India Electric Vehicle Market Size, Share, Growth, Report, 2023-2028

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, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.

Report Highlights

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.

What is Electric Vehicle?

An electric vehicle is a mode of transportation powered by electricity and relies on one or more electric motors to propel the vehicle. It comprises all-electric vehicles (AEVs) that rely solely on electricity and plug-in hybrid electric vehicles (PHEVs) that combine electric power with an internal combustion engine. It is a cost-effective, convenient, easy-to-use, and eco-friendly transportation solution as compared to traditional combustion engine vehicles. As it has low operational and maintenance costs and reduces greenhouse gas (GHG) emissions, the demand for electric vehicles is increasing in India.  

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What are the growth prospects and trends in the India electric vehicle industry?

At present, the rising consumer awareness about environmental sustainability represents one of the primary factors strengthening the market growth in India. Apart from this, the increasing adoption of electric vehicles, as they assist in reducing noise and air pollution in the environment, is bolstering the growth of the market.

Moreover, the growing demand for electric vehicles due to the rising number of charging infrastructure development projects is offering a positive market outlook in the country. Additionally, the wide availability of electric vehicle models, such as electric two-wheelers, passenger cars, and commercial vehicles, through online and offline distribution channels is providing lucrative growth opportunities to industry investors in India.

Furthermore, the Government of India is encouraging the adoption of electric vehicles by offering several subsidies and tax rebates on purchase, which is propelling the growth of the market. 

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What is included in market segmentation?

The report has segmented the market into the following categories:

Breakup by Vehicle Type:

·     Passenger Vehicles

·     Commercial Vehicles

·     Others

Breakup by Price Category:

·     Mid-Range

·     High/Luxury Range

Breakup by Propulsion Type:

·     Battery Electric Vehicle

·     Hybrid Electric Vehicle

·     Plug-In Hybrid Electric Vehicle

Breakup by Region:

·     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), and VE Commercial Vehicles Limited. 

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