India Electric Vehicle Market Size Worth US$ 19,980 Million by 2028 | Exhibiting CAGR of 69% (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.

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.

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An electric vehicle (EV) is operated by an electric motor that utilizes electrical energy stored in rechargeable batteries. It includes hybrid electric vehicles (HEVs), battery electric vehicles, and plug-in hybrid electric vehicles (PHEVs). It helps in reducing greenhouse gas (GHG) emissions and promoting sustainable transportation. It makes less noise, reduces the dependency on oil and gas, requires less maintenance, and is more economical to operate as compared to internal combustion engine automobiles. Besides this, as it contributes to energy independence and offers an enhanced driving experience, the demand for EVs is increasing across India to transport passengers and commodities from one place to another.

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

The rising population of the country and the increasing sales of passenger and commercial vehicles represent one of the key factors driving the market. This, coupled with growing awareness among individuals about environmental issues, is resulting in the escalating demand for EVs.

The Government of India (GoI) is actively promoting the utilization of EVs to reduce carbon emissions and combat air pollution. The introduction of the Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME) policy is providing incentives and subsidies to manufacturers and consumers, which is positively influencing the market.

Additionally, the rising focus of the government on the establishment of charging stations at public places across the country is offering a favorable market outlook. Furthermore, the rising fuel prices and the need for energy security are propelling the adoption of electric vehicles in India.

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The report has segmented the market on the basis of region, vehicle type, price category and propulsion type.

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)
VE Commercial Vehicles Limited

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