Middle East Oil Crisis Pushes India's EV Market Past Tipping Point

India's electric vehicle market grew 25% in fiscal 2026, crossing 5% penetration in passenger cars as a 50% crude oil price surge amid Middle East conflict intensifies adoption. The shift reflects pragmatism: India imports 90% of its oil, making price volatility a direct economic threat. Beyond passenger cars, electric three-wheelers now claim 30% market share and two-wheelers 15%, signaling momentum across segments.