Electric Vehicle Market - India
Market Statistics
Base Year: 2023
Historical Years: 2018-2023
Forecast Years: 2024-2032
Market Growth Rate: 60.2% (2024-2032)
The market report offers a comprehensive analysis of the segments, highlighting those with the largest India electric vehicle market share. It includes forecasts for the period 2024-2032 and historical data from 2018-2023 for the following segments. According to the latest report by IMARC Group, the market size reached US$ 1,327.8 Million in 2023. Looking forward, IMARC Group expects the market to reach US$ 102,610.8 Million by 2032, exhibiting a growth rate (CAGR) of 60.2% during 2024-2032.
India Electric Vehicle Market Trends and Drivers:
The Indian electric vehicle market is rapidly evolving due to strong government support for cleaner energy, which is evident in various subsidies and incentives for both EV manufacturers and consumers. The growing popularity of electric two- and four-wheelers is driven by rising income levels and increasing urbanization, boosting demand for personal mobility solutions. Additionally, the expansion of shared mobility services and the rising use of ride-hailing platforms like Ola and Uber, which are incorporating more electric vehicles into their fleets, are further fueling market growth. The development of charging infrastructure, supported by investments from both the government and the private sector, is also making EVs more accessible and convenient to use.
Technological advancements and innovation play an important role in the expansion of the India electric vehicle market. Furthermore, the development of highly efficient battery technologies, leading to extended range and reduced charging times, is making EVs appealing to consumers. In addition, the integration of smart features and connectivity in electric vehicles is enhancing the user experience and driving consumer interest.
The market is also witnessing increased investments from global automakers and technology companies, which are establishing manufacturing bases and research facilities in the country. Apart from this, public awareness campaigns about the environmental benefits of electric vehicles and the long-term cost savings are contributing to a positive shift in consumer perception, which is anticipated to drive the India electric vehicle market in the coming years.
Request for a PDF sample of this report: https://www.imarcgroup.com/india-electric-vehicle-market/requestsample
India Electric Vehicle Market Segmentation:
Breakup by Vehicle type:
- Passenger Vehicles
- Commercial Vehicles
- Others
Breakup by Price Category:
- Mid-Range
- High/Luxury Range
Breakup by Propulsion Type:
- Battery Electric Vehicle
- Hybrid Electric Vehicle
- Plug-In Hybrid Electric Vehicle
Breakup by Region:
- North India
- West and Central India
- South India
- East India
Competitive Landscape:
The report has also provided a comprehensive analysis of the competitive landscape of the industry has also been examined, with some of the top India electric vehicle companies covered in the report including:
- Ampere Vehicles Private Limited (Greaves Cotton Limited)
- Ather Energy Pvt Ltd
- Atul Auto Limited
- Bajaj Auto Limited (Bajaj Group)
- Electrotherm (India) Ltd.
- Hero Electric (Hero Eco Group)
- Hyundai Motor India Limited (Hyundai Motor Company)
- JBM Auto Limited
- Mahindra Electric Mobility Limited (Mahindra & Mahindra Ltd)
- MG Motor India Pvt Ltd (SAIC Motor Corporation Limited)
- Okinawa Autotech Pvt Ltd
- Olectra Greentech Ltd.
- Piaggio Vehicles Pvt. Ltd. (PIAGGIO & C. SPA)
- Tata Motors Limited (Tata Group)
- TVS Motor Company (Sundaram - Clayton Limited)
- VE Commercial Vehicles Limited
Ask Analyst for Customization and Explore Full Report with TOC & List of Figures: https://www.imarcgroup.com/request?type=report&id=5074&flag=C
Key Highlights of the Report:
• Market Performance (2018-2023)
• Market Outlook (2024-2032)
• Market Trends
• Market Drivers and Success Factors
• Impact of COVID-19
• Value Chain Analysis
• Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
About Us:
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
Contact US:
IMARC Group
134 N 4th St. Brooklyn, NY 11249, USA
Email: sales@imarcgroup.com
Tel No:(D) +91 120 433 0800
United States: +1-631-791-1145
