According to Federation of Automobile Dealers Association (FADA) research data, Maruti Suzuki, VinFast and Tesla together registered 12,244 vehicles in the first half of calendar 2026, capturing 8.1 per cent share in the segment and 18 per cent of incremental registrations during the period.

Total e-PV registrations during January-June 2026 grew 81.6 percent year-on-year to 151,050 units from 83,190 units a year ago.

Maruti Suzuki registered 6,386 electric vehicles during the six-month period, giving it 4.2 per cent market share. VinFast came second with 5,622 registrations and 3.7 percent share, while Tesla registered 236 vehicles.

The newcomers gained momentum only in the second quarter of 2026. Maruti’s e-PV registrations increased from 1,460 units in the first quarter to 4,926 units in the second quarter, while Vinfast’s volumes increased from 1,630 to 3,992 units. The two companies together captured 10.3 percent of the e-PV market in the second quarter, up from 4.8 percent in the first quarter.

India Ratings & Research (Ind-Ra) expects new model launches to increase e-PV penetration to 6-8 per cent of passenger vehicle sales in FY2027 from 4.4 per cent in FY26. It added that the segment will remain dynamic, similar to the internal-combustion-engine vehicle market, with market share gains largely dependent on the success of new products. “India’s EV market continues to demonstrate healthy growth potential, with favorable ownership costs, improving use-case economics, wide range of vehicle offerings and growing consumer acceptance driving adoption,” said Shruti Sabu, Director, Corporates, Ind-Ra.

The entry of new players increased competition without displacing the market leader Tata Motors. The company retained a market share of around 38 per cent as the market witnessed broad-based growth in registrations, which grew 82 per cent year-on-year to 57,665 units in H12026.

Mahindra & Mahindra was the biggest gainer among established manufacturers. Registrations rose 146 percent to 33,982 units, increasing its market share from 16.6 percent to 22.5 percent, an increase of 5.9 percentage points.

Competitive pressure was more visible on JSW MG Motor. While registrations grew 18 percent to 31,741 units, growth lagged the overall market, causing its share to fall from 32.3 percent to 21 percent. Hyundai’s share declined to 1.8 percent from 5.1 percent as registrations fell 36.5 percent to 2,718 units.

As a result, the combined market share of the three largest manufacturers declined to 81.7 percent in H12026 from 87 percent a year ago, indicating a broader competitive landscape.

A Mumbai-based automobile analyst said, “The data shows that new entrants are expanding the electric passenger-vehicle market rather than simply taking volumes from existing players. The entry of manufacturers with a wider product range and established brands and distribution networks is attracting more mainstream buyers in the sector.”

“At the same time, the decline in the combined share of the top three suggests that competition will increasingly be determined by product execution, pricing and after-sales support,” the analyst said.

As the half progressed, development accelerated. FADA Research data shows e-PV registrations increased 68 percent year-on-year to 64,361 units in the first quarter and 93.2 percent to 86,689 units in the second quarter. Registrations more than doubled in June to 31,823 units, the highest monthly volume during the period.