Market Size of india electric vehicle Industry
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Study Period | 2017 - 2030 |
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Base Year For Estimation | 2023 |
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Market Size (2024) | USD 34.8 Billion |
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Market Size (2030) | USD 120 Billion |
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CAGR (2024 - 2030) | 22.92 % |
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Market Concentration | Medium |
Major Players |
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*Disclaimer: Major Players sorted in no particular order |
India Electric Vehicle Market Analysis
The India Electric Vehicle Market size is estimated at 34.8 billion USD in 2024, and is expected to reach 120 billion USD by 2030, growing at a CAGR of 22.92% during the forecast period (2024-2030).
34.8 Billion
Market Size in 2024 (USD)
120 Billion
Market Size in 2030 (USD)
126.29 %
CAGR (2017-2023)
22.92 %
CAGR (2024-2030)
Largest Segment by Fuel Category
98.38 %
value share, BEV, 2023
BEVs dominate India's EV market due to government incentives, rising fuel prices, and increasing awareness about the environmental benefits of electric mobility.
Fastest-growing Segment by Fuel Category
85.36 %
Projected CAGR, FCEV, 2024-2030
FCEVs are the fastest-growing segment due to advancements in hydrogen fuel cell technology, government initiatives supporting hydrogen as an alternative fuel, and efforts to reduce air pollution.
Largest Segment by Vehicle Type
89.17 %
value share, Two-Wheelers, 2023
Two-wheelers dominate the market due to their affordability, convenience in navigating congested urban areas, lower operating costs, and increasing consumer adoption of electric scooters and bikes.
Leading Market Player
19.07 %
market share, Ola Electric Mobility Pvt. Ltd., 2023
Ola Electric Mobility Pvt. Ltd. leads the market with its innovative electric scooters, strong investment in R&D, and aggressive expansion plans, making significant strides in the Indian EV landscape.
Second leading Market Player
11.89 %
market share, TVS Motor Company Limited, 2023
TVS Motor Company Limited is a major player due to its extensive range of electric two-wheelers, strong brand recognition, and widespread dealership network across India, catering to diverse consumer needs.
India's comprehensive strategy to adopt electric vehicles (EVs) across various vehicle categories is driving the nation's transition toward sustainable mobility
- India's electric vehicle (EV) market, segmented by vehicle type into passenger cars, commercial vehicles, and two-wheelers, is undergoing a significant transformation, reflecting the country's commitment to embracing clean energy and reducing carbon emissions. Each segment caters to distinct market dynamics, user needs, and growth potential, painting a comprehensive picture of India's journey toward electric mobility.
- Electric passenger cars are steadily gaining traction in the Indian market, driven by increasing consumer awareness, favorable government policies, and the growing presence of both international and local manufacturers. Although currently small compared to conventional vehicles, the segment is witnessing a rapid expansion in offerings, ranging from affordable models aimed at the mass market to premium electric cars catering to the luxury segment.
- The electric commercial vehicle sector, though still in its early stages, is set to witness significant growth. This growth is being driven by a rising emphasis on sustainability and cost-effectiveness within the logistics and transportation sectors. Electric buses, trucks, and vans are gradually making their way into urban fleets, supported by government initiatives aimed at reducing pollution and promoting electric mobility in public transportation and goods delivery. The operational cost benefits of electric commercial vehicles, coupled with various state and central government incentives, are encouraging fleet operators and businesses to transition toward electric options. This segment's growth is critical for achieving India's ambitious environmental targets and improving urban air quality.
Understand The Key Trends Shaping This Market
India Electric Vehicle Industry Segmentation
Commercial Vehicles, Passenger Vehicles, Two-Wheelers are covered as segments by Vehicle Type. FCEV, HEV are covered as segments by Fuel Category.
- India's electric vehicle (EV) market, segmented by vehicle type into passenger cars, commercial vehicles, and two-wheelers, is undergoing a significant transformation, reflecting the country's commitment to embracing clean energy and reducing carbon emissions. Each segment caters to distinct market dynamics, user needs, and growth potential, painting a comprehensive picture of India's journey toward electric mobility.
- Electric passenger cars are steadily gaining traction in the Indian market, driven by increasing consumer awareness, favorable government policies, and the growing presence of both international and local manufacturers. Although currently small compared to conventional vehicles, the segment is witnessing a rapid expansion in offerings, ranging from affordable models aimed at the mass market to premium electric cars catering to the luxury segment.
- The electric commercial vehicle sector, though still in its early stages, is set to witness significant growth. This growth is being driven by a rising emphasis on sustainability and cost-effectiveness within the logistics and transportation sectors. Electric buses, trucks, and vans are gradually making their way into urban fleets, supported by government initiatives aimed at reducing pollution and promoting electric mobility in public transportation and goods delivery. The operational cost benefits of electric commercial vehicles, coupled with various state and central government incentives, are encouraging fleet operators and businesses to transition toward electric options. This segment's growth is critical for achieving India's ambitious environmental targets and improving urban air quality.
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Need A Different Region Or Segment?
India Electric Vehicle Market Size Summary
The India Electric Vehicle (EV) market is experiencing a transformative phase, driven by the country's commitment to clean energy and carbon emission reduction. This market is segmented into passenger cars, commercial vehicles, and two-wheelers, each with unique dynamics and growth potential. Electric passenger cars are gaining popularity due to increased consumer awareness, supportive government policies, and the entry of both international and local manufacturers. Although the segment is currently smaller than conventional vehicles, it is rapidly expanding with a range of offerings from affordable to luxury models. The electric commercial vehicle sector, though nascent, is poised for significant growth, propelled by sustainability and cost-effectiveness in logistics and transportation. Government initiatives are further supporting the integration of electric buses, trucks, and vans into urban fleets, aiming to reduce pollution and enhance urban air quality.
The Indian government's proactive measures, such as the Fame India scheme and the Vehicle Scrappage Policy, are pivotal in driving the electrification of vehicles. These policies, along with state-level initiatives, are encouraging the transition from internal combustion engines to electric vehicles, particularly in public transportation. The demand for electric cars is expected to rise significantly, with an ambitious target set for 30% electrification of all cars by 2030. The market is moderately consolidated, with major players like Ampere Vehicle Private Limited, Ather Energy Pvt. Ltd., and Ola Electric Mobility Pvt. Ltd. leading the charge. Recent developments, such as Ola Electric's launch of the S1X scooter and Gabriel India's component development for electric vehicles, highlight the ongoing innovation and investment in the sector, underscoring India's strategic focus on electric mobility.
India Electric Vehicle Market Size - Table of Contents
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1. MARKET SEGMENTATION (includes market size in Value in USD and Volume, Forecasts up to 2030 and analysis of growth prospects)
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1.1 Vehicle Type
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1.1.1 Commercial Vehicles
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1.1.1.1 Buses
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1.1.1.2 Heavy-duty Commercial Trucks
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1.1.1.3 Light Commercial Pick-up Trucks
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1.1.1.4 Light Commercial Vans
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1.1.1.5 Medium-duty Commercial Trucks
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1.1.2 Passenger Vehicles
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1.1.2.1 Hatchback
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1.1.2.2 Multi-purpose Vehicle
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1.1.2.3 Sedan
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1.1.2.4 Sports Utility Vehicle
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1.1.3 Two-Wheelers
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1.2 Fuel Category
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1.2.1 FCEV
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1.2.2 HEV
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India Electric Vehicle Market Size FAQs
How big is the India Electric Vehicle Market?
The India Electric Vehicle Market size is expected to reach USD 34.80 billion in 2024 and grow at a CAGR of 22.92% to reach USD 120.04 billion by 2030.
What is the current India Electric Vehicle Market size?
In 2024, the India Electric Vehicle Market size is expected to reach USD 34.80 billion.
