VinFast to erickshaw startups: New entrants reshape Indian EV landscape

India’s electric vehicle (EV) market is growing quickly, with many new companies entering the industry. The number of new vehicle makers rose from 350 to 480 in 2025–26, mainly because of government support, better infrastructure, and rising fuel costs.

Most of the new entrants focus on EVs, especially in two-wheelers and e-rickshaws. Companies such as VinFast, Tesla, and newer Indian firms are gaining attention and increasing sales.

However, experts believe many of these new businesses may struggle to survive in the long term. Strong brands, investment, distribution networks, and government policies will play an important role. The industry is expected to see consolidation over the next few years, with only a smaller number of successful companies remaining.

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