Consumer Insights
Uncover trends and behaviors shaping consumer choices today
Procurement Insights
Optimize your sourcing strategy with key market data
Industry Stats
Stay ahead with the latest trends and market analysis.
Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
India Electric Passenger Cars Market Outlook
The India electric passenger cars market stood at a value of around USD 348.20 million in 2023. The market is further expected to grow in the forecast period of 2024-2032 at a CAGR of 60.6% to reach USD 24,747.69 million by 2032.
Read more about this report - REQUEST FREE SAMPLE COPY IN PDF
Increased Demand for Battery Electric Vehicles (BEVs) Aiding the Market for Electric Passenger Cars in India
Battery electric vehicles are extremely quiet and do not generate emissions compared to fuelled cars. The stringent government regulations against carbon emissions are likely to be a major factor driving the segment growth. In addition to this, BEVs are gearbox free, less complex to drive, and tax efficient. Also, the maintenance cost of this type is comparatively low. Therefore, the middle-class population, which aims towards achieving cost savings on vehicles every month is likely to generate a significant demand for battery electric vehicles in the forecast period. Moreover, battery electric vehicles possess fewer moving parts than conventional petrol/diesel cars, and the servicing of BEVs is less cumbersome.
In India, the favourable government regulations to support the adoption of electric vehicles are significantly driving the growth of the market. The increasing focus on the electrification of the transportation system in India is expected to favour the market in the forecast period.
Electric Passenger Cars: Market Segmentation
Electric passenger cars are the electric vehicles intended for the carriage of passengers. They are powered by electric motors and use electricity for propulsion. Furthermore, these vehicles can be charged using an EV charger at home, or at the electric vehicle charging station, or even on the move.
Read more about this report - REQUEST FREE SAMPLE COPY IN PDF
Based on propulsion type, the market can be segmented into:
- Battery Electric Vehicles (BEV)
- Plug-In Hybrid Electric Vehicles (PHEV)
- Hybrid Electric Vehicles (HEV)
On the basis of charging type, the market has been bifurcated into:
- Fast Charging
- Normal Charging
The market can be bifurcated based on class into:
- Economic
- Luxury
By range, the market has been divided into:
- Less Than 150 km
- More than 150 km
The major vehicle types included in the market are as follows:
- Hatchback
- Sedan
- SUV and MPV
Read more about this report - REQUEST FREE SAMPLE COPY IN PDF
Rising Demand for Electric Vehicles to Boost the Growth of the India Electric Passenger Cars Industry
The rising demand for electric vehicles owing to the rising disposable incomes, increasing living standards, and rising concerns pertaining to the degradation of environment due to the greenhouse gas emissions are likely to be the key driving factors for the market. The growing popularity of luxury electric passenger vehicles among the elite and business class population is likely to augment the market growth in the country. Additionally, the growing penetration of electric vehicle manufacturing brands, such as Mercedes-Benz, Jaguar, Audi, BMW, Tata, Mahindra, and Kia Motors, among others in India is anticipated to invigorate the market in the forecast period. Moreover, the rising prices of fuel in the country is leading to a significant shift towards electric powered vehicles among the working-class. This factor will provide a further impetus to the market.
Key Industry Players in the India Electric Passenger Cars Market
The report gives a detailed analysis of the following key players in the India electric passenger cars market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:
- Tata Motors Limited
- Mahindra Electric Mobility Limited
- MG Motor India Pvt. Ltd
- Hyundai Motor India
- Kia India Pvt Ltd.
- Maruti Suzuki India Limited
- Audi India Pvt Ltd.
- BMW India
- Others
The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
|
| Breakup by Propulsion Type |
|
| Breakup by Charging Type |
|
| Breakup by Class |
|
| Breakup by Range |
|
| Breakup by Vehicle Type |
|
| Market Dynamics |
|
| Competitive Landscape |
|
| Companies Covered |
|
| Report Price and Purchase Option | Explore our purchase options that are best suited to your resources and industry needs. |
| Delivery Format | Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option. |
*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.*
Looking for specific insights?
Get in touch with us for a customized solution tailored to your unique requirements and save upto 35%!
Key Questions Answered in the Report
In 2023, the India electric passenger cars market attained a value of USD 348.20 million.
The market is estimated to grow at a CAGR of 60.6% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach USD 24,747.69 million by 2032.
The major drivers of the market include the rising demand for electric vehicles, growing popularity of luxury electric vehicles among the elite class, stringent government regulations against the emission of greenhouse gases from cars, and rapid urbanisation.
The shift towards electric vehicles from traditional fuel-based vehicles owing to the growing efforts to curb pollution is expected to be a key trend guiding the growth of the industry.
Battery electric vehicles (BEV), plug-in hybrid electric vehicles (PHEV), and hybrid electric vehicles (HEV) are the different segments based on the propulsion type.
Fast charging and normal charging are the different segments on the basis of charger type.
Economic and luxury are the different classes considered within the market report.
Less than 150 km and more than 150 km are the different product range explored in the market report.
Hatchback, sedan, and SUV and MPV are the major vehicle types mentioned in the market report.
The major players in the industry are Tata Motors Limited, Mahindra Electric Mobility Limited, MG Motor India Pvt. Ltd, Hyundai Motor India, Kia India Pvt Ltd., Maruti Suzuki India Limited, Audi India Pvt Ltd., and BMW India, among others.
Purchase Full Report
Datasheet
- Selected Sections, One User
- Printing Not Allowed
- Email Delivery in PDF
Free Limited CustomisationPost Sales Analyst Support50% Discount on Next Update
Single User License
One User
- All Sections, One User
- One Print Allowed
- Email Delivery in PDF
Free Limited CustomisationPost Sales Analyst Support50% Discount on Next Update
Five User License
Five Users
- All Sections, Five Users
- Five Prints Allowed
- Email Delivery in PDF
- Free Limited Customisation
- Post Sales Analyst Support
50% Discount on Next Update
Corporate License
Unlimited Users
- All Sections, Unlimited Users
- Unlimited Prints Allowed
- Email Delivery in PDF + Excel
- Free Limited Customisation
- Post Sales Analyst Support
- 50% Discount on Next Update
How To Order
Our step-by-step guide will help you select, purchase, and access your reports swiftly, ensuring you get the information that drives your decisions, right when you need it.
Select License Type
Choose the right license for your needs and access rights.
Click on ‘Buy Now’
Add the report to your cart with one click and proceed to register.
Select Mode of Payment
Choose a payment option for a secure checkout. You will be redirected accordingly.
Gain insights to stay ahead and seize opportunities.
Get insights & trends for a competitive edge.
Track prices with detailed trend reports.
Analyse trade data for supply chain insights.
Leverage cost reports for smart savings
Enhance supply chain with partnerships.
Connect For More Information
Our expert team of analysts will offer full support and resolve any queries regarding the report, before and after the purchase.
Our expert team of analysts will offer full support and resolve any queries regarding the report, before and after the purchase.
We employ meticulous research methods, blending advanced analytics and expert insights to deliver accurate, actionable industry intelligence, staying ahead of competitors.
Our skilled analysts offer unparalleled competitive advantage with detailed insights on current and emerging markets, ensuring your strategic edge.
We offer an in-depth yet simplified presentation of industry insights and analysis to meet your specific requirements effectively.
Subscribe to our Newsletter
By subscribing you agree to with our privacy policy and provide
consent to
receive
updates
from our company.
Our Offices
Australia
63 Fiona Drive, Tamworth, NSW
+61 448 06 17 27
India
C130 Sector 2 Noida, Uttar Pradesh 201301
+91-858-608-1494
Philippines
40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City,1226.
+63 287899028, +63 967 048 3306
United Kingdom
6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London
+44-753-713-2163
United States (Head Office)
30 North Gould Street, Sheridan, WY 82801
+1-415-325-5166
Vietnam
193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City
+84865399124