The India Electric Vehicle Market size is expected to reach USD 152.21 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 40.7% from 2025 to 2030. The stringent regulations being drafted by the Indian government in response to the rising levels of vehicular emissions and the growing demand for environment-friendly vehicles are expected to drive the growth of the market over the forecast period. The efforts being pursued by the government to develop sustainable charging infrastructure in India also bodes well for the growth of the market.
Although
the electric vehicle market in India is in its nascent stages at present, it is
poised to emerge as one of the leading electric vehicle markets in the world.
The Indian government has been pursuing consistent and committed efforts and
has already drafted dedicated EV policies and rolled out various demand and
supply incentives as part of the efforts to encourage the adoption of
e-mobility across various market segments. For instance, India’s Department of
Heavy Industry (DHI), under the National Electric Mobility Mission Plan (NEMMP)
2020, has formulated the Faster Adoption and Manufacturing of Electric Vehicles
(FAME) scheme to support the development of both Hybrid Vehicles (HV) and
Electric Vehicle (EV) markets as well as that of their manufacturing
eco-systems.
The
growing popularity of electric vehicles is prompting the leading
automotive manufacturers to launch electric vehicles in India. For instance, in
October 2019, Maruti Suzuki, a leader in the conventional vehicle market,
announced plans to launch electric vehicles for personal use for the Indian market
in the following years. Similarly, in August 2021, Tata Motors launched the
Tata Tigor EV in the Indian market. As the market continues to evolve and the
consumer preference continues to shift from conventional vehicles to electric
vehicles, more and more conventional vehicle manufacturers are expected to
launch electric vehicles in the Indian market, thereby driving the growth of
the market over the forecast period.
The
outbreak of the COVID-19 pandemic triggered a global economic slowdown. The
electric vehicle market is particularly vulnerable to any global economic
slowdown owing to its reliance on global sourcing for the core battery
technology. Moreover, the initial purchase price of electric vehicles tends to
be higher than the gasoline-fired and hybrid vehicles, which particularly
restrains the adoption of electric vehicles among price-sensitive customers.
However, the Indian electric vehicle (EV) market was unaffected by the outbreak
of the pandemic. In India, the registration of new electric passenger cars increased by 109% y/y in
2020, with 5,905 new vehicle registrations noted during the year.
List of Key Players of India Electric Vehicle Market
- Audi AG
- BMW AG
- Hyundai
Motor India
- Jaguar Land
Rover Limited
- Mahindra&Mahindra
Ltd.
- Mercedes-Benz
Group AG
- JSW MG Motor
India Pvt. Ltd.
- Olectra
Greentech Limited
- Tata Motors
Limited
- Toyota Motor
Corporation
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India Electric Vehicle Market Report Highlights
- In terms of
product, the BEV segment dominated the market in 2024 and is anticipated
to value at USD 116.80 billion by 2030. This can be attributed to the
increasing preference of consumers towards EVs over ICE vehicles and
restrictions on vehicular CO2 emissions
- The
passenger cars segment is expected to expand at the highest CAGR of around
41.6% over the forecast period. The growth can be attributed to increasing
investments by the government in EV infrastructure, along with tax
benefits offered to consumers
- The rising
popularity of electric vehicles is prompting the leading automotive
manufacturers to launch electric vehicles in India, which is anticipated
to create growth opportunities for the market in the country
Related Press Release@ India
Electric Vehicle Industry Analysis
India Electric Vehicle Market Segmentation
Grand
View Research has segmented the India electric vehicle market report based on
product and vehicle:
India Electric Vehicle Product Outlook (Volume,
Units; Revenue, USD Million, 2018 - 2030)
- Battery
Electric Vehicle (BEV)
- Plug-In
Hybrid Electric Vehicle (PHEV)
India Electric Vehicle Vehicle Outlook (Volume,
Units; Revenue, USD Million, 2018 - 2030)
- Passenger
Cars
- Commercial
Vehicles
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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Grand View Research, Inc
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Email: sales@grandviewresearch.com
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