Electric vehicle (EV) sales in India saw strong momentum in January 2025, rising by 19.4 percent month-on-month and 17.1 percent year-on-year to reach 1,69,931 units. India’s EV market is poised for sustained expansion. According to Fortune Business Insights, the EV market is projected to grow from $3.21 billion in 2022 to $113.99 billion by 2029, implying a remarkable CAGR of 66.52 percent.
India’s EV battery market is projected to grow from $16.77 billion in 2023 to $27.70 billion by 2028. Similarly, the EV finance sector is expected to grow significantly, with estimates from NITI Aayog and the Rocky Mountain Institute (RMI) suggesting it could reach Rs. 3.7 lakh crore by 2030.
On a state level, Goa leads in EV adoption, with 14.2 percent of all new vehicle registrations in 2025 being electric. Tripura and Chandigarh follow closely, while Delhi continues to show strong progress with a 10.72 percent EV penetration rate.
Globally, the EV market was valued at $255.54 billion in 2023 and is projected to skyrocket to nearly $2.11 trillion by 2033, growing at a CAGR of 23.42 percent from 2024 to 2033.
India is playing a vital role in this global shift, with Battery Electric Vehicle (BEV) production expected to almost triple—from 1.3 lakh units in 2024 to 3.77 lakh units in 2025. This growth will be driven by major launches from automakers like Maruti Suzuki, Hyundai, Mahindra & Mahindra, Tata Motors, and JSW MG Motor, which together are expected to capture a 6.6 percent share of the EV market.
Following are a few EV stocks to watch as India’s EV market is expected to reach ~$114 billion by 2029 and grow at a CAGR of 66.5 percent:
Ather Energy Limited
With a market cap of Rs. 12,321 crores, the stock surged by around 1.5 percent on BSE to Rs. 336.55 on Monday. In 2023, Ather Energy raised Rs. 600 crore ($71 million) from the National Investment and Infrastructure Fund, boosting its valuation to $1.3 billion, and earning the title of India’s fourth unicorn of the year.
As of FY25, the company holds an 11.4 percent share in the country’s electric two-wheeler (E2W) market. Ather operates through three core business models: large-scale manufacturing of its own intermediates and specialty chemicals; contract research and manufacturing services (CRAMS); and contract or exclusive manufacturing for other companies.
Tata Motors Limited
With a market cap of Rs. 2.53 lakh crores, the stock surged by around 1 percent on BSE to Rs. 690.95 on Monday. Tata Motors, a leading global automobile manufacturer, is working aggressively to strengthen its position in the electric vehicle (EV) space. The company aims to achieve 30-40 percent of its total sales from EVs by FY30 and plans to invest ~Rs. 18,000 crore to build an ecosystem for its EV business. The company is engaged in offering a wide and diverse portfolio of cars, sports utility vehicles, trucks, buses and defence vehicles to the world.
In the Entry segment (vehicles priced below Rs. 12 lakh), the company commands over 75 percent market share with popular models like the Tiago EV and Punch EV. Tata is focused on narrowing the price gap between EVs and internal combustion engine (ICE) vehicles, while also improving driving range.
In the Mid segment (Rs. 12–20 lakh), competition is heating up, and Tata currently holds a market share of around 30–33 percent. The company is planning targeted short- and mid-term strategies to strengthen its foothold and stay ahead in this highly competitive space.
Amara Raja Energy & Mobility Limited
With a market cap of Rs. 17,700 crores, the stock surged by around 1 percent on BSE to Rs. 974.8 on Monday. Amara Raja encompasses a diverse range of solutions and products, which include energy storage solutions, Lithium-ion cell manufacturing, EV chargers, Li-ion battery pack assembly, automotive and industrial lubricants, and exploration of new chemistries, among others. The company is one of the largest manufacturers of lead-acid batteries for both industrial and automotive applications in the Indian storage battery industry.
HBL Engineering Limited
With a market cap of Rs. 16,461 crores, the stock surged by around 1.5 percent on BSE to Rs. 600 on Monday. HBL Engineering Limited, previously known as HBL Power Systems Limited, comprises manufacturing different types of batteries, including lead acid, ni-cad, silver-zinc, lithium and railway & defence electronics and other products. The company is also engaged in service activities related to the above products.
Tata Power Company Limited
With a market cap of Rs. 1.29 lakh crores, the stock moved down by around 1 percent on BSE to Rs. 404.55 on Monday. Tata Power Company Limited, India’s largest vertically integrated power company, is primarily involved in the business of the generation, transmission and distribution of electricity. As of May 2025, the company has installed 5,488 Public EV charging points across 600+ cities and towns.
Written by Shivani Singh
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