MG slips to 18.8% as Tata, Mahindra tighten grip on India EV market
India's electric PV market grew 79% YoY in May 2026 to 26,373 units. Tata expanded to 38.9% (from 34.5%) and Mahindra to 23.3% (from 21.4%), while MG halved to 18.8% from 31.2%. Maruti (6%) and VinFast (4.7%) entered as fresh challengers.
What happened
JSW MG Motor India · India's electric PV market grew 79% YoY in May 2026 to 26,373 units, with Tata (38.9%) and Mahindra (23.3%) gaining share while MG slipped
Key facts
- MG share 18.8% vs 31.2%
- Tata 38.9% vs 34.5%
- Mahindra 23.3% vs 21.4%
- EV PV registrations 26,373 units, +79% YoY
- Maruti 6% share, 1,580 units
- VinFast 4.7%, 1,230 units
Why this matters
The 79% YoY market expansion alongside MG's freefall and fresh entrants (Maruti, VinFast) opens a window for partnership, distribution, or tuck-in M&A targeting weakening mid-tier OEMs and their supplier ecosystems.