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Report Overview

The India E-SUV market is projected to grow at a CAGR of 20.80% between 2025 and 2034, aided by the rising demand for premium electric vehicles equipped with smart technologies and modern interior designs.

2024

Base Year

2018-2024

Historical Year

2025-2034

Forecast Year

  • Under the “Festival of Cars” campaign during September 2024, Tata Motors provided 6 months of free EV charging across all Tata Power Stations.
  • Under the PM E-Drive Scheme, three-wheeler manufacturers are expected to receive nearly INR 3,16,000 in subsidies for automotive production.
  • During H1, 2024, SUVs accounted for 55% of the overall vehicle sales of Mercedes Benz.
India E-SUV Market Report Summary Description Value
Base Year USD Billion 2024
Historical Period USD Billion 2018-2024
Forecast Period USD Billion 2025-2034
Market Size 2024 USD Billion XX
Market Size 2034 USD Billion XX
CAGR 2018-2024 Percentage XX%
CAGR 2025-2034 Percentage 20.8%
CAGR 2025-2034 - Market by Region South India 22.7%
CAGR 2025-2034 - Market by Region West India 21.1%
CAGR 2025-2034 - Market by Type Compact 23.9%
CAGR 2025-2034 - Market by Propulsion Battery Electric Vehicles (BEVs) 24.8%
Market Share by Region 2024 North India 82.1%

India E-SUV Market Growth

In March 2024, the Indian government introduced significant changes to its electric vehicle policy to encourage legacy carmakers to set up manufacturing plants in the country. While 70% import duty was formerly imposed on luxury EV imports, those establishing production facilities in India are allowed to pay a 15% customs duty on vehicles with a minimum CIF (cost, insurance, freight) of $35,000. Moreover, companies investing USD 500 million in India between 2024 and 2027 are mandated to achieve a localisation level of 25% and 50% of domestic value addition within 5 years.

The shift towards sustainability has considerably enhanced the demand for electric vehicles in India, with nearly 70% of consumers in tier-one cities considering an EV for their next automotive purchase. This is substantially higher than the global average of 52%. The shift towards EVs is underpinned by numerous factors, including low ecological impact (67%), lower ownership costs (26%), and reduced noise emissions (26%). Battery electric vehicles have emerged as the main preference for Indian consumers (49%), followed by plug-in hybrid electric vehicles (21%).

Key Trends and Developments

India E-SUV Market Trends

During January-June 2024, Mercedes Benz delivered 9262 cars to Indian consumers, recording a year-on-year growth of 9%. The penetration of Mercedes’ electric vehicles in India has nearly doubled from 2.5% of total sales in 2023 to 5% in June 2024. Nearly 55% of all new vehicle sales in this period were SUVs, indicating significant consumer appeal for luxurious vehicles that provide on-road and off-road facilities.

India E-SUV Industry Segmentation

The EMR’s report titled “India E-SUV Market Report and Forecast 2025-2034” offers a detailed analysis of the market based on the following segments:

Breakup by Type

  • Mid-Size
  • Full Size
  • Compact

Breakup by Propulsion

  • Battery Electric Vehicles (BEVs)
  • Plug-In Hybrid Electric Vehicles (PHEVs)

Breakup by Drive Type

  • FWD
  • RWD
  • AWD

Breakup by Region

  • North India
  • East and Central India
  • West India
  • South India
CAGR 2025-2034 - Market by Region
South India 22.7%
West India 21.1%
North India XX%
East and Central India XX%

India E-SUV Market Share

Based on region, the market is segmented into North India, East and Central India, West India, and South India. North India dominated the market, representing 82.1% of the overall market share in 2023. Over the forecast period of 2025-2034, South India is expected to grow at a CAGR of 22.7% as a result of the increasing adoption of electric vehicles.

Leading Companies in the India E-SUV Market

Major market players are expected to establish large-scale manufacturing operations in India to cater to the increasing demand for luxurious and technologically advanced e-SUVs.

Tesla Inc.

Tesla Inc. was founded in 2003 and is based in Texas (USA). It is engaged in manufacturing innovative clean energy products and modern electric vehicles that cater to consumers’ requirements of sustainable transportation.

BMW AG

BMW AG was founded in 1916 and is headquartered in Munich, Germany. It is the world’s leading manu...

Volkswagen AG

Volkswagen AG was founded in 1937 and is headquartered in Wolfsburg, Germany. It is the world’s le...

Mercedes-Benz Group AG

Mercedes-Benz Group AG is headquartered in Germany and engaged in manufacturing luxurious passenger ...

*Please note that this is only a partial list; the complete list of key players is available in the full report. Additionally, the list of key players can be customized to better suit your needs.*

Other major market players are BYD Co. Ltd., SAIC Motor Corp. Ltd, AB Volvo, Toyota Motor Corp., Nissan Motor Co. Ltd., and Hyundai Motor Co., among others.

*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*

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Key Questions Answered in the Report

The market is projected to grow at a CAGR of 20.80 between 2025 and 2034.

The different types of e-SUVs in the market are mid-size, full size, and compact.

The different segments based on the propulsion of e-SUV are battery electric vehicles and plug-in hybrid electric vehicles.

The different segments considered in the report are AWD, RWD, and FWD.

The different regions considered in the report are North India, East and Central India, West India, and South India.

The key market players include Tesla Inc., BMW AG, Volkswagen AG, Mercedes-Benz Group AG, BYD Co. Ltd., SAIC Motor Corp. Ltd, AB Volvo, Toyota Motor Corp., Nissan Motor Co. Ltd., and Hyundai Motor Co., among others.

Report Summary

Explore our key highlights of the report and gain a concise overview of key findings, trends, and actionable insights that will empower your strategic decisions.

Key Highlights of the Report

Please note that the figures mentioned in the description serve as estimates and may vary from the actual figures presented in the final report.

REPORT FEATURES DETAILS
Base Year 2024
Historical Period 2018-2024
Forecast Period 2025-2034
Scope of the Report

Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:

  • Type
  • Propulsion
  • Drive Type
  • Region
Breakup by Type
  • Mid-Size
  • Full Size
  • Compact
Breakup by Propulsion
  • Battery Electric Vehicles (BEVs)
  • Plug-In Hybrid Electric Vehicles (PHEVs)
Breakup by Drive Type
  • FWD
  • RWD
  • AWD
Breakup by Region
  • North India
  • East and Central India
  • West India
  • South India
Market Dynamics
  • SWOT Analysis
  • Porter's Five Forces Analysis
  • Key Indicators for Demand
  • Key Indicators for Price
Competitive Landscape
  • Market Structure
  • Company Profiles
    • Company Overview
    • Product Portfolio
    • Demographic Reach and Achievements
    • Certifications
Companies Covered
  • Tesla Inc.
  • BMW AG
  • Volkswagen AG
  • Mercedes-Benz Group AG
  • BYD Co. Ltd.
  • SAIC Motor Corp. Ltd
  • AB Volvo
  • Toyota Motor Corp.
  • Nissan Motor Co. Ltd.
  • Hyundai Motor Co.
  • Others

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