EV Commercial Market
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5 MIN READ
India’s commercial EV market: Who’s leading the last-mile revolution?
India’s commercial EV market is shifting fast. Fleet operators are electrifying their vehicles at scale, and the September 2025 registration numbers reveal exactly which OEMs are winning the last-mile logistics battle. From electric two-wheelers buzzing through city streets to four-wheeled e-goods carriers scaling up deliveries, it’s clear: electric mobility is no longer the future – it’s happening now.
Electric three-wheelers: The backbone of Urban Logistics
Three-wheelers continue to be the backbone of India’s last-mile delivery network. In September 2025, registrations showed a strong mix of L5 goods vehicles and e-carts, with more buyers choosing electric options.
- Total 3W cargo registrations: 8,465 units (2,434 L5 goods + 6,031 e-carts)
- Top OEMs: Mahindra Last Mile Mobility, Bajaj Auto, Omega Seiki for L5 goods; YC Electric and Dilli Electric lead in e-carts
- Representative models: Mahindra Treo Zor, Mahindra e-Alfa Cargo, Piaggio Ape E-Xtra FX, Euler HiLoad EV
Electric 3Ws are proving themselves as reliable, cost-effective fleet vehicles for urban deliveries. EV penetration in L5 goods is already at 25.5% YoY, signaling that fleets are increasingly confident in electric duty cycles.
Two-Wheelers: Backbone of 10 min delivery
High-speed electric two-wheelers serve as the best proxy for delivery fleets.
- Units registered (Sep 2025): 1,04,124
- Top OEMs: TVS Motor, Bajaj Auto, Ather Energy
- EV penetration: 8.1%
- Notes: TVS and Bajaj have consistently led registrations across multiple months in 2025, indicating strong adoption in urban delivery fleets
E2Ws dominate last-mile logistics in metros and tier-1 corridors, providing reliable uptime and low total cost of ownership for fleet operators.
Four-wheel E-Goods carriers: Tata Motors takes the lead
Electric 4W light commercial vehicles (e-LCVs) are also on the rise, with fleet operators scaling up deliveries using Tata’s reliable lineup.
- Units registered (Sep 2025): 1,208
- Top OEMs: Tata Motors (>49% market share), followed by Mahindra LM Mobility and Switch Mobility
- Representative models: Tata Ace EV, Mahindra e-Supro Cargo, Switch Mobility IeV4
- YTD context: From January to July 2025, e-LCVs made up 62% of all electric CV sales (4,403 units), underlining sustained momentum
Tata’s share grew from 34% in August to over 49% in September, reflecting growing operator confidence and more model choices for fleet deployments.
Why these OEMs are winning
The brands leading commercial EV adoption share a few key advantages:
- Products built for duty cycles: Vehicles are designed for intensive city operations.
- Cost efficiency: Operators see lower running and maintenance costs with EVs.
- Legacy trust: Mahindra, Tata, and Bajaj leverage decades of ICE logistics experience, smoothing the transition to electric fleets with strong sales and after-sales networks.
Representative models highlight this mix: from Mahindra Treo Zor and Piaggio Ape E-Xtra FX in the 3W cargo space, to Tata Ace EV and Switch IeV4 for 4W LCVs, these vehicles dominate last-mile logistics portfolios across India.
What this means for fleet operators and financiers
For fleet investors, OEM leadership is a guide to where utilization and demand are strongest:
- 4W e-goods carriers: Tata and Mahindra fleets capture the highest-adoption segments.
- 3W cargo: Mahindra and Bajaj provide reliable options for urban deliveries.
- 2W delivery: TVS and Bajaj fleets reduce risk while ensuring strong service networks and residual value.
Key takeaways
- Tata’s 4W e-goods carrier share jumped from 34% to >49% in just one month, showing rapid adoption.
- Mahindra/Bajaj dominate 3W cargo, while TVS/Bajaj/Ather lead in E2Ws, providing a stable brand core for fleet financing.
- These trends make it easier for operators and financiers to plan routes, select assets, and manage costs, all while contributing to cleaner urban logistics.
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