India EV Market to Reach USD 23.52 Bn by 2030 at 28.52% CAGR; Key Players Include Tata Motors, Ola Electric, Ather, Mahindra & More

The Indian Electric Vehicle (EV) market is undergoing a transformative phase, with the industry anticipated to experience unprecedented growth in the coming years. Valued at approximately USD 5.22 billion in 2024, the market is set to skyrocket to an estimated USD 23.52 billion by 2030, marking a compound annual growth rate (CAGR) of around 28.52% during the forecast period of 2025 to 2030. This growth trajectory is supported by several key factors including favorable government policies, an increase in manufacturing capabilities, growing environmental awareness, and the rise of e-commerce and last-mile delivery services.

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Driving Forces Behind EV Market Growth in India

The Indian government's strategic initiatives aimed at promoting electric vehicle adoption are paramount in fostering market growth. With transportation contributing to over 40% of urban air pollution-primarily due to the extensive use of diesel and petrol vehicles-policies such as the Faster Adoption and Manufacturing of Electric Vehicles (FAME) India scheme and the Production-Linked Incentive (PLI) scheme have significantly incentivized both manufacturers and consumers. The FAME-II policy, for instance, extends financial benefits aimed at diminishing the upfront costs associated with electric vehicles, particularly in two- and three-wheeler segments.

Moreover, individual states are also stepping in to amplify these efforts. For example, the Uttar Pradesh government recently announced a complete waiver on road tax and registration fees for electric vehicles, further encouraging consumers to consider EV options.

India Electric Vehicle Market Segmentation and Key Players

Segment -

Divided, By Vehicle Type

◾ Passenger Cars
◾ ◾ Sedan
◾ ◾ Hatchback
◾ ◾ SUV

◾ Commercial Vehicles

◾ ◾ Light Commercial Vehicles
◾ ◾ ◾ Electric Light Trucks
◾ ◾ ◾ Electric Minivans

◾ ◾ Medium & Heavy Commercial Vehicles
◾ ◾ ◾ Electric Trucks
◾ ◾ ◾ Electric Bus

◾ Two Wheelers (segment holds the largest market share, more than 50% in the Indian electric vehicles industry)
◾ ◾ Scooters
◾ ◾ Motorcycles
◾ ◾ Moped
◾ ◾ Three Wheelers

Divided, By Propulsion Type

◾ Battery Electric Vehicle (BEV) - "segment holds the largest market share of more than 90%"
◾ Hybrid Electric Vehicle (HEV)

Divided, By Region

◾ North
◾ ◾ Delhi
◾ ◾ UP
◾ ◾ Punjab
◾ ◾ Haryana
◾ ◾ Others

◾ South
◾ ◾ Karnataka
◾ ◾ Tamil Nadu
◾ ◾ Telangana
◾ ◾ Others

◾ East
◾ ◾ West Bengal
◾ ◾ Bihar
◾ ◾ North East States

◾ West
◾ ◾ Maharashtra
◾ ◾ Gujarat
◾ ◾ Rajasthan
◾ ◾ Madhya Pradesh

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Leading players- Top 12 Ev Manufacturer in India

◾ Tata Motors
◾ Ola Electric
◾ Ather Energy
◾ Mahindra & Mahindra Ltd.
◾ JSW MG Motor India Pvt. Ltd.
◾ Olectra Greentech Limited
◾ Audi AG
◾ BMW AG
◾ Hyundai Motor India
◾ Mercedes-Benz Group AG
◾ Toyota Motor Corporation
◾ Others

Expanding Charging Infrastructure: A Fundamental Opportunity

The accessibility of charging infrastructure is crucial to fostering broader EV adoption in India. Currently home to 26,367 EV charging stations, India aims to significantly increase this capacity in the coming years. Investments from both the public and private sectors are focused on establishing new charging networks across the country, which will make EVs a more attractive and feasible option for consumers. Under the FAME India Phase II scheme, the government allocated approximately USD 96.13 million to develop over 7,432 public charging stations.

Companies like Tata Motors are also making moves to bolster this infrastructure, announcing plans to expand their EV charging network to 40,000 chargers by 2027.

Integration of AI and IoT: A Game Changer for Consumers

The integration of artificial intelligence (AI) and the Internet of Things (IoT) into electric vehicles is reshaping consumer preferences and driving new trends in the industry. Equipped with advanced features for monitoring battery levels and facilitating early detection of issues, AI-enabled EVs provide enhanced convenience and safety for users. The growing interest in such technologies offers an additional competitive edge to manufacturers that prioritize innovation.

Related Research Report:

◾ GCC Electric Vehicle Market - https://www.marknteladvisors.com/research-library/gcc-electric-vehicle-market.html

◾ Latin America Hybrid Electric Vehicle Market - https://www.marknteladvisors.com/research-library/latin-america-hybrid-electric-vehicle-market.html

◾ Japan Electric Vehicle Market - https://www.marknteladvisors.com/research-library/japan-electric-vehicle-market.html

Commonly Searched Questions Answered in This Report

◾ What is the current size of India Electric Vehicle (EV) Market?
◾ What is the projected growth rate over the next 5 years?
◾ Which product segments are experiencing the most growth?
◾ What are the latest trends impacting India Electric Vehicle (EV) Market?
◾ Which regions hold the most potential for expansion?
◾ How are distribution channels changing?
◾ What are the top challenges facing the market right now?
◾ Who are the major players, and what are their strategies?
◾ How are emerging technologies affecting this market?
◾ What are the key investment or growth opportunities?
◾ How does regulation affect operations in this space?
◾ What factors are driving consumer or end-user demand?
◾ What risks or uncertainties should be considered?
◾ How is the competitive landscape evolving?
◾ Where is the market headed over the next few years?

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This release was published on openPR.