EV Market in India Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

The Report Covers Electrical Vehicle (EV) Market Share by Company in India and is segmented by Vehicle Type (Commercial Vehicles, Passenger Vehicles, Two-Wheelers) and by Fuel Type (BEV, FCEV, HEV, PHEV)

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India Electric Vehicle Market Size

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India Electric Vehicle Market
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https://s3.mordorintelligence.com/study%20period/1629296433432_test~study_period_study_period.svg Study Period 2016 - 2029
https://s3.mordorintelligence.com/cagr/1629296433433_test~cagr_cagr.svg Market Size (2024) USD 34.80 Billion
https://s3.mordorintelligence.com/cagr/1629296433433_test~cagr_cagr.svg Market Size (2029) USD 110.74 Billion
https://s3.mordorintelligence.com/cagr/1629296433433_test~cagr_cagr.svg CAGR (2024 - 2029) 26.05 %
https://s3.mordorlabs.com/passenger_vehicles/1629285650768_test~passenger_vehicles_passenger_vehicles.svg Largest Share by Vehicle Type Commercial Vehicles
https://s3.mordorlabs.com/passenger_vehicles/1629285650768_test~passenger_vehicles_passenger_vehicles.svg Fastest Growing by Vehicle Type Commercial Vehicles

Major Players
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*Disclaimer: Major Players sorted in no particular order

Key Players

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India Electric Vehicle Market Analysis

The India Electric Vehicle Market size is estimated at USD 34.80 billion in 2024, and is expected to reach USD 110.74 billion by 2029, growing at a CAGR of 26.05% during the forecast period (2024-2029).

  • Largest Segment by Fuel Type - HEV : The reasons influencing the rise of BEV are state subsidies and the continued encouragement of BEV adoption among Indian private automobile owners and corporate and leasing fleets.
  • Fastest-growing Segment by Fuel Type - HEV : Government norms, incentives and rebates, and awareness of e-mobility are attracting consumers to buy EVs, further is making BEV the fastest-growing segment in the Indian electric vehicle market.
  • Largest Segment by Vehicle Type - Commercial Vehicles : The passenger vehicle acquired the largest sales in electric vehicles in India, due to the increasing need of passenger vehicles and there are very few models of electric CV available in the Inida.

India Electric Vehicle Market Trends

This section covers the major market trends shaping the India Electric Vehicle Market according to our research experts:

Commercial Vehicles is the largest segment by Vehicle Type.

  • The FAME program provides a discount on the retail value of passenger cars. These subsidies range from INR 11,000 (USD 165) to INR 24,000 (USD 360) for light hybrids, INR 59,000 (USD 885) to INR 71,000 (USD 1,065) for strong hybrids, and INR 60,000 (USD 900) to INR 1,34,000 for electric vehicles (USD 2,010). Two-wheelers, three-wheelers, buses, light commercial vehicles, and retrofit kits can all receive subsidies.
  • The FAME scheme's subsidy is not the only incentive program that influences the Indian market for hybrid and electric automobiles. Along with FAME, the Central Government of India and some state governments, including the Government of the National Capital Territory of Delhi (NCT of Delhi), offer tax advantages that give hybrid and electric vehicles a leg up on conventional automobiles. For instance, the Central Government of India imposes flat excise rates of 12.5% and 6% on hybrid and electric vehicles, while traditional car technologies are subject to excise duties of up to 30% (based on vehicle dimensions and engine capacity). The Central Government of India included a tax on the infrastructure for conventional motor cars in the national FY 2016–17 budget, which ranged from 1% to 4% of the cost of the vehicle.
  •  Hybrid and electric vehicles were exempt from this tax. In its FY 2016–17 budget, the NCT of Delhi, which is the state government, lowered its state Value Added Tax (VAT) rate from 12.5% for conventional automobiles to 5% for hybrid and electric vehicles. Some or all of these advantages are being passed on to consumers by manufacturers, which is expected to boost sales of hybrid and electric vehicles.
India Electric Vehicle Market

India Electric Vehicle Industry Overview

The India Electric Vehicle Market is moderately consolidated, with the top five companies occupying 53.49%. The major players in this market are Audi AG, Hyundai Motor India, Mahindra & Mahindra Ltd, MG Motor India Pvt. Ltd. and Tata Motors (sorted alphabetically).

India Electric Vehicle Market Leaders

  1. Audi AG

  2. Hyundai Motor India

  3. Mahindra & Mahindra Ltd

  4. MG Motor India Pvt. Ltd.

  5. Tata Motors

*Disclaimer: Major Players sorted in no particular order

India Electric Vehicle Market
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India Electric Vehicle Market News

  • June 2022: The United Arab Emirates' Ministry of Energy and Infrastructure (MoEI), Audi Middle East, and Siemens signed an agreement to cooperate on boosting electric vehicle (EV) charging capacity on federal roads and increasing adoption of EVs across the country.
  • March 2022: Audi Middle East announced its collaboration with the Museum of the Future in Dubai, United Arab Emirates. Through this collaboration, Audi Ag will convey its electrification and sustainability plans, which mirror the future-forward mission of the UAE.
  • January 2022: DAIMLER AG subsidiary Mercedes-Benz has launched all-electric EQB SUV in 2022. It provides 2 models for the U.S. market such as Exclusive and Pinnacle.

India Electric Vehicle Market Report - Table of Contents

  1. EXECUTIVE SUMMARY & KEY FINDINGS

  2. REPORT OFFERS

  3. 1. INTRODUCTION

    1. 1.1. Study Assumptions & Market Definition

    2. 1.2. Scope of the Study

    3. 1.3. Research Methodology

  4. 2. KEY INDUSTRY TRENDS

    1. 2.1. Population

    2. 2.2. GDP

    3. 2.3. CVP

    4. 2.4. Inflation Rate

    5. 2.5. Interest Rate For Auto Loans

    6. 2.6. Battery Price (per Kwh)

    7. 2.7. Electrification Impact

    8. 2.8. New XEV Models Announced

    9. 2.9. Charging Stations Deployment

    10. 2.10. Regulatory Framework

    11. 2.11. Value Chain & Distribution Channel Analysis

  5. 3. MARKET SEGMENTATION

    1. 3.1. Vehicle Type

      1. 3.1.1. Commercial Vehicles

        1. 3.1.1.1. Buses

        2. 3.1.1.2. Heavy-duty Commercial Trucks

        3. 3.1.1.3. Light Commercial Pick-up Trucks

        4. 3.1.1.4. Light Commercial Vans

        5. 3.1.1.5. Medium-duty Commercial Trucks

      2. 3.1.2. Passenger Vehicles

        1. 3.1.2.1. Hatchback

        2. 3.1.2.2. Multi-purpose Vehicle

        3. 3.1.2.3. Sedan

        4. 3.1.2.4. Sports Utility Vehicle

      3. 3.1.3. Two-Wheelers

    2. 3.2. Fuel Type

      1. 3.2.1. BEV

      2. 3.2.2. FCEV

      3. 3.2.3. HEV

      4. 3.2.4. PHEV

  6. 4. COMPETITIVE LANDSCAPE

    1. 4.1. Key Strategic Moves

    2. 4.2. Market Share Analysis

    3. 4.3. Company Landscape

    4. 4.4. Company Profiles

      1. 4.4.1. Audi AG

      2. 4.4.2. BMW India Pvt Ltd

      3. 4.4.3. Hyundai Motor India

      4. 4.4.4. Jaguar Land Rover Limited

      5. 4.4.5. Mahindra & Mahindra Ltd

      6. 4.4.6. Mercedes-Benz AG

      7. 4.4.7. MG Motor India Pvt. Ltd.

      8. 4.4.8. Olectra Greentech Limited

      9. 4.4.9. Tata Motors

      10. 4.4.10. Toyota Motor Corporation

  7. 5. KEY STRATEGIC QUESTIONS FOR VEHICLES CEOS

  8. 6. APPENDIX

    1. 6.1. Global Overview

      1. 6.1.1. Overview

      2. 6.1.2. Porter's Five Forces Framework

      3. 6.1.3. Global Value Chain Analysis

      4. 6.1.4. Market Dynamics (DROs)

    2. 6.2. Sources & References

    3. 6.3. List of Tables & Figures

    4. 6.4. Primary Insights

    5. 6.5. Data Pack

    6. 6.6. Glossary of Terms

List of Tables & Figures

  1. Figure 1:  
  2. INDIA ELECTRIC VEHICLE MARKET, POPULATION YOY GROWTH RATE, MILLION UNITS, 2016 – 2026
  1. Figure 2:  
  2. INDIA ELECTRIC VEHICLE MARKET, GDP YOY GROWTH RATE, USD MILLION, 2016 – 2026
  1. Figure 3:  
  2. INDIA ELECTRIC VEHICLE MARKET, CVP YOY GROWTH RATE, 2016 – 2027
  1. Figure 4:  
  2. INDIA ELECTRIC VEHICLE MARKET, INFLATION RATE YOY GROWTH RATE, PERCENT, 2016 – 2026
  1. Figure 5:  
  2. INDIA ELECTRIC VEHICLE MARKET, INTEREST RATE FOR AUTO LOANS YOY GROWTH RATE, PERCENT, 2016 – 2026
  1. Figure 6:  
  2. INDIA ELECTRIC VEHICLE MARKET, BATTERY PRICES YOY GROWTH RATE, 2016 – 2026
  1. Figure 7:  
  2. INDIA ELECTRIC VEHICLE MARKET, ELECTRIFICATION IMPACT, VOLUME, YOY GROWTH RATE, PERCENT, 2016 – 2026
  1. Figure 8:  
  2. INDIA ELECTRIC VEHICLE MARKET, NEW XEV MODELS ANNOUNCED, VOLUME, YOY GROWTH RATE, UNITS, 2016 – 2026
  1. Figure 9:  
  2. INDIA ELECTRIC VEHICLE MARKET, CHARGING STATIONS DEPLOYMENT, VOLUME, YOY GROWTH RATE, UNITS, 2016 – 2026
  1. Figure 10:  
  2. INDIA ELECTRIC VEHICLE MARKET, VOLUME IN UNITS, 2016 – 2026
  1. Figure 11:  
  2. INDIA ELECTRIC VEHICLE MARKET, VALUE IN USD, 2016 – 2026
  1. Figure 12:  
  2. INDIA ELECTRIC VEHICLE MARKET, BY VEHICLE TYPE, BY VOLUME IN UNITS, 2016-2028
  1. Figure 13:  
  2. INDIA ELECTRIC VEHICLE MARKET, BY VEHICLE TYPE, BY VALUE IN USD, 2016-2028
  1. Figure 14:  
  2. INDIA ELECTRIC VEHICLE MARKET MARKET, SHARE(%), BY VEHICLE TYPE, 2016 - 2028
  1. Figure 15:  
  2. INDIA ELECTRIC VEHICLE MARKET MARKET, SHARE(%), BY VEHICLE TYPE, 2016 - 2028
  1. Figure 16:  
  2. INDIA ELECTRIC VEHICLE MARKET, BY SUB BODY TYPE, BY VOLUME IN UNITS, 2016-2028
  1. Figure 17:  
  2. INDIA ELECTRIC VEHICLE MARKET, BY SUB BODY TYPE, BY VALUE IN USD, 2016-2028
  1. Figure 18:  
  2. INDIA ELECTRIC VEHICLE MARKET MARKET, SHARE(%), BY SUB BODY TYPE, 2016 - 2028
  1. Figure 19:  
  2. INDIA ELECTRIC VEHICLE MARKET MARKET, SHARE(%), BY SUB BODY TYPE, 2016 - 2028
  1. Figure 20:  
  2. INDIA ELECTRIC VEHICLE MARKET, BY BUSES, BY VOLUME IN UNITS, 2016-2028
  1. Figure 21:  
  2. INDIA ELECTRIC VEHICLE MARKET, BY BUSES, BY VALUE IN USD, 2016-2028
  1. Figure 22:  
  2. INDIA ELECTRIC VEHICLE MARKET MARKET, SHARE(%), BY FUEL TYPE, 2021 - 2028
  1. Figure 23:  
  2. INDIA ELECTRIC VEHICLE MARKET, BY HEAVY-DUTY COMMERCIAL TRUCKS, BY VOLUME IN UNITS, 2016-2028
  1. Figure 24:  
  2. INDIA ELECTRIC VEHICLE MARKET, BY HEAVY-DUTY COMMERCIAL TRUCKS, BY VALUE IN USD, 2016-2028
  1. Figure 25:  
  2. INDIA ELECTRIC VEHICLE MARKET MARKET, SHARE(%), BY FUEL TYPE, 2021 - 2028
  1. Figure 26:  
  2. INDIA ELECTRIC VEHICLE MARKET, BY LIGHT COMMERCIAL PICK-UP TRUCKS, BY VOLUME IN UNITS, 2016-2028
  1. Figure 27:  
  2. INDIA ELECTRIC VEHICLE MARKET, BY LIGHT COMMERCIAL PICK-UP TRUCKS, BY VALUE IN USD, 2016-2028
  1. Figure 28:  
  2. INDIA ELECTRIC VEHICLE MARKET MARKET, SHARE(%), BY FUEL TYPE, 2021 - 2028
  1. Figure 29:  
  2. INDIA ELECTRIC VEHICLE MARKET, BY LIGHT COMMERCIAL VANS, BY VOLUME IN UNITS, 2016-2028
  1. Figure 30:  
  2. INDIA ELECTRIC VEHICLE MARKET, BY LIGHT COMMERCIAL VANS, BY VALUE IN USD, 2016-2028
  1. Figure 31:  
  2. INDIA ELECTRIC VEHICLE MARKET MARKET, SHARE(%), BY FUEL TYPE, 2021 - 2028
  1. Figure 32:  
  2. INDIA ELECTRIC VEHICLE MARKET, BY MEDIUM-DUTY COMMERCIAL TRUCKS, BY VOLUME IN UNITS, 2016-2028
  1. Figure 33:  
  2. INDIA ELECTRIC VEHICLE MARKET, BY MEDIUM-DUTY COMMERCIAL TRUCKS, BY VALUE IN USD, 2016-2028
  1. Figure 34:  
  2. INDIA ELECTRIC VEHICLE MARKET MARKET, SHARE(%), BY FUEL TYPE, 2021 - 2028
  1. Figure 35:  
  2. INDIA ELECTRIC VEHICLE MARKET, BY SUB BODY TYPE, BY VOLUME IN UNITS, 2016-2028
  1. Figure 36:  
  2. INDIA ELECTRIC VEHICLE MARKET, BY SUB BODY TYPE, BY VALUE IN USD, 2016-2028
  1. Figure 37:  
  2. INDIA ELECTRIC VEHICLE MARKET MARKET, SHARE(%), BY SUB BODY TYPE, 2016 - 2028
  1. Figure 38:  
  2. INDIA ELECTRIC VEHICLE MARKET MARKET, SHARE(%), BY SUB BODY TYPE, 2016 - 2028
  1. Figure 39:  
  2. INDIA ELECTRIC VEHICLE MARKET, BY HATCHBACK, BY VOLUME IN UNITS, 2016-2028
  1. Figure 40:  
  2. INDIA ELECTRIC VEHICLE MARKET, BY HATCHBACK, BY VALUE IN USD, 2016-2028
  1. Figure 41:  
  2. INDIA ELECTRIC VEHICLE MARKET, BY MULTI-PURPOSE VEHICLE, BY VOLUME IN UNITS, 2016-2028
  1. Figure 42:  
  2. INDIA ELECTRIC VEHICLE MARKET, BY MULTI-PURPOSE VEHICLE, BY VALUE IN USD, 2016-2028
  1. Figure 43:  
  2. INDIA ELECTRIC VEHICLE MARKET, BY SEDAN, BY VOLUME IN UNITS, 2016-2028
  1. Figure 44:  
  2. INDIA ELECTRIC VEHICLE MARKET, BY SEDAN, BY VALUE IN USD, 2016-2028
  1. Figure 45:  
  2. INDIA ELECTRIC VEHICLE MARKET, BY SPORTS UTILITY VEHICLE, BY VOLUME IN UNITS, 2016-2028
  1. Figure 46:  
  2. INDIA ELECTRIC VEHICLE MARKET, BY SPORTS UTILITY VEHICLE, BY VALUE IN USD, 2016-2028
  1. Figure 47:  
  2. INDIA ELECTRIC VEHICLE MARKET, BY TWO-WHEELERS, BY VOLUME IN UNITS, 2016-2028
  1. Figure 48:  
  2. INDIA ELECTRIC VEHICLE MARKET, BY TWO-WHEELERS, BY VALUE IN USD, 2016-2028
  1. Figure 49:  
  2. INDIA ELECTRIC VEHICLE MARKET, BY FUEL TYPE, BY VOLUME IN UNITS, 2016-2028
  1. Figure 50:  
  2. INDIA ELECTRIC VEHICLE MARKET, BY FUEL TYPE, BY VALUE IN USD, 2016-2028
  1. Figure 51:  
  2. INDIA ELECTRIC VEHICLE MARKET MARKET, SHARE(%), BY FUEL TYPE, 2016 - 2028
  1. Figure 52:  
  2. INDIA ELECTRIC VEHICLE MARKET MARKET, SHARE(%), BY FUEL TYPE, 2016 - 2028
  1. Figure 53:  
  2. INDIA ELECTRIC VEHICLE MARKET, BY BEV, BY VOLUME IN UNITS, 2016-2028
  1. Figure 54:  
  2. INDIA ELECTRIC VEHICLE MARKET, BY BEV, BY VALUE IN USD, 2016-2028
  1. Figure 55:  
  2. INDIA ELECTRIC VEHICLE MARKET MARKET, SHARE(%), BY VEHICLE TYPE, 2021 - 2028
  1. Figure 56:  
  2. INDIA ELECTRIC VEHICLE MARKET, BY FCEV, BY VOLUME IN UNITS, 2016-2028
  1. Figure 57:  
  2. INDIA ELECTRIC VEHICLE MARKET, BY FCEV, BY VALUE IN USD, 2016-2028
  1. Figure 58:  
  2. INDIA ELECTRIC VEHICLE MARKET MARKET, SHARE(%), BY VEHICLE TYPE, 2021 - 2028
  1. Figure 59:  
  2. INDIA ELECTRIC VEHICLE MARKET, BY HEV, BY VOLUME IN UNITS, 2016-2028
  1. Figure 60:  
  2. INDIA ELECTRIC VEHICLE MARKET, BY HEV, BY VALUE IN USD, 2016-2028
  1. Figure 61:  
  2. INDIA ELECTRIC VEHICLE MARKET MARKET, SHARE(%), BY VEHICLE TYPE, 2021 - 2028
  1. Figure 62:  
  2. INDIA ELECTRIC VEHICLE MARKET, BY PHEV, BY VOLUME IN UNITS, 2016-2028
  1. Figure 63:  
  2. INDIA ELECTRIC VEHICLE MARKET, BY PHEV, BY VALUE IN USD, 2016-2028
  1. Figure 64:  
  2. INDIA ELECTRIC VEHICLE MARKET MARKET, SHARE(%), BY VEHICLE TYPE, 2021 - 2028
  1. Figure 65:  
  2. INDIA ELECTRIC VEHICLE MARKET, MOST ACTIVE COMPANIES, BY NUMBER OF STRATEGIC MOVES, 2018 - 2021
  1. Figure 66:  
  2. INDIA ELECTRIC VEHICLE MARKET, MOST ADOPTED STRATEGIES, 2018 - 2021
  1. Figure 67:  
  2. INDIA ELECTRIC VEHICLE MARKET SHARE(%), BY MAJOR PLAYERS, 2021

India Electric Vehicle Industry Segmentation

Commercial Vehicles, Passenger Vehicles, Two-Wheelers are covered as segments by Vehicle Type. BEV, FCEV, HEV, PHEV are covered as segments by Fuel Type.
Vehicle Type
Commercial Vehicles
Buses
Heavy-duty Commercial Trucks
Light Commercial Pick-up Trucks
Light Commercial Vans
Medium-duty Commercial Trucks
Passenger Vehicles
Hatchback
Multi-purpose Vehicle
Sedan
Sports Utility Vehicle
Two-Wheelers
Fuel Type
BEV
FCEV
HEV
PHEV
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Market Definition

  • Body Type - It includes buses, light commercial vehicles, medium& heavy-duty vehicles, medium and heavy-duty buses, trucks, M&HDT.
  • Engine Type - Hybrid and electric vehicles are vehicles that run on batteries and use one or more electric motors for propulsion. .
  • Fuel Type - Hybrid and electric vehicles include HEV, PHEV, BEV, and FCEV.
  • Sub Body Type - Under this category, buses, heavy-duty commercial trucks, light commercial pickup trucks, light commercial vans, and medium-duty commercial trucks have been included.
  • Vehicle Type - It includes passenger vehicles, commercial vehicles, and two wheelers.
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Research Methodology

Mordor Intelligence follows a four-step methodology in all our reports.

  • Step-1: Identify Key Variables: In order to build a robust forecasting methodology, the variables and factors identified in Step-1 are tested against available historical market numbers. Through an iterative process, the variables required for market forecast are set and the model is built on the basis of these variables.
  • Step-2: Build a Market Model: Market-size estimations for the historical and forecast years have been provided in revenue and volume terms. For sales conversion to volume, the average selling price (ASP) is kept constant throughout the forecast period for each country, and inflation is not a part of the pricing.
  • Step-3: Validate and Finalize: In this important step, all market numbers, variables and analyst calls are validated through an extensive network of primary research experts from the market studied. The respondents are selected across levels and functions to generate a holistic picture of the market studied.
  • Step-4: Research Outputs: Syndicated Reports, Custom Consulting Assignments, Databases & Subscription Platforms
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India Electric Vehicle Market Research FAQs

The India Electric Vehicle Market size is expected to reach USD 34.80 billion in 2024 and grow at a CAGR of 26.05% to reach USD 110.74 billion by 2029.

In 2024, the India Electric Vehicle Market size is expected to reach USD 34.80 billion.

Audi AG, Hyundai Motor India, Mahindra & Mahindra Ltd, MG Motor India Pvt. Ltd. and Tata Motors are the major companies operating in the India Electric Vehicle Market.

In the India Electric Vehicle Market, the Commercial Vehicles segment accounts for the largest share by vehicle type.

In 2024, the Commercial Vehicles segment accounts for the fastest growing by vehicle type in the India Electric Vehicle Market.

In 2023, the India Electric Vehicle Market size was estimated at USD 22.88 billion. The report covers the India Electric Vehicle Market historical market size for years: 2016, 2017, 2018, 2019, 2020, 2021, 2022 and 2023. The report also forecasts the India Electric Vehicle Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.

EV in India Industry Report

Statistics for the 2024 EV in India market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. EV in India analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.

EV Market in India Report Snapshots

EV Market in India Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)