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India Electric Vehicle Market Size, Share, Trends, Analysis: By Platform: Two Wheeler, Three Wheeler, Four Wheeler; By Propulsion Type: Battery Electric Vehicle, Hybrid Electric Vehicle; By Vehicle Type: Passenger Cars, Commercial Vehicles; Regional Analysis; Market Dynamics: SWOT Analysis; Competitive Landscape; 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
| 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 Platform |
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| Breakup by Propulsion Type |
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| Breakup by Vehicle 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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*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 Asia Pacific Electric Vehicle Market Overview
8.1 Key Industry Highlights
8.2 Asia Pacific Electric Vehicle Historical Market (2018-2023)
8.3 Asia Pacific Electric Vehicle Market Forecast (2024-2032)
8.4 Asia Pacific Electric Vehicle Market Share by Region
8.4.1 China
8.4.2 Japan
8.4.3 India
8.4.4 ASEAN
8.4.5 Australia
8.4.6 Others
9 India Electric Vehicle Market Overview
9.1 Key Industry Highlights
9.2 India Electric Vehicle Historical Market (2018-2023)
9.3 India Electric Vehicle Market Forecast (2024-2032)
10 India Electric Vehicle Market by Platform
10.1 Two Wheeler
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Three Wheeler
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.3 Four Wheeler
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
11 India Electric Vehicle Market by Propulsion Type
11.1 Battery Electric Vehicle
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Hybrid Electric Vehicle
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
12 India Electric Vehicle Market by Vehicle Type
12.1 Passenger Cars
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Commercial Vehicles
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
13 India Electric Vehicle Market by Region
13.1 North India
13.1.1 Historical Trend (2018-2023)
13.1.2 Forecast Trend (2024-2032)
13.2 East India
13.2.1 Historical Trend (2018-2023)
13.2.2 Forecast Trend (2024-2032)
13.3 West India
13.3.1 Historical Trend (2018-2023)
13.3.2 Forecast Trend (2024-2032)
13.4 South India
13.4.1 Historical Trend (2018-2023)
13.4.2 Forecast Trend (2024-2032)
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Competitive Landscape
15.1 Market Structure
15.2 Company Profiles
15.2.1 Tata Motors Limited
15.2.1.1 Company Overview
15.2.1.2 Product Portfolio
15.2.1.3 Demographic Reach and Achievements
15.2.1.4 Certifications
15.2.2 BMW AG
15.2.2.1 Company Overview
15.2.2.2 Product Portfolio
15.2.2.3 Demographic Reach and Achievements
15.2.2.4 Certifications
15.2.3 Mahindra & Mahindra Limited
15.2.3.1 Company Overview
15.2.3.2 Product Portfolio
15.2.3.3 Demographic Reach and Achievements
15.2.3.4 Certifications
15.2.4 MG Motor India Pvt. Ltd.
15.2.4.1 Company Overview
15.2.4.2 Product Portfolio
15.2.4.3 Demographic Reach and Achievements
15.2.4.4 Certifications
15.2.5 ANI Technologies Pvt Ltd.
15.2.5.1 Company Overview
15.2.5.2 Product Portfolio
15.2.5.3 Demographic Reach and Achievements
15.2.5.4 Certifications
15.2.6 Hyundai Motor India
15.2.6.1 Company Overview
15.2.6.2 Product Portfolio
15.2.6.3 Demographic Reach and Achievements
15.2.6.4 Certifications
15.2.7 Piaggio Vehicles Private Limited
15.2.7.1 Company Overview
15.2.7.2 Product Portfolio
15.2.7.3 Demographic Reach and Achievements
15.2.7.4 Certifications
15.2.8 Kinetic Green Energy & Power Solutions Ltd.
15.2.8.1 Company Overview
15.2.8.2 Product Portfolio
15.2.8.3 Demographic Reach and Achievements
15.2.8.4 Certifications
15.2.9 TVS Motor Company
15.2.9.1 Company Overview
15.2.9.2 Product Portfolio
15.2.9.3 Demographic Reach and Achievements
15.2.9.4 Certifications
15.2.10 Bajaj Auto Ltd
15.2.10.1 Company Overview
15.2.10.2 Product Portfolio
15.2.10.3 Demographic Reach and Achievements
15.2.10.4 Certifications
15.2.11 Others
16 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Asia Pacific Electric Vehicle Market: Key Industry Highlights, 2018 and 2032
2. India Electric Vehicle Market: Key Industry Highlights, 2018 and 2032
3. India Electric Vehicle Historical Market: Breakup by Platform (USD Billion), 2018-2023
4. India Electric Vehicle Market Forecast: Breakup by Platform (USD Billion), 2024-2032
5. India Electric Vehicle Historical Market: Breakup by Propulsion Type (USD Billion), 2018-2023
6. India Electric Vehicle Market Forecast: Breakup by Propulsion Type (USD Billion), 2024-2032
7. India Electric Vehicle Historical Market: Breakup by Vehicle Type (USD Billion), 2018-2023
8. India Electric Vehicle Market Forecast: Breakup by Vehicle Type (USD Billion), 2024-2032
9. India Electric Vehicle Historical Market: Breakup by Region (USD Billion), 2018-2023
10. India Electric Vehicle Market Forecast: Breakup by Region (USD Billion), 2024-2032
11. India Electric Vehicle Market Structure
Key Questions Answered in the Report
The market reached a value of approximately USD 5.48 billion in 2023.
The market is projected to grow at a CAGR of 34.7% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach USD 95.23 billion by 2032.
The major market drivers include increasing initiatives by the government towards promoting the adoption of battery and hybrid electric vehicles and exponential rise in fuel prices in the country.
The key trends fuelling the growth of the market include rising investments by the government towards the development and construction of supporting infrastructure and strong presence of various key market players in the country.
The major regions in the market are North India, East India, West India, and South India.
The significant vehicle types include passenger cars and commercial vehicles.
The key players in the market are 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, and Bajaj Auto Ltd, among others.
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