India’s electric vehicle market witnessed stronger demand in May as rising petrol and diesel prices encouraged consumers to shift towards EVs. Reports by Nomura and HSBC highlighted increased penetration across passenger vehicles and electric two-wheelers.
New Delhi: India's electric vehicle (EV) market registered an increase in demand during May this year, as higher fuel prices pushed more buyers towards battery-powered alternatives, according to reports by Nomura and HSBC.
According to Nomura, EV sales in May reached 6.4 per cent of passenger vehicle sales, compared with 4 per cent in FY26, while electric two-wheelers accounted for 8.9 per cent of sales, up from around 6.5 per cent last year. The brokerage said that demand sentiment shifted more towards EVs which is continuing to gain traction.
Similarly, an HSBC report said, "The recent hikes in fuel prices has led to customer demand to incline towards purchasing an electric vehicle." The brokerage estimated electric two-wheeler penetration at 9.3 per cent and electric passenger vehicle penetration at 6.6 per cent in May.
Tata Motors Sees Strong Growth In EV Segment
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