The India electric vehicle financing market size is assessed to grow at a CAGR of 15.40% between 2026 and 2035. The major drivers of the market include increasing environmental concerns, the rising focus on reducing carbon emissions, and growing government support to the electric vehicle manufacturers and consumers.
Base Year
Historical Period
Forecast Period
Compound Annual Growth Rate
15.4%
2026-2035
*this image is indicative*
An electric vehicle is a vehicle that can be powered by an electric motor that draws electricity from a battery and is capable of being charged from an external source. They are revolutionising the automotive industry since people are switching to battery-based driving vehicles for their low cost and zero-carbon functionality. This is boosting the growth of its financing market also, with RBI having made it a priority sector for lending.
The EMR’s report titled “India Electric Vehicle Financing Market Report and Forecast 2026-2035” offers a detailed analysis of the market based on the following segments:
Breakup by Vehicle Type
Breakup by Type
Breakup by Source Type
Breakup by Region
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 India electric vehicle financing market, covering their competitive landscape and latest developments like mergers, acquisitions, investments, and expansion plans.
ICICI Bank Ltd. was founded in 1994 and is headquartered in Mumbai, India. It provides a huge range of banking services to corporate and retail customers through a variety of delivery channels and through its group companies. Its board members include eminent individuals with a wealth of experience in international business, management consulting, and banking and financial services. It was given the title of India Domestic Trade Finance Bank of the Year by Asia Banking and Finance, a Singapore based finance magazine.
Shriram Group (Shriram Transport Finance Company Limited) was founded in 1979 and is headquartered in Chennai, India. It is a part of the SHRIRAM conglomerate, which operates in the financial services industry and has a niche presence in financing pre-owned trucks and small truck owners. It also operates in non-finance segments like property development, engineering projects, and information technology. It is India’s largest player in commercial vehicle finance and has a network of 488 branches and service centres.
Karur Vysya Bank Ltd, was founded in 1916 in Tamil Nadu, India, to provide financial support to the agriculturists and traders in Karur which is a small textile town in Tamil Nadu. It aims to provide the entire gamut of financial services under one roof to people by using technology. It provides internet banking facility, forex travel cards, debit and credit cards, and fastags, among other products and services. It won the title of Best Technology Bank of the Year from IBA Awards in FY 2022-23.
*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 key players in the India electric vehicle financing market include Tata Motors Ltd., Axis Bank Limited, Union Bank of India, Poonawalla Fincorp Limited, IDFC FIRST Bank Ltd., Hero Electric Vehicles Pvt. Ltd., and Revfin Services Private Limited, among others.
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*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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The market is estimated to grow at a CAGR of 15.40% between 2026 and 2035.
The market is being driven by the increasing environmental concerns, the rising requirement to cut vehicle emissions, and growing government support to the electric vehicle manufacturers and consumers.
The key trends aiding the market expansion include increasing FDI inflows from private players and a desire for more commercial gains by using renewable sources.
The major sources include OEMs, banks, credit unions, and financial institutions.
The different vehicle types include passenger cars, commercial vehicles, two-wheelers, and three-wheelers.
The major regions in the market are North region, Central and East Region, West Region, and South Region.
Both new and old/used vehicles can benefit from these financing options.
The major players in the market are ICICI Bank Ltd., Shriram Group (Shriram Transport Finance Company Limited), Karur Vysya Bank Ltd, Tata Motors Ltd., Axis Bank Limited, Union Bank of India, Poonawalla Fincorp Limited, IDFC FIRST Bank Ltd., Hero Electric Vehicles Pvt. Ltd., and Revfin Services Private Limited, among others.
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.
| REPORT FEATURES | DETAILS |
| Base Year | 2025 |
| Historical Period | 2019-2025 |
| Forecast Period | 2026-2035 |
| 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 Vehicle Type |
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| Breakup by Type |
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| Breakup by Source Type |
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| Breakup by Region |
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| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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