Euler Motors Becomes India’s No. 2 Electric 4W Cargo Player, with ~25% market share

Key Highlights

• Euler Motors now holds nearly 25% of India's electric 4W cargo market.

• Electric penetration in the segment rose from 1% to about 5%.

• Euler sold around 6,500 four-wheeler electric cargo vehicles.

• Palwal facility can produce up to 24,000 vehicles annually.

• Company expects electric penetration to reach 15-20%.

Euler Motors has emerged as India’s second-largest electric four-wheeler cargo player, with its market share rising from below 2% to nearly 25% in the segment. The company announced the milestone on October 5, 2026, as its Turbo EV 1000 completed one year in the market.

The company’s growth has been driven by its two electric four-wheeler cargo products - the Euler Storm EV and Euler Turbo EV 1000. Together, these vehicles have helped Euler increase its sales from around 50 vehicles per month in early 2025 to nearly 1,000 units a month by September 2026.

Euler has sold around 6,500 electric four-wheeler cargo vehicles during this period, reflecting the rapid rise in demand for electric commercial vehicles.

Electric Cargo Segment Sees Rapid Growth

The electric four-wheeler cargo segment has recorded strong growth, with the segment expanding 161% in FY26. More importantly, electric penetration has increased from nearly 1% to around 5% within a year.

This is currently the fastest increase in electric penetration among vehicle segments in India.

For several years, four-wheeler cargo operators largely depended on diesel vehicles because electric alternatives were typically 30% to 40% more expensive upfront for similar applications. Euler says that improving vehicle pricing and performance has helped narrow this gap.

The Storm EV, which comes with ADAS, and the Turbo EV 1000, a one-tonne electric truck, have given fleet operators electric options with upfront pricing closer to comparable diesel vehicles while offering lower running costs.

Euler Motors Strengthens Presence Across States

Euler Motors has established a strong position in Delhi, where it commands nearly 50% of the electric four-wheeler cargo market. The company is also expanding rapidly in other states. In Maharashtra, Euler holds around 25% market share, while electric penetration in the state's four-wheeler cargo segment has reached 8.7%. In Rajasthan, Euler's market share has reached around 32%, while electric penetration has crossed 11%. The company's growth is increasingly coming from Tier 2 and Tier 3 cities, rather than only major urban markets. Key markets showing increasing demand include Sikar in Rajasthan; Solapur, Satara and Sangli in Maharashtra; and Tiruppur, Salem and Tiruchirappalli in Tamil Nadu.

Sikar Shows Growing Demand for Electric Cargo Vehicles

Sikar in Rajasthan is an example of how demand is developing in smaller cities. Within just three months of opening, Euler's dealer in Sikar reached sales of around 40 vehicles per month. Demand has been particularly strong from businesses involved in dairy and milk distribution, gas cylinders, FMCG and water transportation. This growing demand from smaller commercial fleets highlights the increasing acceptance of electric cargo vehicles beyond India's largest cities.

Euler Motors Invests in Production and R&D

To meet rising demand, Euler Motors has increased its production capacity. The company's four-wheeler manufacturing facility in Palwal, Haryana, has been developed with an investment of ₹100 crore and can produce up to 24,000 vehicles annually.

Euler has also established a new research and development unit and is evaluating the possibility of setting up another manufacturing facility as demand continues to grow.

Euler Expects Electric Penetration to Reach 15-20%

Saurav Kumar, Founder and CEO of Euler Motors, said the four-wheeler cargo market remained dependent on diesel because electric vehicles had not previously offered the right combination of affordability and performance. He said Euler spent four years working on the segment, including the first two years on research, development and validation, before putting its product on the road.

According to Kumar, the increase in repeat purchases, including operators returning for their second and third electric vehicles, is an important indicator of customer acceptance. He also highlighted the expansion of demand from Delhi to Rajasthan, Maharashtra and Tamil Nadu, particularly in Tier 2 and Tier 3 markets.

With electric penetration still at an early stage, Euler Motors expects the share of electric vehicles in the four-wheeler cargo segment to reach 15% to 20% in the near term.

Also Read: Olectra Greentech Appoints KC Vora as VP for Innovation and Strategic Partnerships

CMV360 Says

Euler Motors rise to India’s second-largest electric four-wheeler cargo player highlights the rapid shift towards electric commercial vehicles. With around 25% market share, nearly 6,500 vehicles sold and growing demand from smaller cities, the company is expanding beyond major urban markets. Its ₹100 crore Palwal facility and new R&D unit could support the next phase of growth as electric penetration moves towards the expected 15-20% level.