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India Electric Passenger Cars Market Size, Share, Forecast: By Propulsion Type: Battery Electric Vehicles (BEV), Plug-In Hybrid Electric Vehicles (PHEV), Hybrid Electric Vehicles (HEV); By Charging Type: Fast Charging, Normal Charging; By Class: Economic, Luxury; By Range; By Vehicle Type; Market Dynamics; Competitive Landscape; 2024-2032
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.
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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.
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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
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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:
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| Breakup by Propulsion Type |
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| Breakup by Charging Type |
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| Breakup by Class |
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| Breakup by Range |
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| Breakup by Vehicle Type |
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| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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| 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. |
*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
7 Opportunities and Challenges in the Market
8 India Electric Passenger Car Market Analysis
8.1 Key Industry Highlights
8.2 India Electric Passenger Car Historical Market (2018-2023)
8.3 India Electric Passenger Car Market Forecast (2024-2032)
8.4 India Electric Passenger Car Market by Propulsion Type
8.4.1 Battery Electric Vehicles (BEV)
8.4.1.1 Market Share
8.4.1.2 Historical Trend (2018-2023)
8.4.1.3 Forecast Trend (2024-2032)
8.4.2 Plug-In Hybrid Electric Vehicles (PHEV)
8.4.2.1 Market Share
8.4.2.2 Historical Trend (2018-2023)
8.4.2.3 Forecast Trend (2024-2032)
8.4.3 Hybrid Electric Vehicles (HEV)
8.4.3.1 Market Share
8.4.3.2 Historical Trend (2018-2023)
8.4.3.3 Forecast Trend (2024-2032)
8.5 India Electric Passenger Car Market by Charging Type
8.5.1 Fast Charging
8.5.1.1 Market Share
8.5.1.2 Historical Trend (2018-2023)
8.5.1.3 Forecast Trend (2024-2032)
8.5.2 Normal Charging
8.5.2.1 Market Share
8.5.2.2 Historical Trend (2018-2023)
8.5.2.3 Forecast Trend (2024-2032)
8.6 India Electric Passenger Car Market by Class
8.6.1 Economic
8.6.1.1 Market Share
8.6.1.2 Historical Trend (2018-2023)
8.6.1.3 Forecast Trend (2024-2032)
8.6.2 Luxury
8.6.2.1 Market Share
8.6.2.2 Historical Trend (2018-2023)
8.6.2.3 Forecast Trend (2024-2032)
8.7 India Electric Passenger Car Market by Range
8.7.1 Less than 150 km
8.7.1.1 Market Share
8.7.1.2 Historical Trend (2018-2023)
8.7.1.3 Forecast Trend (2024-2032)
8.7.2 More than 150 km
8.7.2.1 Market Share
8.7.2.2 Historical Trend (2018-2023)
8.7.2.3 Forecast Trend (2024-2032)
8.8 India Electric Passenger Car Market by Vehicle Type
8.8.1 Hatchback
8.8.1.1 Market Share
8.8.1.2 Historical Trend (2018-2023)
8.8.1.3 Forecast Trend (2024-2032)
8.8.2 Sedan
8.8.2.1 Market Share
8.8.2.2 Historical Trend (2018-2023)
8.8.2.3 Forecast Trend (2024-2032)
8.8.3 SUV and MPV
8.8.3.1 Market Share
8.8.3.2 Historical Trend (2018-2023)
8.8.3.3 Forecast Trend (2024-2032)
9 Market Dynamics
9.1 SWOT Analysis
9.1.1 Strengths
9.1.2 Weaknesses
9.1.3 Opportunities
9.1.4 Threats
9.2 Porter’s Five Forces Analysis
9.2.1 Supplier’s Power
9.2.2 Buyer’s Power
9.2.3 Threat of New Entrants
9.2.4 Degree of Rivalry
9.2.5 Threat of Substitutes
9.3 Key Indicators for Demand
9.4 Key Indicators for Price
10 Competitive Landscape
10.1 Market Structure
10.2 Company Profiles
10.2.1 Tata Motors Limited
10.2.1.1 Company Overview
10.2.1.2 Product Portfolio
10.2.1.3 Demographic Reach and Achievements
10.2.1.4 Certifications
10.2.2 Mahindra Electric Mobility Limited
10.2.2.1 Company Overview
10.2.2.2 Product Portfolio
10.2.2.3 Demographic Reach and Achievements
10.2.2.4 Certifications
10.2.3 MG Motor India Pvt. Ltd
10.2.3.1 Company Overview
10.2.3.2 Product Portfolio
10.2.3.3 Demographic Reach and Achievements
10.2.3.4 Certifications
10.2.4 Hyundai Motor India
10.2.4.1 Company Overview
10.2.4.2 Product Portfolio
10.2.4.3 Demographic Reach and Achievements
10.2.4.4 Certifications
10.2.5 Kia India Pvt Ltd.
10.2.5.1 Company Overview
10.2.5.2 Product Portfolio
10.2.5.3 Demographic Reach and Achievements
10.2.5.4 Certifications
10.2.6 Maruti Suzuki India Limited
10.2.6.1 Company Overview
10.2.6.2 Product Portfolio
10.2.6.3 Demographic Reach and Achievements
10.2.6.4 Certifications
10.2.7 Audi India Pvt Ltd.
10.2.7.1 Company Overview
10.2.7.2 Product Portfolio
10.2.7.3 Demographic Reach and Achievements
10.2.7.4 Certifications
10.2.8 BMW India
10.2.8.1 Company Overview
10.2.8.2 Product Portfolio
10.2.8.3 Demographic Reach and Achievements
10.2.8.4 Certifications
10.2.9 Others
11 Key Trends and Developments in the Market
List of Key Figures and Tables
1. India Electric Passenger Cars Market: Key Industry Highlights, 2018 and 2032
2. India Electric Passenger Cars Historical Market: Breakup by Propulsion Type (USD Million), 2018-2023
3. India Electric Passenger Cars Market Forecast: Breakup by Propulsion Type (USD Million), 2024-2032
4. India Electric Passenger Cars Historical Market: Breakup by Charging Type (USD Million), 2018-2023
5. India Electric Passenger Cars Market Forecast: Breakup by Charging Type (USD Million), 2024-2032
6. India Electric Passenger Cars Historical Market: Breakup by Class (USD Million), 2018-2023
7. India Electric Passenger Cars Market Forecast: Breakup by Class (USD Million), 2024-2032
8. India Electric Passenger Cars Historical Market: Breakup by Range (USD Million), 2018-2023
9. India Electric Passenger Cars Market Forecast: Breakup by Range (USD Million), 2024-2032
10. India Electric Passenger Cars Historical Market: Breakup by Vehicle Type (USD Million), 2018-2023
11. India Electric Passenger Cars Market Forecast: Breakup by Vehicle Type (USD Million), 2024-2032
12. India Electric Passenger Cars Market Structure
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.
Analyst Review
The India electric passenger cars market attained a value of USD 348.20 million in 2023, driven by the expansion of the automotive industry, rising demand for luxury and economic electric vehicles, and stringent government regulations to curb carbon emissions. Aided by the rising investments by the major market players to accelerate the penetration of electric vehicles in India, the market is expected to witness a further growth in the forecast period of 2024-2032, growing at a CAGR of 60.6%. The market is estimated to reach a value of USD 24,747.69 million by 2032.
EMR’s meticulous research methodology delves deep into the market, covering the macro and micro aspects of the industry. Based on propulsion type, the market is divided into battery electric vehicles (BEV), plug-in hybrid electric vehicles (PHEV), and hybrid electric vehicles (HEV). On the basis of charger type, the market is divided into fast charging and normal charging. By class, the market has been segmented into economic and luxury. On the basis of range, the market can be divided into less than 150 km and more than 150 km. The major vehicle types included in the market are hatchback, sedan, and SUV and MPV. The key players in the above market include 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.
EMR’s research methodology uses a combination of cutting-edge analytical tools and the expertise of their highly accomplished team, thus, providing their customers with market insights that are accurate, actionable, and help them remain ahead of their competition.
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