India Electric Vehicle Market Report and Forecast 2024-2032

India Electric Vehicle Market Outlook

The India electric vehicle market size reached approximately USD 5.48 billion in 2023. The market is further projected to grow at a CAGR of 34.7% between 2024 and 2032, reaching a value of USD 95.23 billion by 2032.

Key Trends in the Market

Electric vehicles refer to vehicles that use electric motors for propulsion. They can also be powered by external sources such as generators, batteries, and fuel cells. These vehicles can operate partially or completely on electricity, depending upon the type of the vehicle. The two main types of electric vehicles include hybrid electric vehicles and battery electric vehicles.

• The rising awareness about the various negative environmental effects associated with the utilisation of vehicles operating upon traditional fuels is aiding the India electric vehicle market growth. The release of hazardous pollutants and high carbon emissions by vehicles operating upon fuels are further encouraging individuals to switch to electric vehicles due to rising pollution levels in the country.

• The exponential rise in fuel prices in the country is bolstering the adoption of electric vehicles. The high operating costs of petrol and diesel operating vehicles as compared to electrical vehicles is propelling the utilisation of electric vehicles for both personal and commercial applications.

• The strong presence of various key market players including Mahindra & Mahindra Limited and Tata Motors Limited, among others is supporting the market expansion in the country. Various brands are investing in aggressive marketing and promotion strategies for increasing consumer awareness.

India Electric Vehicle Market Analysis

On the basis of platform, the market is divided into two wheeler, three wheeler, and four wheeler. Based on propulsion type, the market is segregated into battery electric vehicle and hybrid electric vehicle.

On the basis of vehicle type, the market is bifurcated into passenger cars and commercial vehicles. Based on region, the India electric vehicle market segmentation includes North India, East India, West India, and South India.

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. The report gives a detailed analysis of the following key players in the market, covering their competitive landscape and latest developments like mergers, acquisitions, investments, and expansion plans.

• 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

Market Share by Propulsion Type

Battery electric vehicles are anticipated to account for a significant India electric vehicle market share in the coming years owing to the ability of the vehicles to reduce operational costs and carbon dioxide emissions. Battery electric vehicles are more environment friendly as opposed to their hybrid counterparts. Due to the efficiency of electric motors, these vehicles aid the owners in saving maintenance costs.

Market Share by Vehicle Type

Passenger vehicles are expected to witness significant growth over the forecast period. This growth can be attributed to the increasing prices of diesel, petrol, and gasoline. The rising investments by the government towards the development and construction of supporting infrastructure is boosting the India electric vehicle market demand. The increasing initiatives by the government towards promoting the adoption of battery and hybrid electric vehicles is further supporting the market expansion.

Competitive Landscape

Tata Motors Limited, headquartered in Mumbai, India, is a motor vehicle manufacturing company that is involved in the production of electric vehicles, trucks, buses, sports utility vehicles, and defence vehicles, among others.

BMW AG was founded in 1916 and is headquartered in Munich, Germany. The company is involved in the production of electric vehicles, motorcycles, and luxury vehicles, among others. The company’s brand portfolio includes Alpina, BMW I, Rolls-Royce, and DriveNow, among others.

Mahindra & Mahindra Limited, headquartered in Mumbai, India, is a multinational automotive manufacturing corporation that specialises in electric vehicles, construction equipment, and agriculture equipment, among others.

Other India electric vehicle market key players include 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, and Bajaj Auto Ltd, among others.

Key Highlights of the Report