IMARC Group, a leading market research company, has recently releases report titled “India Electric Vehicle Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the India electric vehicle market share, size, growth, trends, and forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Industry Overview of India Electric Vehicle
An electric vehicle (EV) is an automobile powered by electricity stored in rechargeable batteries or other energy storage devices. It relies on electricity to power an electric motor, which drives the wheels of the vehicle unlike traditional internal combustion engine vehicles that rely on gasoline or diesel. It is highly energy-efficient, converting a significant portion of the electricity they consume into motion, making them more energy-efficient than traditional vehicles. It can be powered by locally generated renewable energy sources, reducing dependence on imported fossil fuels. It produces zero tailpipe emissions, reducing air pollution and greenhouse gas emissions, which contributes to cleaner air and helps combat climate change.
How Big Is the India Electric Vehicle Market?
The India electric vehicle market size reached US$ 772 Million in 2022. Looking forward, IMARC Group expects the market to reach US$ 19,980 Million by 2028, exhibiting a growth rate (CAGR) of 69% during 2023-2028.
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What are the growth prospects and trends in the India electric vehicle industry?
The Government of India is implementing several policies and incentives to promote EV adoption. Subsidies, tax benefits, and incentives for manufacturers are making EVs more affordable. Additionally, schemes like Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME) are providing financial support for EV infrastructure development. Besides this, India faces significant air pollution and environmental challenges in its urban centers.
EVs, being zero-emission vehicles, are seen as a solution to reduce air pollution and combat climate change. This environmental consciousness is driving individuals and businesses to consider electric options. Moreover, fluctuating fuel prices are making conventional vehicles expensive to operate. EVs offer a cost-effective alternative, as electricity is generally cheaper and more stable in price compared to fossil fuels. In addition, the development of charging infrastructure across major cities in India is removing a significant barrier to EV adoption.
The availability of charging stations at public places, workplaces, and homes is encouraging more people to make the switch to EVs. Apart from this, advancements in battery technology are extending the range of EVs and reducing charging times. This makes EVs more practical for daily commuting and long-distance travel, which is bolstering the growth of the market in India.
What is included in market segmentation?
The report has segmented the market into the following categories:
Vehicle Type Insights:
- Passenger Vehicles
- Commercial Vehicles
- Others
Price Category Insights:
- Mid-Range
- High/Luxury Range
Propulsion Type Insights:
- Battery Electric Vehicle
- Hybrid Electric Vehicle
- Plug-In Hybrid Electric Vehicle
Regional Insights:
- North India
- West and Central India
- South India
- East India
Who are the key players operating in the industry?
The report covers the major market players including:
- Ampere Vehicles Private Limited (Greaves Cotton Limited)
- Ather Energy Pvt Ltd
- Atul Auto Limited
- Bajaj Auto Limited (Bajaj Group)
- Electrotherm (India) Ltd.
- Hero Electric (Hero Eco Group)
- Hyundai Motor India Limited (Hyundai Motor Company)
- JBM Auto Limited
- Mahindra Electric Mobility Limited (Mahindra & Mahindra Ltd)
- MG Motor India Pvt Ltd (SAIC Motor Corporation Limited)
- Okinawa Autotech Pvt Ltd
- Olectra Greentech Ltd.
- Piaggio Vehicles Pvt. Ltd. (PIAGGIO & C. SPA)
- Tata Motors Limited (Tata Group)
- TVS Motor Company (Sundaram – Clayton Limited)
- VE Commercial Vehicles Limited
If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.
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