Last 1 Year of e-LCV Sales in India: Penetration Doubles; Euler Shows Standout Growth

Over the twelve months from September 2025 to August 2026, EV penetration in LCV registrations climbed from 2.88% to 5.91%. Tata Motors dominated sales, while Hero MotoCorp backed Euler Motors became the fastest-growing competitor.

Month-on-month, Euler has firmly held the second position in the market, maintaining a clear lead over rivals such as Mahindra Last Mile Mobility, Switch Mobility, and TIVOLT (Montra Electric).

Tata Motors remains the clear leader with roughly a 45% cumulative market share. Mahindra LMM, by contrast, has stayed essentially flat over the same period. This piece breaks down the sales numbers and which OEMs are actually converting the EV transition momentum into share, using 12 months of registration data across fuel type and OEM performance.

Month-on-month fuel-wise LCV sales

• A total of 643,470 LCVs were sold over the past year, with 3.46% EV penetration.

• Total e-LCV registrations rose from 1,214 units in September 2025 to 2,988 in August 2026.

• Diesel is the backbone of the industry, with a total of 482,699 units sold, about 75% of the 12-month total.

Month-on-month percentage EV penetration

• The EV Penetration graph of e-goods carriers showed steady growth momentum, especially starting in March 2026.

• From Sep-25 to Feb-26 the line oscillates with no direction. From Mar-26 onward a clean, uninterrupted climb from 3.37% to 5.91% is observed.

OEM-wise month-on-month e-LCV sales

• Top 3 OEMs secured ~85% of the market.

• Tata Motors remained the market leader with 9,963 (~45%) e-LCVs registered during the period.

• The standout performer was Euler Motors, whose volumes surged from 61 units in September 2025 to 869 units in August 2026, a fourteen-fold increase.

• Mahindra LMM maintained a steady presence, while Switch Mobility and Tivolt Electric continued contributing meaningful volumes, suggesting that fleet operators now have a wider range of competitive electric LCV offerings. The market is becoming increasingly diversified.

Also read: In 2026, India Records Increasing EV Penetration Across Vehicle Segments