India Electric Vehicle Market Report Introduction
According to IMARC Group’s report titled "India Electric Vehicle Market Size, Share, Trends and Forecast by Vehicle Type, Price Category, Propulsion Type, and Region, 2025-2033" the report offers a comprehensive analysis of the industry, including market share, growth, trends, and regional insights.
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India Electric Vehicle Market Overview
The India electric vehicle market was valued at USD 2,360.97 Million in 2024 and is projected to reach USD 1,64,420.39 Million by 2033, exhibiting a robust CAGR of 57.23% during the forecast period of 2025-2033. The market growth is fueled by increasing environmental concerns, government initiatives, advancements in battery technology, and expanding EV infrastructure. South India holds a leading market share, contributing significantly to this growth.
India Electric Vehicle Market Key Takeaways
- Current Market Size : USD 2,360.97 Million in 2024
- CAGR : 57.23% from 2025 to 2033
- Forecast Period : 2025-2033
- South India dominates with over 38.6% market share in 2024.
- The market is driven by rising environmental concerns and government policies supporting EV adoption.
- Rapid urbanization and expansion of EV charging infrastructure boost market growth.
- Advancements in battery technology have made EVs more cost-competitive and reliable.
- Increasing fuel prices push consumers towards electric vehicles as a cost-effective alternative.
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India Electric Vehicle Market Growth Factors
- Rising environmental awareness and the push to reduce carbon emissions are positively impacting India’s electric vehicle (EV) market.
- India’s target of achieving net-zero carbon emissions by 2070 is encouraging the adoption of sustainable transportation solutions.
- Strong government support and incentive schemes are accelerating the manufacturing and adoption of EVs across the country.
- Rapid urbanization and the development of smart cities are driving investments in EV charging infrastructure.
- Continued expansion of charging networks in urban and semi-urban areas, along with improvements in battery energy density, charging speed, and driving range, is supporting market growth.
- Rising disposable incomes are increasing consumers’ ability to purchase electric vehicles.
- Growing demand for fuel-efficient and environmentally sustainable mobility solutions is fueling EV adoption.
- Increased capital investments by domestic and international automobile manufacturers are driving innovation and expanding product availability in the EV market.
India Electric Vehicle Market Trends
- Rising fuel prices in India are increasing demand for electric vehicles (EVs) as cost-efficient alternatives to fuel-based vehicles.
- In 2023, the wholesale price index of diesel oil reached a record INR 191, reflecting a 91% increase since 2012.
- Average crude oil prices rose to USD 97.67 per barrel in 2023, encouraging consumers to shift preference toward EVs.
- Improvements in battery technology are reducing “range anxiety” through higher energy density and faster charging capabilities.
- Manufacturers such as MG Motor India have introduced advanced EV models like the MG ZS EV Excite Pro (2024), featuring a 50.3 kWh battery and a driving range of 461 km.
- Strong government support through initiatives such as the 2024 Electric Mobility Promotion Scheme (EMPS) is providing subsidies and funding to accelerate EV adoption.
- The expansion of charging solutions, including ultra-fast public charging stations and battery swapping facilities, is supporting widespread EV adoption.
- In 2024, Hyundai Motor India contributed to the expansion of public EV charging infrastructure by introducing ultra-fast charging stations.
- The development of autonomous electric vehicles, such as Ola’s Solo electric scooter and India’s first autonomous vehicle zPod, is further transforming the EV market landscape.
India Electric Vehicle Market Segmentation
By Vehicle Type:
- Passenger Vehicles: Lead the market in 2024, driven by government incentives, technological improvements, and shifting consumer preferences toward sustainability.
- Commercial Vehicles
- Others
By Price Category:
- Mid-Range: Dominates with around 82.6% market share in 2024, favored for balanced pricing and government subsidies.
- High/Luxury Range
By Propulsion Type:
- Battery Electric Vehicle (BEV): Holds about 99.7% market share in 2024, favored for low running costs and advancements in battery technologies.
- Hybrid Electric Vehicle
- Plug-In Hybrid Electric Vehicle
India Electric Vehicle Market Regional Insights
- North India
- West and Central India
- South India
- East India
In 2024, South India leads the market with over 38.6% share, benefiting from advanced EV technologies and investment in charging infrastructure. The growth is supported by rising demand, government support, and strong manufacturing presence in the region, contributing to the overall market CAGR of 57.23% during 2025-2033.
India Electric Vehicle Market Recent Developments & News
- February 2025: Uno Minda acquired full ownership of its EV joint venture by buying FRIWO’s 49.9% stake, strengthening presence in the electric two-wheeler market.
- February 2025: Skoda plans to launch its first electric SUV in India by September 2025, with models like Enyaq or Elroq under consideration.
- February 2025: Maruti Suzuki announced plans to launch four EV models by FY2030, aiming for a 50% EV market share.
- January 2025: MoEVing acquired Euler Motors' EVonGO to increase electric fleet capacity by 30% in major metro areas.
- October 2024: Vajram Electric acquired a 40% stake in Varcas Automobiles to expand production of electric two-wheelers for Tier II and III cities.
India Electric Vehicle Market Key Highlights of the Report
- Comprehensive quantitative analysis of India EV market segments from 2019 to 2033.
- In-depth study of market drivers, challenges, and opportunities.
- Detailed regional market analysis identifying major markets.
- Porter’s five forces analysis for competitive understanding.
- Competitive landscape detailing major companies and market positioning.
- Includes forecast and trend analysis aiding strategic business decisions.
India Electric Vehicle Market Key Players
- Ather Energy Limited
- Atul Auto LIMITED
- Bajaj Auto Ltd
- Electrotherm (India) Limited
- Greaves Electric Mobility Limited
- Hyundai Motor India
- JBM Group
- JSW MG Motor India Pvt Ltd
- Mahindra Electric Automobile Ltd
- Okinawa Autotec Private Limited
- Ola Electric Mobility Ltd.
- Olectra Greentech Limited
- Piaggio Vehicles Pvt. Ltd
- TATA Motors
- TVS Motor Company
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