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Report
India Electric Vehicle Market Report and Forecast 2024-2032
Market Report I 2024-04-16 I 179 Pages I EMR Inc.
India Electric Vehicle Market Report and Forecast 2024-2032
Market Outlook
According to the report by Expert Market Research (EMR), the India electric vehicle market size reached a value of USD 348.20 million in 2023. Aided by environmental concerns, government incentives, and technological advancements, the market is projected to further grow at a CAGR of 60.60% between 2024 and 2032 to reach a value of USD 24,747.69 million by 2032.
Electric vehicles, powered by electricity rather than traditional fossil fuels, represent a paradigm shift in automotive technology, offering cleaner, quieter, and more efficient mobility solutions. In India, the electric vehicle market is characterized by a diverse range of offerings, including electric cars, two-wheelers, three-wheelers, and commercial vehicles. With a growing emphasis on reducing vehicular emissions, combating air pollution, and curbing dependence on imported fossil fuels, electric vehicles emerge as a compelling alternative to conventional internal combustion engine vehicles.
As per the India electric vehicle market analysis, with India facing escalating environmental challenges such as air pollution, climate change, and resource depletion, there is a pressing need to transition towards cleaner and more sustainable modes of transportation. Electric vehicles offer zero tailpipe emissions, reducing air pollution and greenhouse gas emissions, and mitigating the adverse impacts of vehicular pollution on public health and the environment.
As per the India electric vehicle market outlook, the Government of India, cognizant of the potential of electric vehicles to address energy security, environmental sustainability, and economic development, has introduced various policy measures and incentives to promote electric mobility. Schemes such as the Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME) India scheme, subsidies on electric vehicle purchase, and tax incentives for electric vehicle manufacturers incentivise adoption and spur market growth.
Rapid advancements in battery technology, electric drivetrains, and charging infrastructure enhance the performance, range, and affordability of electric vehicles, making them increasingly attractive to consumers which fuels the India electric vehicle market growth. Innovations such as lithium-ion batteries, regenerative braking systems, and fast-charging stations address key challenges such as range anxiety, charging time, and upfront costs, driving widespread adoption of electric vehicles across India.
As the cost of battery production declines and economies of scale are realised in electric vehicle manufacturing, the total cost of ownership of electric vehicles becomes increasingly competitive with conventional internal combustion engine vehicles which can propel the India electric vehicle market expansion. Lower operating costs, reduced maintenance expenses, and government subsidies offset the initial purchase price premium of electric vehicles, making them a cost-effective choice for consumers and fleet operators.
In congested urban areas characterized by traffic congestion, air pollution, and limited parking space, electric vehicles offer a sustainable solution to address mobility challenges. Electric two-wheelers, three-wheelers, and shared mobility services such as electric rickshaws, e-scooters, and e-bikes provide affordable, efficient, and environmentally friendly transportation options, easing congestion, reducing travel times, and enhancing urban liveability.
The deployment of electric vehicle charging infrastructure in the electric vehicle market in India, including public charging stations, fast-charging networks, and home charging solutions, accelerates to support of the growing electric vehicle fleet across India. Public-private partnerships, investments in smart grid technologies, and interoperable charging standards facilitate widespread adoption and convenience for electric vehicle owners.
Battery swapping stations and energy storage solutions offer alternative charging options for electric vehicles, addressing challenges related to charging time, infrastructure availability, and range anxiety which can boost India electric vehicle market share. Battery swapping enables rapid battery exchange at dedicated stations, extending electric vehicle range and enhancing flexibility for long-distance travel and commercial applications.
Market Segmentation
The market can be divided based on platform, propulsion type, vehicle type, and region.
Market Breakup by Platform
- Two Wheeler
- Three Wheeler
- Four Wheeler
Market Breakup by Propulsion Type
- Battery Electric Vehicle
- Hybrid Electric Vehicle
Market Breakup by Vehicle Type
- Passenger Cars
- Commercial Vehicles
Market Breakup by Region
- North India
- East India
- West India
- South India
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the India electric vehicle market. Some of the major players explored in the report by Expert Market Research are as follows:
- Tata Motors Limited
- BMW AG
- Mahindra & Mahindra Limited
- MG Motor India Pvt. Ltd.
- ANI Technologies Pvt Ltd.
- Hyundai Motor India
- Piaggio Vehicles Private Limited
- Kinetic Green Energy & Power Solutions Ltd.
- TVS Motor Company
- Bajaj Auto Ltd
- Others
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*We at Expert Market Research always strive to provide you with the latest information. The numbers in the article are only indicative and may be different from the actual report.
1 Preface
2 Report Coverage - Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
7 Opportunities and Challenges in the Market
8 Asia Pacific Electric Vehicle Market Overview
8.1 Key Industry Highlights
8.2 Asia Pacific Electric Vehicle Historical Market (2018-2023)
8.3 Asia Pacific Electric Vehicle Market Forecast (2024-2032)
8.4 Asia Pacific Electric Vehicle Market Share by Region
8.4.1 China
8.4.2 Japan
8.4.3 India
8.4.4 ASEAN
8.4.5 Australia
8.4.6 Others
9 India Electric Vehicle Market Overview
9.1 Key Industry Highlights
9.2 India Electric Vehicle Historical Market (2018-2023)
9.3 India Electric Vehicle Market Forecast (2024-2032)
10 India Electric Vehicle Market by Platform
10.1 Two Wheeler
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Three Wheeler
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.3 Four Wheeler
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
11 India Electric Vehicle Market by Propulsion Type
11.1 Battery Electric Vehicle
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Hybrid Electric Vehicle
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
12 India Electric Vehicle Market by Vehicle Type
12.1 Passenger Cars
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Commercial Vehicles
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
13 India Electric Vehicle Market by Region
13.1 North India
13.1.1 Historical Trend (2018-2023)
13.1.2 Forecast Trend (2024-2032)
13.2 East India
13.2.1 Historical Trend (2018-2023)
13.2.2 Forecast Trend (2024-2032)
13.3 West India
13.3.1 Historical Trend (2018-2023)
13.3.2 Forecast Trend (2024-2032)
13.4 South India
13.4.1 Historical Trend (2018-2023)
13.4.2 Forecast Trend (2024-2032)
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter's Five Forces Analysis
14.2.1 Supplier's Power
14.2.2 Buyer's Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Competitive Landscape
15.1 Market Structure
15.2 Company Profiles
15.2.1 Tata Motors Limited
15.2.1.1 Company Overview
15.2.1.2 Product Portfolio
15.2.1.3 Demographic Reach and Achievements
15.2.1.4 Certifications
15.2.2 BMW AG
15.2.2.1 Company Overview
15.2.2.2 Product Portfolio
15.2.2.3 Demographic Reach and Achievements
15.2.2.4 Certifications
15.2.3 Mahindra & Mahindra Limited
15.2.3.1 Company Overview
15.2.3.2 Product Portfolio
15.2.3.3 Demographic Reach and Achievements
15.2.3.4 Certifications
15.2.4 MG Motor India Pvt. Ltd.
15.2.4.1 Company Overview
15.2.4.2 Product Portfolio
15.2.4.3 Demographic Reach and Achievements
15.2.4.4 Certifications
15.2.5 ANI Technologies Pvt Ltd.
15.2.5.1 Company Overview
15.2.5.2 Product Portfolio
15.2.5.3 Demographic Reach and Achievements
15.2.5.4 Certifications
15.2.6 Hyundai Motor India
15.2.6.1 Company Overview
15.2.6.2 Product Portfolio
15.2.6.3 Demographic Reach and Achievements
15.2.6.4 Certifications
15.2.7 Piaggio Vehicles Private Limited
15.2.7.1 Company Overview
15.2.7.2 Product Portfolio
15.2.7.3 Demographic Reach and Achievements
15.2.7.4 Certifications
15.2.8 Kinetic Green Energy & Power Solutions Ltd.
15.2.8.1 Company Overview
15.2.8.2 Product Portfolio
15.2.8.3 Demographic Reach and Achievements
15.2.8.4 Certifications
15.2.9 TVS Motor Company
15.2.9.1 Company Overview
15.2.9.2 Product Portfolio
15.2.9.3 Demographic Reach and Achievements
15.2.9.4 Certifications
15.2.10 Bajaj Auto Ltd
15.2.10.1 Company Overview
15.2.10.2 Product Portfolio
15.2.10.3 Demographic Reach and Achievements
15.2.10.4 Certifications
15.2.11 Others
16 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Asia Pacific Electric Vehicle Market: Key Industry Highlights, 2018 and 2032
2. India Electric Vehicle Market: Key Industry Highlights, 2018 and 2032
3. India Electric Vehicle Historical Market: Breakup by Platform (USD Billion), 2018-2023
4. India Electric Vehicle Market Forecast: Breakup by Platform (USD Billion), 2024-2032
5. India Electric Vehicle Historical Market: Breakup by Propulsion Type (USD Billion), 2018-2023
6. India Electric Vehicle Market Forecast: Breakup by Propulsion Type (USD Billion), 2024-2032
7. India Electric Vehicle Historical Market: Breakup by Vehicle Type (USD Billion), 2018-2023
8. India Electric Vehicle Market Forecast: Breakup by Vehicle Type (USD Billion), 2024-2032
9. India Electric Vehicle Historical Market: Breakup by Region (USD Billion), 2018-2023
10. India Electric Vehicle Market Forecast: Breakup by Region (USD Billion), 2024-2032
11. India Electric Vehicle Market Structure
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