According to Vahan data accessed at 8.30 am on March 2, registrations increased to 13,185 units in February 2026 from 8,787 units in the year-ago period.
Tata Motors leads
Tata Motors continued to lead the e4w segment, posting about 50 per cent growth and commanding close to 40 per cent market share.
Volume for JSW MG declines
Second-placed JSW MG saw volumes decline by 5 per cent, with its market share falling sharply to 24.65 per cent from 39.15 per cent a year earlier, the data showed.
Mahindra Electric strengthened its position with a 21 per cent market share and is rapidly closing the gap with JSW MG in terms of volumes.
Vietnam’s VinFast and South Korea’s Hyundai ranked fourth and fifth, respectively.
VinFast began registrations for its VF6 and VF7 models in September last year, while Maruti Suzuki entered the segment in November with eVitara. Maruti’s volumes have since grown at a faster pace and it is expected to break into the top five soon.
In February 2025, both VinFast and Maruti had no presence in the e4w segment. A year later, both are steadily gaining ground.
Within four months of starting production at its Thoothukudi facility, VinFast has become the fourth-largest e4w player, behind Tata (Nexon, Punch and Tiago), Mahindra (XUV400 EV, XUV 9e and BE 6) and JSW MG (Windsor and Comet)
The 50 per cent year-on-year registrations growth in February 2026 highlights strong underlying traction in electric PV adoption, supported by a steady pipeline of new launches and wider OEM participation. These introductions are progressively addressing gaps in range, features, and pricing, improving the overall consumer proposition, said Poonam Upadhyay , Director, Crisil Ratings.
However, the expansion in offerings remains skewed towards the mid-premium SUV segment, rather than being evenly distributed across price bands. At the same time, the segment continues to operate on a low base relative to the overall PV industry, leaving significant headroom for growth. While momentum remains healthy, a more broad-based acceleration in adoption will depend on deeper penetration in the mass segment, where affordability remains the key constraint, she added.
Published on March 2, 2026