EV Market in India 2023-2028, Industry Top Key Companies: Ampere Vehicles Private Limited (Greaves Cotton Limited),Ather Energy Pvt Ltd, Atul Auto Limited, Bajaj Auto Limited (Bajaj Group)

How big is the EV market in India?

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.

An electric vehicle (EV) is a mode of transportation propelled by one or more electric motors using energy stored in rechargeable batteries. It comprises numerous components, such as electric motors, power electronics, and high-capacity batteries. It involves converting stored electrical energy into mechanical energy through an electric motor, thus powering the vehicle. It is available in battery electric vehicles (BEVs), entirely electric, and plug-in hybrid electric vehicles (PHEVs) that combine electric propulsion with a supplementary internal combustion engine. It produces zero tailpipe emissions and reduces dependency on fossil fuels.

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Some of the Top Key players in the India Electric Vehicle Market

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

What are the growth prospects and trends in the India Electric Vehicle industry?

At present, inflating fuel costs and the growing need for cost-effective transportation solutions are driving people toward EVs in India. Additionally, the Government of India is offering financial incentives, such as subsidies, tax exemptions, and reduced registration fees, to encourage the adoption of EVs. Besides this, the growing utilization of electric two-wheelers and three-wheelers to travel shorter distances is positively influencing the market.

Moreover, rising investments in research and development (R&D) activities to produce affordable and efficient EVs by the automobile manufacturers is propelling the market growth in the country. In addition, the rising local manufacturing of EVs and their components is fostering job creation and technological advancement in the country.

Apart from this, technological advancements, particularly in battery technology, are increasing the efficiency and range of EVs and bolstering the growth of the market in the country.

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Report 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

If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

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