India Electric Vehicles Market to Hit $105.04 Billion by 2032 | Battery Electric Vehicles (BEVs) lead with 72% share due to government incentives and expanding charging infrastructure

Leander, Texas and Tokyo, Japan - Dec.01.2025
As per DataM intelligence research report" The India electric vehicles (EV) market reached US$ 8.79 billion in 2024 and is expected to reach US$ 105.04 billion by 2032, growing at a CAGR of 36.4% during the forecast period 2025-2032." Government incentives, charging infrastructure expansion, and environmental goals are accelerating EV adoption in India.

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India: Recent Industry Developments: Electric Vehicles (EV)

✅ In November 2025, Tata Motors announced a ₹3,200 crore expansion of its EV production capacity, launching a new manufacturing line for compact electric cars aimed at mass-market adoption. The move supports supply-scale for domestic EV growth. This reinforces Tata Motors' leadership in India's EV transition.

✅ In October 2025, Ola Electric expanded its charging-infrastructure network across 15 major cities with fast-charging battery-swap stations targeting two-wheeler and three-wheeler EV segments. The rollout improves range confidence and reduces charging anxiety. This strengthens Ola Electric's ecosystem approach to Indian EV mobility.

✅ In September 2025, Mahindra & Mahindra introduced its new "e-SUV" platform featuring high-energy-density battery packs and improved thermal management tailored for Indian climates. The launch aims at increasing EV adoption among SUV buyers. This elevates Mahindra's presence in India's mid-premium EV segment.

✅ In August 2025, Ather Energy unveiled a new lithium-ion battery manufacturing facility in Bengaluru, aimed at supplying both its scooters and third-party OEMs, thereby localizing key EV supply and reducing import dependence. This boosts Ather's role in building India's EV supply chain infrastructure.

India Electric Vehicles (EV) Market: Drivers
The India electric vehicles market is expanding rapidly as government policies, rising fuel costs, and urban sustainability goals accelerate EV adoption. Increasing demand for electric two-wheelers, passenger cars, and commercial fleets is driving advancements in battery technology, charging infrastructure, and energy efficiency. Incentives under national programs and state-level subsidies are encouraging both consumers and fleet operators to transition to EVs. Improvements in range, performance, and affordability are boosting consumer confidence. Additionally, the rise of domestic manufacturing and supply chain localization is strengthening market development.

Strategic collaboration among automakers, battery producers, and charging infrastructure companies is accelerating ecosystem growth. Investments in fast-charging networks, battery swapping, and renewable-powered charging systems are enhancing accessibility. Growth in electric buses and urban mobility platforms is expanding commercial opportunities. With increasing sustainability awareness, technology innovation, and strong policy support, the India EV market is positioned for significant long-term expansion.

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India Electric Vehicles (EV) Market: Major Players
Tata Motors, Mahindra Electric, Ola Electric, Hero Electric, TVS Motor, Ather Energy, and MG Motor, alongside infrastructure providers like Tata Power and Statiq.

Segment Covered in the India Electric Vehicles (EV) Market:
By Vehicle Type
Two-wheelers dominate with 54% share, driven by affordable pricing and strong urban adoption. Three-wheelers hold 24%, supported by last-mile mobility demand. Passenger vehicles account for 17%, while commercial vehicles represent 5%, showing early-stage but rising adoption.

By Propulsion
Battery Electric Vehicles (BEVs) lead with 72% share due to government incentives and expanding charging infrastructure. Hybrid Electric Vehicles (HEVs) hold 28%, driven by efficiency benefits and increasing launches from global OEMs. Both segments grow as electrification accelerates nationwide.

By Charging Point Type
AC charging dominates with 63% share, preferred for residential setups and slow to moderate charging needs. DC fast charging accounts for 37%, driven by highway networks, commercial fleets, and rapid urban charging hubs. Expansion plans aim to increase DC penetration.

By Drive Type
Front Wheel Drive (FWD) leads with 47% share, widely used in two-wheelers and compact EV cars. Rear Wheel Drive (RWD) holds 33%, driven by premium EV models. All Wheel Drive (AWD) accounts for 20%, mainly in high-performance and luxury EVs.

By Component
Battery pack & high-voltage components dominate with 41% share due to their critical role in EV cost and performance. Motors account for 18%, followed by brake, wheel & suspension at 14%, body & chassis at 12%, and low-voltage components at 15%.

By End Use
Personal use leads with 68% share, driven by rising ownership of two-wheelers and passenger EVs. Commercial use holds 32%, supported by e-commerce delivery fleets, ride-hailing, and logistics electrification. Fleet electrification is a strong growth catalyst.

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