India Electric Vehicles Market Analysis and Forecast to 2030: By Vehicle Type (Electric 2-Wheelers, Electric 3-Wheelers, Electric 4-Wheelers, Electric Buses), Propulsion Type (Battery Electric Vehicles (BEVs), Plug-in Hybrid Electric Vehicles (PHEVs), Hyb

India Electric Vehicles Market Analysis and Forecast to 2030: By Vehicle Type (Electric 2-Wheelers, Electric 3-Wheelers, Electric 4-Wheelers, Electric Buses), Propulsion Type (Battery Electric Vehicles (BEVs), Plug-in Hybrid Electric Vehicles (PHEVs), Hybrid Electric Vehicles (HEVs)), Battery Capacity (Less Than 110 kWh, 110 to 300 kWh, Above 300 kWh), and Region

The India electric vehicles market size was USD 3,709.4 million in 2022 and is anticipated to reach USD 51,747.9 million in 2030, growing at a rate of 36.37% from 2023 to 2030.



Electric vehicles are powered by electric motor instead of a gasoline engine. Electric vehicles include hybrid electric vehicles (HEVs), plug-in hybrid electric vehicles (PHEVs), and battery electric vehicles (BEVs).
The India EV market involves the production, sale, and distribution of electric vehicles, as well as the supporting infrastructure required for charging and servicing these vehicles. It encompasses a wide range of stakeholders, including automakers, suppliers, charging station providers, and government entities involved in policy development and incentives for electric vehicles.
India Electric Vehicles Market Scope and Report Structure
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Key Trends and Drivers
The India electric vehicle market is anticipated to grow significantly in the upcoming years. Some of the major drivers for this growth are the rising concerns about air pollution and climate change and the need to decrease dependence on conventional fuels.  Electric vehicles offer several advantages over traditional gasoline-powered vehicles. They produce zero tailpipe emissions, reducing air pollution and greenhouse gas emissions, making them more environmentally friendly. EVs also have lower operating costs due to the generally lower cost of electricity compared to gasoline and fewer maintenance requirements since they have fewer moving parts. Additionally, electric vehicles contribute to reducing dependence on fossil fuels and can be powered by renewable energy sources, further enhancing their sustainability.

Besides, some of the key trends in the India electric vehicles market include faster charging, longer ranges, and cheaper prices.

Over the past few years, the electric vehicle (EV) industry in India has witnessed significant growth and development. The government's push for a greener and more sustainable future, coupled with increasing awareness about climate change and rising fuel prices, has spurred the demand for EVs. Several measures such as financial incentives, subsidies, and charging infrastructure expansion have been implemented to promote the adoption of electric vehicles. This has resulted in a surge in EV sales, with major automakers launching electric models and startups entering the market. Additionally, collaborations between domestic and international automakers, advancements in battery technology, and growing consumer awareness have contributed to the rapid growth of the EV sector in India. This transformative shift towards electric mobility is poised to address environmental concerns, reduce dependence on fossil fuels, and create opportunities for job creation and economic growth.
Restraints & Challenges
Some of the major factors restraining the growth of the market include:

The cost of EVs in India is still relatively high in comparison to the conventional petrol or diesel vehicles. This is due to the high cost of the batteries which power EVs. On the other hand, as battery technology enhances and mass production of EVs increases, the purchasing price of EVs is anticipated to decrease in the near future.
The range of EVs in India is still relatively limited in comparison to conventional vehicles. This means that EVs are not suitable for long journeys or for those who live in rural areas. On the other hand, as battery technology enhances, the range of EVs is anticipated to increase in the upcoming years.
There is a lack of public charging infrastructure for EVs. This means that EV owners have to rely on home charging or finding a public charging point, which can be difficult and inconvenient. This is a key barrier to the widespread adoption of EVs. In contrast, as battery technology improves as well as the charging infrastructure is developed, EVs in India are expected to become increasingly popular in the upcoming years.
The rapid adoption of new battery technology creates significant challenges, including labour and material shortages, delays in the construction of gigafactories to make batteries at scale, and competition for resources in the supply chain, among others. In reality, the battery supply chain risks resembling the current semiconductor chip shortage, in which demand growth has outpaced capital investment in new supply. Besides, environmental, social, and governance (ESG) factors will become more important, raising a new set of problems for businesses to address. Additionally, ESG variables will have a bigger impact, posing a new set of problems for companies to deal with.

India Electric Vehicles Market Segmental Overview
The India Electric Vehicles market has been segmented into Vehicle Type, Propulsion Type, Battery Capacity, and Region. By vehicle type, the market is classified into electric 2-wheeler vehicles, electric 3-wheeler vehicles, electric 4-wheeler vehicles, and electric buses. The electric 2-wheeler vehicles segment is divided into electric scooters and motorcycles. The electric 3-wheeler vehicle segment is divided into passenger and load carriers. The electric 4-wheeler vehicles segment is further divided into commercial and personal. By propulsion type, the market is divided into battery electric vehicles, plug-in hybrid electric vehicles, and hybrid electric vehicles. By battery capacity, the market is divided into less than 110 kWh, 110 to 300 kWh, and above 300 kWh. Based on region, the market is divided into North India, South India, Central India, East India, and West India.


Major Players in the India Electric Vehicles Market
The India Electric Vehicles market report includes players such as Hero Electric, Bajaj, Mahindra & Mahindra, Okinawa, TVS, Ather Energy, Revolt, Ola Electric, Piaggio Vehicle, Kinetic Green Vehicles, Hyundai Motor India, Tata Motors, Unique International, Champion Polyplast, J.S. AUTO PVT. LTD, VE Commercial Vehicles Limited, Olectra Greentech, PMI Electro Mobility Solutions Private Limited , Ashok Leyland Limited, Okaya, YC Electric , Saera Electric Auto Pvt. Ltd., Dilli Electric, Mini Metro EV, JBM Group, Ampere, PuR Energy Private Limited, MG Motor, BYD Company Limited, Benling India, Atul Auto, Euler Motors Private Limited, Altigreen, Hykon India, and Bestway Agency Pvt. Ltd. among others. These players adopted product approval, acquisition, product launch, partnership, and expansion to increase market share.
COVID-19 Impact
The sudden emergence of the coronavirus pandemic in 2020 will be remembered as the "Black Swan Event" in Indian history. The impact of COVID-19 on the electric vehicle sector has created unexpected complications in the market. It has become difficult for EV makers to meet their sustainability targets while also competing in the post-pandemic trends in the electric vehicle industry. According to recent studies, the COVID-19 outbreak temporarily reduced electric vehicle sales, but the future of car electrification is quite optimistic. Whether it's a 2-wheelers, 3-wheelers, or 4-wheelers, OEMs are gearing up to revive and overcome the economic downturn. The pandemic has disrupted the possible supply chain of EVs as well as EV batteries, and negatively impacted the public's spending sentiment.
The continuous lockdown forced EV makers to halt production. The Indian EV component firms had already cut production by up to 40 per cent to 50 per cent to control inventories due to dwindling demand. The tremendous job losses and pay-cut have shrunk the purchasing power of the customers.
The government inducement towards relief packages in the future could help the India Electric Vehicles Market get through an economic crisis brought by COVID 19. As per government think tank Niti Aayog, EV manufacturers may suffer a delay in production as their initial focus will be to reviving demand and producing Bharat Stage-VI vehicles, and curbing imports of Chinese EV components.
Recent Developments

In April 2023, TVS Motor expands EV vision, acquired 25% stake Killwatt GmbH in Germany. Killwatt GmbH’s business comprises development, design, manufacture, sale and distribution of high-tech products and components for electric two- and three-wheelers.
In April 2023, ACKO, a leading private insurance company has launched an Extended Battery Warranty Plan in partnership with Ola Electric and Ather Energy. The company says it aims to create an infrastructure for the EV landscape by partnering with OEMs and offering comprehensive insurance plans to EV customers. This will address the existing pain points and thereby bring a radical disruption in the fast-evolving EV industry.
In March 2023, Hero Electric has announced launch of three new electric scooters at ₹85,000 that aim to bring connected technology to the brand. The three scooters are the Optima CX2.0 with a single battery, while the Optima CX5.0 and NYX have dual batteries.
In February 2023, Mahindra has introduced five electric SUVs globally under two brands - XUV and a new all-electric brand known as BE. The vehicles are named - XUV.e8, XUV.e9, BE.05, BE.07 and BE.09. These new cars will be based on the INGLO EV platform. Moreover, the first four of the EVs will be launched between 2024 and 2026, starting with the Indian market.
In February 2022, electric two-wheeler manufacturer Okinawa Autotech on Tuesday said it has commenced operations at its second manufacturing unit located in Bhiwadi, Rajasthan.
In 2022, Hero MotoCorp ramped up its e-mobility plans. As part of its vision – ‘Be the Future of Mobility’, the company has announced a new investment of up to Rs 420 crore in Ather Energy. The company is also exploring collaborations with Ather in various spheres, such as charging infrastructure, technology, and sourcing. It is addressing the emerging mobility opportunity in a comprehensive manner, through a range of organic and inorganic initiatives.
In December 2021, Bajaj Auto announced an investment of Rs 300 Cr (USD 40 Mn) and commenced work at a brand-new unit at Akurdi for manufacturing Electric Vehicles. This unit will have a production capacity of 500,000 EVs per annum. Akurdi (Pune) is also the site of the original Chetak scooter factory that made Bajaj Auto a household name in India.

India Electric Vehicles Market Report Coverage

The report offers a comprehensive quantitative as well as qualitative analysis of the current India Electric Vehicles Market outlook and estimations from 2023 to 2030, which helps to recognize the prevalent opportunities.
The report also covers qualitative as well as quantitative analysis of the India Electric Vehicles Market in terms of value (USD Millions) and volume (Units).
Major players in the market are profiled in this report, their supply chain (component suppliers) as well as key developmental strategies are studied in detail. This will provide an insight into the competitive landscape of the India Electric Vehicles industry.
A thorough analysis of market trends and restraints is provided.
Region-wise conditions are broadly evaluated in this report.
Analytical depiction of the India Electric Vehicles Market along with the current trends and future estimations to depict imminent investment pockets. The overall India Electric Vehicles industry opportunity is examined by understanding profitable trends to gain a stronger foothold.
Porter’s five forces analysis, Pricing analysis, COVID-19 impact analysis, Regulatory Landscape, and PESTLE analysis of the India Electric Vehicles Market are also analyzed.

Frequently Asked Questions
Q1. How big is the India Electric Vehicles market?

Ans. The India electric vehicles market size was USD 3,709.4 million in 2022 and is anticipated to reach USD 51,747.9 million in 2030, growing at a rate of 36.4% from 2023 to 2030.

Q2. What is the India Electric Vehicles market growth rate?

Ans. The growth rate of the India Electric Vehicles market is 36.4% from 2023 to 2032.

Q3. Which segment accounted for the largest India Electric Vehicles market share?

Ans. Based on vehicle type, it is bifurcated into electric 2-wheelers, electric 3-wheelers, electric 4-wheelers, and electric buses . The electric 2-wheelers segment is expected to be the largest segment in the India Electric Vehicles market throughout the study period.

Q4. Who are the key players in the India Electric Vehicles market?

Ans. The India Electric Vehicles market report includes players such as Hero Electric, Bajaj, Mahindra & Mahindra, Okinawa, TVS, Ather Energy, Revolt, Ola Electric, Piaggio Vehicle, Kinetic Green Vehicles, Hyundai Motor India, Tata Motors, Unique International, Champion Polyplast, J.S. AUTO PVT. LTD, VE Commercial Vehicles Limited, Olectra Greentech, PMI Electro Mobility Solutions Private Limited , Ashok Leyland Limited, Okaya, YC Electric , Saera Electric Auto Pvt. Ltd., Dilli Electric, Mini Metro EV, JBM Group, Ampere, PuR Energy Private Limited, MG Motor, BYD Company Limited, Benling India, Atul Auto, Euler Motors Private Limited, Altigreen, Hykon India, and Bestway Agency Pvt. Ltd. among others.

Q5. What are the factors driving the India Electric Vehicles market growth?

Ans. The major factors driving the growth of the market are increase in government support for development and purchase of electric vehicles and growth in demand for zero emission vehicles.

Q6. What are the key growth strategies of India Electric Vehicles market players?

Ans. The key growth strategies of India Electric Vehicles market players are business expansion, partnerships, joint ventures, collaborations, product launch, and deals.

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