Overview of the India Electric Vehicle Market:
The India Electric Vehicle Market reports delivers an in-depth assessment of market size, share, and emerging trends, offering valuable insights into growth opportunities. It examines market segmentation and definitions, highlighting core components and key drivers of expansion. By applying SWOT and PESTEL analyses, the study evaluates the sector’s strengths, weaknesses, opportunities, and threats, while also considering political, economic, social, technological, environmental, and legal factors. Expert reviews of competitor strategies and recent developments provide a clearer view of regional dynamics and future market trajectories, establishing a strong foundation for strategic planning and informed investment decisions.
What will be the market size of India Electric Vehicle market 2030?
The India Electric Vehicle Market size was valued at around USD 5.22 billion in 2024 and is projected to reach USD 23.52 billion by 2030. Along with this, the market is estimated to grow at a CAGR of around 28.52% during the forecast period, i.e., 2025-30.
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Who are the top companies operating in the India Electric Vehicle market?
The report features prominent companies operating in the India Electric Vehicle market and the successful strategies they have adopted. It also provides detailed insights into each company’s market share and their role in driving the industry’s growth. As per MarkNtel Advisors, top companies in India Electric Vehicle market: Tata Motors, Ola Electric, Ather Energy, Mahindra & Mahindra Ltd., JSW MG Motor India Pvt. Ltd., Olectra Greentech Limited, Audi AG, BMW AG, Hyundai Motor India, Mercedes-Benz Group AG, Toyota Motor Corporation, and Others
What is the key factor projected to fuel growth in the India Electric Vehicle Market between 2025 and 2030?
Favorable Government Policies Driving Market Growth – In recent years, the growing number of government policies to promote electric vehicle adoption has positively impacted the Indian electric vehicle industry. The major reason for promoting EV adoption is air pollution, caused by the transport sector, which is more than 40% particularly due to the widespread use of diesel and petrol vehicles in cities such as Delhi, Mumbai, and Bengaluru. To overcome this, the Indian government is actively introducing various initiatives, including subsidies, incentives, tax exemptions, and registration fee waivers. For instance, the Ministry of Heavy Industries introduced the FAME India-II policy and Production Link Incentive (PLI) scheme, which promotes domestic manufacturing of EV batteries and components, reduces import dependence, and builds a robust electric vehicle supply chain in India.
Moreover, from 2021, the Ministry of Road Transport & Highways announced waived registration certificate fees for all battery-operated electric vehicles across India, which means no charges for new or renewed registrations. For instance, in 2023, the state-level government of Uttar Pradesh announced 100% waiver on road tax and registration fees for electric vehicles. Therefore, all these favorable policies of the government authorities are driving market demand, and ultimately augmenting the size & volume of the electric vehicle industry.
India Electric Vehicle Market – Segmentation Analysis
- By Vehicle Type (Passenger Cars, [Sedan, Hatchback, SUV], Commercial Vehicles, [Light Commercial Vehicles, [Electric Light Trucks, Electric Minivans], Medium & Heavy Commercial Vehicles, [Electric Trucks, Electric Bus]], Two Wheelers [Scooters, Motorcycles, Moped], Three Wheelers)
- By Propulsion Type (Battery Electric Vehicle (BEV), Hybrid Electric Vehicle (HEV)) And Others
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This Section cover detailed analysis of revenue, market share and growth rate, historical data (2020-23) and forecast (2025-2030) of the following segmentation and geography.
Comprehensive Table of Contents – India Electric Vehicle Market Analysis and Forecast, 2030
- Table 1:Introduction
- Table 2: Executive Summary
- Table 3: Market Regulations, Policies & Standards
- Table 4:India Electric Vehicle Market Size, Share & Scope, 2020-2030F
- Table 5:Market Trends & Developments
- Table 6:Market Dynamics (Key Drivers, and Challenges)
- Table 7:Market Hotspots & Opportunities
- Table 8:Market Value Chain Analysis
- Table 9:Market Outlook, 2020-2030F
- Table 10: Market Size & Analysis by Revenues (USD Million):
- Table 11:Market Size & Forecast 2020–2030 by Segmentation
- Table 12:Market Size & Forecast 2020–2030 by Geography
- Table 13:Key Strategic Imperatives for Success & Growth
- Table 14:Competitor Analysis of India Electric Vehicle Companies
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Key Benefits for Industry Participants and Stakeholders
- Insight into emerging market trends and investment opportunities
- Understanding of regional market dynamics and competitive landscapes
- Data-driven forecasts to support strategic decision-making
- Access to industry benchmarks for performance evaluation
- Identification of potential risks and growth challenges
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