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Indian Electric Vehicle Market Poised for 66.52 percentage CAGR Growth Through 2030

01-22-2025 11:54 AM CET | Advertising, Media Consulting, Marketing Research

Press release from: MAXIMIZE MARKET RESEARCH PVT. LTD

Indian Electric Vehicle Market

Indian Electric Vehicle Market

The ๐ˆ๐ง๐๐ข๐š๐ง ๐„๐ฅ๐ž๐œ๐ญ๐ซ๐ข๐œ ๐•๐ž๐ก๐ข๐œ๐ฅ๐ž ๐Œ๐š๐ซ๐ค๐ž๐ญ was valued at USD 3.47 Bn in 2023 and is expected to reach USD 123.20 Bn by 2030, at a CAGR of 66.52 % during the forecast period.

๐ˆ๐ง๐๐ข๐š๐ง ๐„๐ฅ๐ž๐œ๐ญ๐ซ๐ข๐œ ๐•๐ž๐ก๐ข๐œ๐ฅ๐ž ๐Œ๐š๐ซ๐ค๐ž๐ญ ๐Ž๐ฏ๐ž๐ซ๐ฏ๐ข๐ž๐ฐ:

Electric vehicles, powered by electricity rather than traditional fossil fuels, have emerged as sustainable alternatives to conventional internal combustion engine vehicles. The Indian EV market has witnessed rapid adoption across various segments, including battery electric vehicles (BEVs) and plug-in hybrid electric vehicles (PHEVs). In 2021, the country registered 0.52 million EVs, with states like Uttar Pradesh, Karnataka, and Tamil Nadu leading sales in three-wheeler, two-wheeler, and four-wheeler segments, respectively. Initiatives such as the Faster Adoption and Manufacturing of Electric Vehicles (FAME) scheme and the Production-Linked Incentive (PLI) scheme have further bolstered market growth.

๐–๐ก๐š๐ญ'๐ฌ ๐ง๐ž๐ฑ๐ญ ๐Ÿ๐จ๐ซ ๐ฒ๐จ๐ฎ๐ซ ๐›๐ฎ๐ฌ๐ข๐ง๐ž๐ฌ๐ฌ? ๐…๐ข๐ง๐ ๐จ๐ฎ๐ญ ๐‘๐ž๐ช๐ฎ๐ž๐ฌ๐ญ ๐ฒ๐จ๐ฎ๐ซ ๐’๐š๐ฆ๐ฉ๐ฅ๐ž ๐ญ๐จ๐๐š๐ฒ: https://www.maximizemarketresearch.com/request-sample/14886/

๐ƒ๐ซ๐ข๐ฏ๐ž๐ซ๐ฌ ๐ข๐ง ๐ญ๐ก๐ž ๐ˆ๐ง๐๐ข๐š๐ง ๐„๐ฅ๐ž๐œ๐ญ๐ซ๐ข๐œ ๐•๐ž๐ก๐ข๐œ๐ฅ๐ž ๐Œ๐š๐ซ๐ค๐ž๐ญ:

Key drivers propelling the Indian EV market include government incentives, ambitious electrification targets, and growing consumer preference for sustainable mobility solutions. NITI Aayog's vision for 70% commercial car penetration, 30% private car penetration, and 80% two- and three-wheeler penetration by 2030 underpins the market's robust trajectory. Consumers are increasingly drawn to cost-effective electric two-wheelers and battery-powered cars, which offer lower operational costs. Furthermore, India's push toward net-zero carbon emissions by 2070 and efforts to reduce reliance on crude oil imports strengthen the market outlook.

๐ˆ๐ง๐๐ข๐š๐ง ๐„๐ฅ๐ž๐œ๐ญ๐ซ๐ข๐œ ๐•๐ž๐ก๐ข๐œ๐ฅ๐ž ๐Œ๐š๐ซ๐ค๐ž๐ญ ๐“๐ซ๐ž๐ง๐๐ฌ:

The Indian EV market is characterized by several transformative trends. Automakers are introducing affordable EV models, with 86% of electric cars sold in 2022 priced under $20,000, catering to the price-sensitive Indian market. The dominance of electric two- and three-wheelers highlights the country's focus on urban mobility. Sustainability considerations are shaping consumer behavior, with 75% of Indian buyers factoring environmental impact into their purchase decisions. Urban access regulations and advancements in battery technology have further enhanced the appeal of EVs. Additionally, emerging startups and established players are working on innovative solutions like on-demand fast-charging services and localized production of EV components to overcome infrastructure challenges.

๐Œ๐ž๐ซ๐ ๐ž๐ซ๐ฌ ๐š๐ง๐ ๐€๐œ๐ช๐ฎ๐ข๐ฌ๐ข๐ญ๐ข๐จ๐ง๐ฌ ๐ข๐ง ๐ญ๐ก๐ž ๐ˆ๐ง๐๐ข๐š๐ง ๐„๐ฅ๐ž๐œ๐ญ๐ซ๐ข๐œ ๐•๐ž๐ก๐ข๐œ๐ฅ๐ž ๐Œ๐š๐ซ๐ค๐ž๐ญ:

๐†๐ซ๐จ๐ฐ๐ญ๐ก ๐Ž๐ฉ๐ฉ๐จ๐ซ๐ญ๐ฎ๐ง๐ข๐ญ๐ข๐ž๐ฌ ๐ข๐ง ๐•๐ข๐ž๐ญ๐ง๐š๐ฆ

Vietnam is rapidly adopting EV technologies as part of its efforts to reduce greenhouse gas emissions. The ๐•๐ข๐ž๐ญ๐ง๐š๐ฆ๐ž๐ฌ๐ž ๐ ๐จ๐ฏ๐ž๐ซ๐ง๐ฆ๐ž๐ง๐ญ has offered tax exemptions for EV manufacturers, and companies like ๐•๐ข๐ง๐…๐š๐ฌ๐ญ are playing a pivotal role in developing the domestic EV ecosystem. Recent investments in public charging infrastructure have further boosted market growth in the country.

๐“๐ก๐ž ๐ˆ๐ง๐ญ๐ž๐ซ๐ž๐ฌ๐ญ๐ž๐ ๐’๐ญ๐š๐ค๐ž๐ก๐จ๐ฅ๐๐ž๐ซ๐ฌ ๐œ๐š๐ง ๐„๐ง๐ช๐ฎ๐ข๐ซ๐ž ๐Ÿ๐จ๐ซ ๐ญ๐ก๐ž ๐๐ฎ๐ซ๐œ๐ก๐š๐ฌ๐ž ๐จ๐Ÿ ๐ญ๐ก๐ž ๐‘๐ž๐ฉ๐จ๐ซ๐ญ: https://www.maximizemarketresearch.com/inquiry-before-buying/14886/

๐“๐ซ๐ž๐ง๐๐ฌ ๐ข๐ง ๐“๐ก๐š๐ข๐ฅ๐š๐ง๐

Thailand has positioned itself as a manufacturing hub for EVs in Southeast Asia. Major automakers such as ๐๐˜๐ƒ and ๐†๐ซ๐ž๐š๐ญ ๐–๐š๐ฅ๐ฅ ๐Œ๐จ๐ญ๐จ๐ซ๐ฌ have announced investments to establish EV production facilities in Thailand. The country's EV market is anticipated to grow, supported by government incentives for EV purchases and infrastructure development.

๐Ž๐ฉ๐ฉ๐จ๐ซ๐ญ๐ฎ๐ง๐ข๐ญ๐ข๐ž๐ฌ ๐ข๐ง ๐‰๐š๐ฉ๐š๐ง

Japan, a global leader in EV technology, continues to innovate with advanced battery solutions and hydrogen-powered EVs. Companies like ๐“๐จ๐ฒ๐จ๐ญ๐š and ๐๐ข๐ฌ๐ฌ๐š๐ง are spearheading projects to introduce new EV models and expand their market share. The Japanese government's subsidies for EV buyers and R&D initiatives in battery technology are driving market growth.

๐†๐ซ๐จ๐ฐ๐ญ๐ก ๐ข๐ง ๐’๐จ๐ฎ๐ญ๐ก ๐Š๐จ๐ซ๐ž๐š

South Korea's EV market is dominated by companies like ๐‡๐ฒ๐ฎ๐ง๐๐š๐ข and ๐Š๐ข๐š ๐Œ๐จ๐ญ๐จ๐ซ๐ฌ, which are leading the way in EV innovation. The South Korean government has set ambitious targets to phase out internal combustion engine vehicles by 2040. Additionally, ๐‹๐† ๐„๐ง๐ž๐ซ๐ ๐ฒ ๐’๐จ๐ฅ๐ฎ๐ญ๐ข๐จ๐ง has announced investments to develop advanced EV batteries, further bolstering the market.

๐“๐ซ๐ž๐ง๐๐ฌ ๐ข๐ง ๐’๐ข๐ง๐ ๐š๐ฉ๐จ๐ซ๐ž

Singapore has emerged as a key player in the EV market in Southeast Asia, driven by its "Green Plan 2030." Companies like ๐†๐ซ๐š๐› and ๐‡๐ฒ๐ฎ๐ง๐๐š๐ข have collaborated to deploy electric taxis and ridesharing services. The government's commitment to building 60,000 EV charging points by 2030 ensures robust infrastructure support for EV growth.

๐‚๐จ๐ง๐ฌ๐จ๐ฅ๐ข๐๐š๐ญ๐ข๐จ๐ง ๐ข๐ง ๐ญ๐ก๐ž ๐”๐’

The United States is witnessing significant mergers and acquisitions in the EV sector. For example, ๐†๐ž๐ง๐ž๐ซ๐š๐ฅ ๐Œ๐จ๐ญ๐จ๐ซ๐ฌ (๐†๐Œ) acquired ๐‚๐ซ๐ฎ๐ข๐ฌ๐ž, an autonomous EV startup, to accelerate its EV strategy. ๐“๐ž๐ฌ๐ฅ๐š, the market leader, continues to expand its gigafactories to meet the rising demand. Additionally, the US government's Inflation Reduction Act has provided incentives for EV manufacturers and buyers, fueling market growth.

๐”๐ฉ๐๐š๐ญ๐ข๐จ๐ง ๐ข๐ง ๐„๐ฎ๐ซ๐จ๐ฉ๐ž

Europe remains at the forefront of EV adoption, with countries like Germany, Norway, and the UK leading the way. Automakers such as ๐•๐จ๐ฅ๐ค๐ฌ๐ฐ๐š๐ ๐ž๐ง, ๐๐Œ๐–, and ๐‘๐ž๐ง๐š๐ฎ๐ฅ๐ญ are investing heavily in EV production and battery manufacturing. The European Union's "Fit for 55" initiative aims to ensure at least 30 million zero-emission cars are on the road by 2030.

๐ƒ๐จ๐ฐ๐ง๐ฅ๐จ๐š๐ ๐š ๐…๐ซ๐ž๐ž ๐๐ƒ๐… ๐’๐š๐ฆ๐ฉ๐ฅ๐ž ๐จ๐Ÿ ๐ญ๐ก๐ž ๐‘๐ž๐ฉ๐จ๐ซ๐ญ: ๐…๐ฎ๐ฅ๐ฅ ๐“๐Ž๐‚, ๐“๐š๐›๐ฅ๐ž๐ฌ, ๐…๐ข๐ ๐ฎ๐ซ๐ž๐ฌ & ๐‚๐ก๐š๐ซ๐ญ๐ฌ ๐ˆ๐ง๐œ๐ฅ๐ฎ๐๐ž๐ @ https://www.maximizemarketresearch.com/request-sample/14886/

๐Š๐ž๐ฒ ๐‘๐ž๐œ๐ž๐ง๐ญ ๐ƒ๐ž๐ฏ๐ž๐ฅ๐จ๐ฉ๐ฆ๐ž๐ง๐ญ๐ฌ ๐ข๐ง ๐ญ๐ก๐ž ๐ˆ๐ง๐๐ข๐š๐ง ๐„๐• ๐Œ๐š๐ซ๐ค๐ž๐ญ

๐†๐จ๐ฏ๐ž๐ซ๐ง๐ฆ๐ž๐ง๐ญ ๐ˆ๐ง๐ข๐ญ๐ข๐š๐ญ๐ข๐ฏ๐ž๐ฌ: The Government of India launched the ๐…๐€๐Œ๐„-๐ˆ๐ˆ ๐ฌ๐œ๐ก๐ž๐ฆ๐ž to provide subsidies and incentives for electric vehicle adoption.

๐ˆ๐ง๐ฏ๐ž๐ฌ๐ญ๐ฆ๐ž๐ง๐ญ๐ฌ: Companies like ๐“๐š๐ญ๐š ๐Œ๐จ๐ญ๐จ๐ซ๐ฌ, ๐Œ๐š๐ก๐ข๐ง๐๐ซ๐š ๐„๐ฅ๐ž๐œ๐ญ๐ซ๐ข๐œ, and ๐Ž๐ฅ๐š ๐„๐ฅ๐ž๐œ๐ญ๐ซ๐ข๐œ have committed to significant investments in expanding EV manufacturing and charging infrastructure.

๐‚๐จ๐ฅ๐ฅ๐š๐›๐จ๐ซ๐š๐ญ๐ข๐จ๐ง๐ฌ: ๐‡๐ž๐ซ๐จ ๐„๐ฅ๐ž๐œ๐ญ๐ซ๐ข๐œ and ๐‹๐จ๐ 9 ๐Œ๐š๐ญ๐ž๐ซ๐ข๐š๐ฅ๐ฌ announced strategic partnerships to develop advanced battery solutions for EVs.

๐’๐ž๐ ๐ฆ๐ž๐ง๐ญ๐š๐ญ๐ข๐จ๐ง ๐€๐ง๐š๐ฅ๐ฒ๐ฌ๐ข๐ฌ ๐จ๐Ÿ ๐ญ๐ก๐ž ๐ˆ๐ง๐๐ข๐š๐ง ๐„๐ฅ๐ž๐œ๐ญ๐ซ๐ข๐œ ๐•๐ž๐ก๐ข๐œ๐ฅ๐ž ๐Œ๐š๐ซ๐ค๐ž๐ญ:

by Technology Type

Battery-Electric Vehicle
Plug-in Hybrid Electric Vehicle
Fuel Cell Electric Vehicle

by Vehicle Type

Two Wheelers
Passenger Cars
Commercial Vehicles

by End User

Individual Consumers
Fleet Owners and Operators
Car Rental Companies
Others

๐…๐จ๐ซ ๐Œ๐จ๐ซ๐ž ๐ˆ๐ง๐Ÿ๐จ๐ซ๐ฆ๐š๐ญ๐ข๐จ๐ง ๐€๐›๐จ๐ฎ๐ญ ๐“๐ก๐ข๐ฌ ๐‘๐ž๐ฌ๐ž๐š๐ซ๐œ๐ก ๐๐ฅ๐ž๐š๐ฌ๐ž ๐•๐ข๐ฌ๐ข๐ญ: https://www.maximizemarketresearch.com/market-report/indian-electric-vehicle-market/14886/

๐–๐ก๐จ ๐ข๐ฌ ๐ญ๐ก๐ž ๐ฅ๐š๐ซ๐ ๐ž๐ฌ๐ญ ๐ฆ๐š๐ง๐ฎ๐Ÿ๐š๐œ๐ญ๐ฎ๐ซ๐ž๐ซ๐ฌ ๐จ๐Ÿ ๐ˆ๐ง๐๐ข๐š๐ง ๐„๐ฅ๐ž๐œ๐ญ๐ซ๐ข๐œ ๐•๐ž๐ก๐ข๐œ๐ฅ๐ž ๐Œ๐š๐ซ๐ค๐ž๐ญ ๐ฐ๐จ๐ซ๐ฅ๐๐ฐ๐ข๐๐ž?

1. Electrotherm (India) Limited
2. Hero Electric Vehicles Pvt. Ltd.
3. Hyundai Motor India Ltd (HMIL)
4. JBM Group
5. Mahindra & Mahindra Limited
6. MG Motor India Private Limited
7. Okinawa Autotech International Private Limited
8. Olectra Greentech Limited
9. Omega Seiki Mobility
10. Piaggio & C. S.p.A.
11. Tata Motors Ltd.
12. TVS Motor Company
13. VE Commercial Vehicles Limited

๐‘๐ž๐ฅ๐š๐ญ๐ž๐ ๐‘๐ž๐ฉ๐จ๐ซ๐ญ๐ฌ ๐›๐ฒ ๐Œ๐š๐ฑ๐ข๐ฆ๐ข๐ณ๐ž ๐Œ๐š๐ซ๐ค๐ž๐ญ ๐‘๐ž๐ฌ๐ž๐š๐ซ๐œ๐ก:

โ™ฆ Paraxylene Market https://www.maximizemarketresearch.com/market-report/paraxylene-market/14720/

โ™ฆ Plastic Additives Market https://www.maximizemarketresearch.com/market-report/global-plastic-additives-market/21769/

โ™ฆ Onshore Wind Energy Market https://www.maximizemarketresearch.com/market-report/onshore-wind-energy-market/44126/

โ™ฆ Sodium Silicate Market https://www.maximizemarketresearch.com/market-report/global-sodium-silicate-market/21265/

โ™ฆ Skin Lightening Products Market https://www.maximizemarketresearch.com/market-report/global-skin-lightening-products-market/22390/

๐‚๐จ๐ง๐ญ๐š๐œ๐ญ ๐Œ๐š๐ฑ๐ข๐ฆ๐ข๐ณ๐ž ๐Œ๐š๐ซ๐ค๐ž๐ญ ๐‘๐ž๐ฌ๐ž๐š๐ซ๐œ๐ก:

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๐€๐›๐จ๐ฎ๐ญ ๐Œ๐š๐ฑ๐ข๐ฆ๐ข๐ณ๐ž ๐Œ๐š๐ซ๐ค๐ž๐ญ ๐‘๐ž๐ฌ๐ž๐š๐ซ๐œ๐ก:

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Iron and Steel Slag Market to Grow at a CAGR of 1.5% in the Forecast Period of 2025-2032
08-29-2025 | Advertising, Media Consulting, โ€ฆ
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Iron and Steel Slag Market to Grow at a CAGR of 1.5% in the Forecast Period of 2 โ€ฆ
The Iron and Steel Slag Market size was valued at USD 25.81 Billion in 2024 and the total Iron and Steel Slag revenue is expected to grow at a CAGR of 1.5% from 2025 to 2032, reaching nearly USD 29.08 Billion. Iron and Steel Slag Market Overview: Iron and steel slag, a byproduct of metal smelting, is emerging as a linchpin in modern industrial ecosystems. Far from being waste, this versatile materialโ€ฆ
Shooting Ranges Market Expected To Hit USD 2.57 Bn by 2032, with a CAGR of 7.85% from 2024 to 2032
08-29-2025 | Advertising, Media Consulting, โ€ฆ
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Shooting Ranges Market Expected To Hit USD 2.57 Bn by 2032, with a CAGR of 7.85% โ€ฆ
The Shooting Ranges Market size was valued at USD 1.40 Billion in 2024 and the total Shooting Ranges revenue is expected to grow at a CAGR of 7.85% from 2025 to 2032, reaching nearly USD 2.57 Billion. Shooting Ranges Market Overview: Shooting ranges serve as specialized facilities-both indoor and outdoor-where firearms and archery training, recreational shooting, and competitive events take place in controlled, safe environments. These venues support a wide spectrum ofโ€ฆ
Fuel Cell UAV Market Taking Flight at Robust Growth Pace: A Clean-Energy Drone Revolution at a CAGR of 13.95% from 2025 to 2032
08-29-2025 | Advertising, Media Consulting, โ€ฆ
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Fuel Cell UAV Market Taking Flight at Robust Growth Pace: A Clean-Energy Drone R โ€ฆ
The Fuel Cell UAV Market size was valued at USD 1661.38 Million in 2024 and the total Fuel Cell UAV revenue is expected to grow at a CAGR of 13.95% from 2025 to 2032, reaching nearly USD 4722.62 Million. Fuel Cell UAV Market Overview: Fuel-cell-powered unmanned aerial vehicles (UAVs) are swiftly redefining the drone landscape with their promise of prolonged flight times and greener operations. Leading aerospace innovators and emerging startups alikeโ€ฆ

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