 2024, a decrease from the 1,608 units sold in the previous year 2023. Its year-on-year growth now stands at -42.79%, with a market share of just 0.93%.
Hyundai made its debut in the Indian EV market with the Kona Electric in 2019, establishing itself as a pioneer in the segment. Since then, the company has expanded its portfolio and intends to launch a wider range of EVs to cater to various customer needs.
Hyundai introduced its flagship EV, the Ioniq 5 in India in 2023. This model is a combination of advanced tech, great specs, and great charging capability, appealing to a premium consumer base.
Following the discontinuation of the Kona Electric earlier this year, the Ioniq 5 is currently the only electric car available for purchase in India.
Although, Hyundai is gearing up for the launch of the Creta EV, which is expected to be launched early next year, targeting the popular mid-size SUV segment.
Apart from the Creta EV, Hyundai is anticipated to launch the second generation Hyundai Kona Electric 2024 by next year and more models from the IONIQ family, such as the IONIQ 6, in the coming years.
Hyundai’s plans reflect its commitment to actively contribute to the development of a robust electric ecosystem in India.
Mercedes-Benz reported a substantial increase in retail sales in 2024, with sales figures rising to 940 units compared to 516 units in 2023, reflecting a YoY growth of 82.17% and an overall market shareholding of just 0.95%
Mercedes Benz made its debut in the Indian EV Car Market, with the introduction of it’s fully electric model, the EQS 580 in 2022.
Mercedes-Benz aims to position itself as one of the major players and solidify its position in the Indian EV market with a growing portfolio of luxury EVs.
It has been actively expanding its EV portfolio in India, including models like the EQA SUV, EQB SUV, EQE SUV, EQS SUV, and the ultra-luxurious EQS limousine.
Mercedes-Benz aims to increase the accessibility of luxury electric mobility in the country by offering competitive ranges, high-end technology, and an emphasis on domestic manufacturing.
Mercedes-Benz intends to launch the Electric G class SUV ie EQG SUV in this year.
Volvo Auto made its foray into the Indian EV market with the launch of its first full EV, the Volvo XC40 Recharge P8 in 2019.
Volvo’s mainly focuses on the premium Indian EV segment currently, competing with high-end brands like Mercedes-Benz, BMW, and Audi. Volvo Auto India is renowned for its unique design, cutting-edge technology, advanced specs, and safety features.
At the moment, Volvo offers only electric vehicles catering to the high-end luxury segment but it plans to expand its electric vehicle portfolio in India aiming to offer a diverse range of options.
Volvo’s current EV portfolio includes the C40 Recharge, EX40, and XC40 Recharge, both of them assembled in the country itself to enhance affordability and improve accessibility for consumers.
Volvo intends to introduce two new electric SUVs, the EX30 and EX90, in addition to its current line-up by the end of 2025.
The Kia EV6 was introduced in June 2022, marking the start of Kia’s EV journey in India. It was positioned as a high-end product and served as a showcase of the brand’s technology. The second electric car offering in their EV portfolio is the Kia EV9.
With an emphasis on performance, luxury, and advanced technology, both EVs assisted Kia in becoming an important player in the Indian EV market.
After serving the premium segment, Kia has now revealed its plans to compete in the affordable EV segment and target a wider audience base. It is anticipated to launch a mass-market EV, the Kia EV3 in 2025.
This launch would help Kia solidify its position in the EV market, catering to the various customer needs, like high performance, advanced features, and impressive range.
The expansion of Kia’s EV portfolio helps it establish itself as a key player as well as aids in remaining at the forefront in the country’s transition to electric mobility.
Kia intends to introduce the Carens EV, in addition to its current line-up by the end of 2025.
India’s EV market is witnessing a shift as competition in the segment gets more fierce, particularly in the Electric 4W segment. Tata Motors, which dominated the segment until now, is currently facing strong competition from emerging players like MG Motors, Mahindra & Mahindra, and BYD in the Indian E4W market.
In conclusion, 2024 has been a great year for electric vehicles and this article covers the top 10 electric car companies of the year by market share.
Based on the sales of EVs in 2024, the numbers in 2025 are expected to be significantly higher. It will be interesting to see how even car manufacturers manage to pull more consumers.
With the number of upcoming launches of EV models like Hyundai Creta EV, Tata Harrier EV, Maruti Suzuki e-Vitara, and Mahindra XEV 9e, etc lined up, the chart of EV sales is expected to skyrocket in the upcoming year and is anticipated to contribute significantly to the growth of electric mobility in 2025 in India.
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