Press release
India Electric Vehicle Market is Booming and Predicted to Hit USD 102,610.8 Million by 2032
Base Year: 2023
Historical Years: 2018-2023
Forecast Years: 2024-2032
Market Growth Rate: 60.2% (2024-2032)
Market Size in 2023: USD 1,327.8 Million
Market Size in 2032: USD 102,610.8 Million
The India electric vehicle market is rapidly growing, driven by government incentives, environmental concerns, and increasing consumer adoption. According to the latest report by IMARC Group, the market size reached USD 1,327.8 Million in 2023. Looking forward, IMARC Group expects the market to reach USD 102,610.8 Million by 2032, exhibiting a growth rate (CAGR) of 60.2% during 2024-2032.
India Electric Vehicle Market Trends and Drivers:
The India electric vehicle (EV) market has experienced significant growth, driven by government initiatives promoting electric mobility and reducing carbon emissions. These efforts include incentives like tax breaks, subsidies, and infrastructure development for charging stations.
Growing consumer awareness about the environmental benefits, cost-effectiveness, and efficiency of EVs along with advancements in battery technology has further fueled market expansion. Rising fuel costs and the desire for energy independence have also contributed to the shift towards electric vehicles.
The rapid growth of EV production capabilities in India, along with the rise of startups focusing on innovative EV technologies, is shaping the market. Electric two- and three-wheelers, increasingly popular among urban commuters, are a key trend. The market is also set to benefit from the integration of smart grids and renewable energy sources to power EVs. Moreover, the government's "Make in India" initiative and collaborations with global players will strengthen India's EV ecosystem, supporting sustainable market growth in the coming years.
Request for a sample copy of this report: https://www.imarcgroup.com/india-electric-vehicle-market/requestsample
India Electric Vehicle Market Industry 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
Competitive Landscape:
The report offers an in-depth examination of the competitive landscape. It includes a thorough competitive analysis encompassing market structure, key player positioning, leading strategies for success, a competitive dashboard, and a company evaluation quadrant.
Ask Analyst for Customization: https://www.imarcgroup.com/request?type=report&id=5074&flag=C
Key highlights of the Report:
• Market Performance (2018-2023)
• Market Outlook (2024-2032)
• COVID-19 Impact on the Market
• Porter's Five Forces Analysis
• Strategic Recommendations
• Historical, Current and Future Market Trends
• Market Drivers and Success Factors
• SWOT Analysis
• Structure of the Market
• Value Chain Analysis
• Comprehensive Mapping of the Competitive Landscape
Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
About Us:
IMARC Group is a global management consulting firm that helps the world's most ambitious changemakers to create a lasting impact. The company provide a comprehensive suite of market entry and expansion services.
IMARC offerings include thorough market assessment, feasibility studies, company incorporation assistance, factory setup support, regulatory approvals and licensing navigation, branding, marketing and sales strategies, competitive landscape and benchmarking analyses, pricing and cost research, and procurement research.
Contact Us:
IMARC Group
134 N 4th St. Brooklyn, NY 11249, USA
Email: sales@imarcgroup.com
Tel No:(D) +91 120 433 0800
United States: +1-631-791-1145
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