India Electric Vehicle Market (2024-2030) | Revenue, Analysis, Trends, Value, Size, Growth, Share, Industry, Companies & Forecast

Topics Covered in the India Electric Vehicle Market

India Electric Vehicle Market report thoroughly covers the market by propulsion, by vehicle drive type, and by vehicle top speed. The market outlook report provides an unbiased and detailed analysis of the ongoing market trends, opportunities/high growth areas, and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.

India Electric Vehicle Market Synopsis

India Electric Vehicle Market is estimated to register sound growth owing to various growing factors like increasing adoption of electric two-wheelers, lower electric vehicle operating costs, rising demand for eco-friendly vehicles, and government initiatives promoting the use of electric vehicles. An increasing shift in the rural population has led to a surge in the demand for sustainable and efficient transportation, making electric vehicles more suitable, especially electric two-wheelers. Increasing manufacturing of electric vehicles in the country with the rising demand, leads to increased EV availability.

According to 6Wresearch, the India Electric Vehicle Market size is estimated to surge at a CAGR of 66.54% during the forecast period 2024-2030 and it will reach USD 114.2 million. The market growth is, driven by the population becoming more aware of pollution and climate change, hence the demand for electric vehicles is increasing in the country as they are attributed more environmentally friendly. On purchasing electric vehicles subsidies, tax benefits, and incentives are being offered by the government to encourage their adoption. This is one of the government’s schemes contributing to the India Electric Vehicle Market growth. Electric vehicles provide lower operating costs compared to traditional internal combustion engine vehicles, making them affordable to consumers. This factor acts positively for the high electric vehicles. On the other side, some challenges that are present in the market can hinder market growth such as Inadequate Charging Infrastructure across the country and despite lower operating costs, the upfront cost of electric vehicles is relatively high, which limits the adoption. Nevertheless, the market accounts for high shares over the years, with some ongoing market trends such as E-commerce companies actively participating by adopting electric vehicles delivery to consumers with the evolving electric vehicles demand, supporting the growth of the electric vehicle market in India. Electric two-wheelers have gained momentum in the country underpinned by some aspects like their affordability and ideal for congested urban areas.

COVID-19 Influence on the India Electric Vehicle Market

The COVID-19 pandemic had a significant impact on the India Electric Vehicle Market which is a part of the Asia Pacific Electric Vehicle Market. With the imposition of the lockdown in the country, the product demand was affected backed by supply chain disruptions, industry shutdowns, and reduced consumer spending. However, it also boosted the shift toward electric mobility as consumers became more conscious of air quality. The government had announced and launched some favourable policies to support the EV sector.

Key Players of the India Electric Vehicle Market

Some of the leading players are mentioned below in the market:

• Tata Motors
• Mahindra & Mahindra
• Hero Electric
• Bajaj Auto
• Ather Energy
• TVS Motor Company

Government Initiatives Introduced in the India Electric Vehicle Market

Electric Vehicle market share by company 2023, is estimated to surge in the country with the support of government schemes and policies. Atal New India Challenge is made to encourage An initiative to encourage innovators and startups to manufacture eco-friendly and affordable electric vehicles. Several Indian states taking active participation by introducing their own EV policies and incentives for promoting electric vehicle purchase and manufacturing. Green Number Plates, under this initiative, customers will be issued distinctive green number plates for identification and opening certain advantages, such as toll exemptions. These government initiatives have proven beneficial to boost the growth of the India Electric Vehicle industry.

Market Analysis by Propulsion

According to Dhaval, Research Manager, 6Wresearch, the government's policies and incentives have been playing a crucial role in promoting the adoption of different types of electric vehicles. However, Policies supporting BEVs, such as the Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME) scheme, provided incentives to buyers and manufacturers, contributing to BEV's higher demand.

Market Analysis by Vehicle Drive Type

Based on the vehicle drive type, the FWD configurations were popular due to their practicality and affordability, nevertheless, RWD and AWD configurations are also gaining traction as it is associated with luxury and high-performance EVs. The choice of drive type also depended on the intended use, driving conditions, and consumer preferences.

Key attractiveness of the report

• COVID-19 Impact on the Market.
• 10 Years Market Numbers.
• Historical Data Starting from 2020 to 2023.
• Base Year: 2023
• Forecast Data until 2030.
• Key Performance Indicators Impacting the Market.
• Major Upcoming Developments and Projects.

Key Highlights of the Report:

• India Electric Vehicle Market Outlook
• Market Size of India Electric Vehicle Market, 2023
• Forecast of India Electric Vehicle Market, 2030
• Historical Data and Forecast of India Electric Vehicle Revenues & Volume for the Period 2020 - 2030
• India Electric Vehicle Market Trend Evolution
• India Electric Vehicle Market Drivers and Challenges
• India Electric Vehicle Price Trends
• India Electric Vehicle Porter's Five Forces
• India Electric Vehicle Industry Life Cycle
• Historical Data and Forecast of India Electric Vehicle Market Revenues & Volume By Propulsion for the Period 2020 - 2030
• Historical Data and Forecast of India Electric Vehicle Market Revenues & Volume By BEV for the Period 2020 - 2030
• Historical Data and Forecast of India Electric Vehicle Market Revenues & Volume By PHEV for the Period 2020 - 2030
• Historical Data and Forecast of India Electric Vehicle Market Revenues & Volume By FCEV for the Period 2020 - 2030
• Historical Data and Forecast of India Electric Vehicle Market Revenues & Volume By Vehicle Drive Type for the Period 2020 - 2030
• Historical Data and Forecast of India Electric Vehicle Market Revenues & Volume By FWD for the Period 2020 - 2030
• Historical Data and Forecast of India Electric Vehicle Market Revenues & Volume By RWD for the Period 2020 - 2030
• Historical Data and Forecast of India Electric Vehicle Market Revenues & Volume By AWD for the Period 2020 - 2030
• Historical Data and Forecast of India Electric Vehicle Market Revenues & Volume By Vehicle Top Speed for the Period 2020 - 2030
• Historical Data and Forecast of India Electric Vehicle Market Revenues & Volume By <125 mph for the Period 2020 - 2030
• Historical Data and Forecast of India Electric Vehicle Market Revenues & Volume By >125 mph for the Period 2020 - 2030
• India Electric Vehicle Import Export Trade Statistics
• Market Opportunity Assessment By Propulsion
• Market Opportunity Assessment By Vehicle Drive Type
• Market Opportunity Assessment By Vehicle Top Speed
• India Electric Vehicle Top Companies Market Share
• India Electric Vehicle Competitive Benchmarking By Technical and Operational Parameters
• India Electric Vehicle Company Profiles
• India Electric Vehicle Key Strategic Recommendations

Market Covered

The report offers a comprehensive study of the subsequent market segments:

By Propulsion

• BEV
• PHEV
• FCEV

By Vehicle Drive Type

• FWD
• RWD
• AWD

By Vehicle Top Speed

• <125 Mph
• >125 Mph