India Electric Vehicle Market to Reach USD 110.7 Billion by 2029, Driven by Domestic Manufacturing Capabilities And Technological Advancements

Mordor Intelligence has published a new report on the India Electric Vehicle Market, offering a comprehensive analysis of trends, growth drivers, and future projections.

The India Electric Vehicle Market is projected to be valued at USD 54.41 billion in 2025 and is anticipated to grow to USD 110.7 billion by 2029, reflecting a compound annual growth rate (CAGR) of 19.44% over the forecast period from 2025 to 2029.

Report Overview - https://www.mordorintelligence.com/industry-reports/india-electric-vehicle-market

Key Trends

Government Initiatives and Policies

The Indian government's commitment to reducing carbon emissions and promoting sustainable mobility has led to the implementation of various initiatives. The Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME) scheme offers incentives for EV adoption, aiming to increase the share of electric vehicles in the country's transportation sector. Additionally, the reduction of the Goods and Services Tax (GST) on EVs from 12% to 5% further encourages consumers to consider electric alternatives.

Expansion of Charging Infrastructure

The growth of the EV market is closely tied to the availability of robust charging infrastructure. Efforts are underway to establish widespread charging networks across urban and rural areas. Public-private partnerships are playing a crucial role in setting up charging stations, with companies like Tata Power and SUN Mobility leading the charge. SUN Mobility, for instance, operates over 600 battery-swapping points across India, enhancing the convenience for EV users.

Rise of Domestic Manufacturing

To reduce dependency on imports and strengthen the local economy, India is focusing on boosting domestic EV manufacturing. The Production Linked Incentive (PLI) scheme offers financial incentives to manufacturers, encouraging them to set up production units within the country. This move not only aims to make EVs more affordable but also positions India as a global hub for EV production.

Technological Advancements

Continuous research and development have led to significant improvements in EV technology. Advancements in battery technology have resulted in longer driving ranges and reduced charging times, addressing two major concerns of potential EV buyers. Companies are investing heavily in developing next-generation batteries and powertrains to enhance vehicle performance and efficiency.

Market Segmentation

The Indian EV market is diverse, encompassing various vehicle types and categories:

Vehicle Type:

Passenger Vehicles: This segment includes electric cars and SUVs designed for personal use.

Commercial Vehicles: Electric buses, trucks, and vans used for public transport and goods delivery.

Two-Wheelers: Electric scooters and motorcycles, a popular choice for urban commuters.

Fuel Category:

Battery Electric Vehicles (BEVs): Vehicles powered entirely by electric batteries.

Hybrid Electric Vehicles (HEVs): Combining internal combustion engines with electric propulsion.

Fuel Cell Electric Vehicles (FCEVs): Using hydrogen fuel cells to generate electricity.

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Key Players

Several key players are shaping the Indian EV landscape:

Tata Motors: A pioneer in the Indian EV market, Tata Motors offers a range of electric cars and has plans to expand its portfolio further.

Mahindra Electric: Specializing in electric passenger and commercial vehicles, Mahindra is investing in new technologies and expanding its EV lineup.

Ola Electric: Known for its electric scooters, Ola Electric is making significant strides in the two-wheeler segment, aiming to cater to urban mobility needs.

Hyundai Motor India: As a global automotive giant, Hyundai offers electric models in India and is investing in local manufacturing to meet growing demand.

MG Motor India: With a focus on electric SUVs, MG Motor is expanding its EV offerings and plans to introduce more models tailored to the Indian market.

Conclusion

The Indian electric vehicle market is poised for substantial growth in the coming years. Factors such as supportive government policies, technological advancements, expansion of charging infrastructure, and active participation from key industry players are collectively driving this momentum. As consumer awareness and acceptance of electric vehicles continue to rise, India is on the path to becoming a significant player in the global EV landscape.

Industry Related Reports

India Electric Car Market: The Indian electric car market is categorized based on vehicle configuration (passenger cars) and fuel category (BEV, FCEV, HEV, PHEV). The report provides market size data in terms of both market value (USD) and market volume (units). Additionally, it includes a detailed segmentation by vehicle type, vehicle configuration, vehicle body type, propulsion type, and fuel category.

To know more visit this link: https://www.mordorintelligence.com/industry-reports/india-electric-car-market

India Electric Vehicle Battery Materials Market: The report analyzes the India Electric Vehicle Battery Materials Market Size & Share, segmented by battery type (Lithium-Ion Battery, Lead-Acid Battery, and Others) and material (Cathode, Anode, Electrolyte, Separator, and Others). It provides market size data and forecasts for the India EV battery materials market in terms of revenue (USD) across all the specified segments.

To know more visit this link: https://www.mordorintelligence.com/industry-reports/india-electric-vehicle-battery-materials-market

India Electric Vehicle Battery Separator Market: The Indian Electric Vehicle Battery Separator Market Report is categorized based on battery type (Lithium-Ion Batteries, Lead-Acid Batteries, and Others) and material type (Polypropylene, Polyethylene, and Other Material Types). The report provides market size data and forecasts in terms of market value (USD) for all the specified segments.

To know more visit this link: https://www.mordorintelligence.com/industry-reports/india-electric-vehicle-battery-separator-market

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