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India Electric Vehicle Market
Size is Projected To Exhibit Growth Rate 57.23%
CAGR During 2025-2033
Market Overview 2025-2033
The India electric vehicle market size reached USD 2,361.0 Million in 2024. Looking
forward, IMARC Group expects the market to reach USD 164,420.4 Million by 2033,
exhibiting a growth rate (CAGR) of 57.23% during 2025-2033. The rising demand for
fuel-efficient and high-performance vehicles, increased environmental
consciousness among the public, and the expanding network of EV charging stations
in India are significant factors propelling the market forward.
Key Market Highlights:
✔️ Increasing consumer demand for eco-friendly and sustainable mobility solutions
✔️ Breakthroughs in battery technology enhancing range, efficiency, and cost-
effectiveness
✔️ Rising involvement of domestic and global automakers in the electric vehicle
market
✔️ Rapid growth of electric two-wheelers and three-wheelers for urban transportation
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electric-vehicle-market/requestsample
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India Electric Vehicle Market Trends and Drivers:
The India electric vehicle market analysis reveals a significant shift in consumer
preferences towards electric vehicles (EVs) due to rising environmental concerns
and government incentives. As urban populations grow and pollution levels increase,
more consumers are seeking sustainable alternatives to traditional gasoline-powered
vehicles. This trend is supported by a robust increase in the electric vehicle market
size in India, driven by advancements in battery technology and a wider range of
affordable EV models.
Additionally, the government's push for electric mobility through initiatives like the
Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME) scheme
has further stimulated demand. By 2025, it is anticipated that the electric vehicle
industry in India will witness a substantial surge in sales, making EVs a mainstream
choice among Indian consumers.
The growth of the India electric vehicle market share is closely linked to the
expansion of charging infrastructure across the country. As more charging stations
are established in urban and rural areas, the convenience of owning an electric
vehicle increases, alleviating range anxiety among potential buyers. The
government's efforts to promote the installation of charging points, coupled with
investments from private players, are crucial in developing a robust network that
supports the burgeoning electric vehicle market.
By 2025, this infrastructure development will not only enhance the accessibility of
EVs but also encourage more consumers to transition from conventional vehicles to
electric alternatives. As a result, the electric vehicle industry in India is expected to
thrive, with a significant rise in both consumer adoption and market competitiveness.
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Technological innovations play a pivotal role in shaping the future of the India electric
vehicle market. Ongoing research and development in battery technology, such as
the introduction of solid-state batteries and improvements in charging speeds, are
set to enhance the performance and affordability of electric vehicles.
Furthermore, supportive government policies aimed at boosting local manufacturing
and reducing import dependence will contribute to the overall growth of the electric
vehicle market size in India. By 2025, these advancements, combined with favorable
regulations, will likely lead to a more competitive landscape within the electric vehicle
industry in India. As manufacturers strive to capture a larger India electric vehicle
market share, consumers will benefit from a wider selection of innovative and
efficient EV options, ultimately driving the market forward.
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India Electric Vehicle Industry Segmentation:
The report segments the market based on product type, distribution channel, and
region:
Study Period:
Base Year: 2024
Historical Year: 2019-2024
Forecast Year: 2025-2033
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
Competitive Landscape:
The report offers an in-depth examination of the competitive landscape. It includes a
thorough competitive analysis encompassing market structure, key player
positioning, leading strategies for success, a competitive dashboard, and a company
evaluation quadrant.
Some of Key Players in the Market:
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)
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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
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About Us:
IMARC Group is a global management consulting firm that helps the world's most
ambitious changemakers create lasting impact. The firm offers comprehensive
services for market entry and market expansion. IMARC's services include thorough
market assessments, feasibility studies, company formation assistance, factory
setup support, regulatory approvals and license navigation, branding, marketing and
sales strategies, competitive landscape and benchmark analysis, pricing and cost
studies, and sourcing studies.
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