Indian Electric Vehicle Market size was valued at USD 32.1 Billion in 2023 and is expected to reach USD 150.2 Billion by 2032, at a CAGR of 25.1% during the forecast period 2023 – 2032.

Indian Electric Vehicle Market: Overview

An electric vehicle (EV) is a type of vehicle that uses one or more electric motors for propulsion, relying on electrical energy stored in rechargeable batteries or other energy storage devices. Unlike traditional internal combustion engine vehicles that use gasoline or diesel, electric vehicles operate without a traditional fuel tank and exhaust system.

The Indian electric vehicle (EV) market is witnessing several notable trends reflecting a growing shift towards sustainable mobility. A surge in EV adoption is driven by government initiatives, subsidies, and incentives promoting clean energy.

Major automotive players are increasingly investing in research, development, and production of electric vehicles, contributing to a diverse range of offerings. Additionally, collaborative efforts between the public and private sectors are fostering innovation and technological advancements in battery technology, making EVs more affordable and efficient.

The rise of electric two-wheelers and three-wheelers for last-mile connectivity further defines the evolving landscape of the Indian EV market. As environmental awareness grows and consumer preferences align with sustainability, the Indian EV market is poised for continued growth and transformation in the coming years.

By propulsion type, the battery electric vehicle segment held the highest market share in 2022 and is expected to keep its dominance during the forecast period 2024-2032. The trends in battery electric vehicles (BEVs) are driven by rising consumer awareness, government incentives, and advancements in battery technology.

By vehicle type, the two-wheelers segment held the highest market share in 2022 and is expected to keep its dominance during the forecast period 2024-2032. With the government’s push for electric mobility, affordability, and improved charging infrastructure, electric two-wheelers have gained popularity, addressing both environmental concerns and economic considerations for consumers.

By speed, less than 100 MPH segment held the highest market share in 2022 and is expected to keep its dominance during the forecast period 2024-2032. Recent trends in electric vehicles (EVs) with speeds under 100 MPH focus on enhancing affordability, improving battery technology for extended range, and introducing compact models suitable for urban commuting.

Manufacturers are prioritizing efficiency, lightweight designs, and innovative charging solutions to meet the growing demand for accessible and practical electric transportation.

In South India, cities like Bengaluru and Chennai are witnessing increased EV manufacturing, innovation, and charging infrastructure development, contributing significantly to the region’s prominence in the Indian electric mobility landscape.

Citroën India positioned itself as the third key player in the local electric passenger vehicle market, with Tata Motors leading and MG Motor India securing the second spot.  The e-C3, Citroën emphasizes its 29.2 kWh battery pack and boasts long-term fast-charging capabilities without the typical deterioration associated with DC charging.

Report Scope

Feature of the Report Details
Market Size in 2023 USD 32.1 Billion
Projected Market Size in 2032 USD 150.2 Billion
Market Size in 2022 USD 28.4 Billion
CAGR Growth Rate 25.1% CAGR
Base Year 2023
Forecast Period 2024-2033
Key Segment By Propulsion Type, Vehicle Type, Speed and Region
Report Coverage Revenue Estimation and Forecast, Company Profile, Competitive Landscape, Growth Factors and Recent Trends
Regional Scope North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America
Buying Options Request tailored purchasing options to fulfil your requirements for research.

Custom Market Insights has comprehensively analyzed India’s electric vehicle market. The driving forces, restraints, challenges, opportunities, and key trends have been explained in depth to depict an depth scenario of the market. Segment-wise market size and market share during the forecast period are duly addressed to portray the probable picture of this Indian electric vehicle industry.

The competitive landscape includes key innovators, after-market service providers, market giants as well and niche players are studied and analyzed extensively concerning their strengths, weaknesses as well as value addition prospects. In addition, this report covers key players profiling, market shares, mergers and acquisitions, consequent market fragmentation, new trends and dynamics in partnerships.

India Electric Vehicle Market 2023–2032 (By Billion)

List of the prominent players in the Indian Electric Vehicle Market:

  • Tata Motors
  • MG Motor India
  • Mahindra & Mahindra
  • Hyundai Motor India
  • Kia India
  • Citroen India
  • Hero Electric Vehicles
  • Ather Energy
  • Okinawa Autotech
  • Bajaj Auto
  • TVS Motor
  • Ampere Electric
  • Piaggio India
  • Atul Auto Limited
  • Jitendra New EV Tech
  • Earth Energy EV
  • SUN Mobility
  • Revolt Motors
  • AVERA New & Renewable Energy
  • Lohia Auto Industries
  • Others

The Indian Electric Vehicle Market is segmented as follows:

By Propulsion Type

  • Battery Electric Vehicle
  • Plug-in Hybrid Electric Vehicle
  • Fuel Cell Electric Vehicle

By Vehicle Type

  • Two-Wheelers
  • Passenger Cars
  • Commercial Vehicles

By Speed

  • Less Than 100 MPH
  • 100 to 125 MPH
  • More Than 125 MPH